OGRA approves up to 191% hike in gas prices.

KARACHI -- The Oil and Gas Regulatory Authority (Ogra) has approved up to 191% increase in gas price for different sectors of the economy, which is expected to invite a fresh wave of inflation in the country.

The regulatory authority has increased prices for different sectors of the economy including, commercial, cement, power, fertiliser and CNG fuel stations with effect from July 1, 2019.

This is the second gas price hike during the ongoing fiscal year by the Pakistan Tehreek-e-Insaf (PTI) government, reflecting an aggressive approach to bridge the revenue shortfall of both; the Karachi-based Sui Southern Gas Company Limited (SSGC) and Lahore-based Sui Northern Gas Pipeline Limited (SNGPL).

The increase is approved 'under the auspices of the IMF,' Taurus Securities said in a post-Ogra decision commentary on...