Thursday, October 29, 2020

Govt can save $1 billion per annum in oil import bill: APCNGA

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

All Pakistan CNG Association on Wednesday said the government can save one billion dollars in oil import bill if it promotes the use of Compressed Natural Gas in the transport sector.

A 400 mmcfd increase in the import of gas will not only help save one billion dollars but it will be also as good as planting four million trees to improve the environment, it said.

The government should increase import of LNG which is 44 percent cheaper than petrol to cut import bill, improve energy mix and provide relief to the masses, said Ghiyas Abdullah Paracha.

He said that import of 400 mmcfd of gas which is equal to 156,00000 mmbtu will cost 1256 million dollars while the same volume of petrol which is almost five billion litres costs 2275 million dollars.

The oil import eats up significant portion foreign exchange and it is known to burden the country with the unaffordable and unmanageable liabilities.

Ghiyas Paracha said that improved LNG import will help the government save five billion dollars in five years which will help improve production and employment.

He noted that providing cheap gas to the industry is not as beneficial as importing increased volume of RLNG which provide quick gain.

Frequent increase in the gas price should not be allowed as it is stoking uncertainty among stakeholders while damaging masses, economy, and the investment climate.

 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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