The Government of Pakistan may require citizens to save gas so as not to stay in winter without heat and do not slow down the industry, since the cost of raw materials became high, reports Bloomberg.
The sharp growth of world gas prices due to its deficit in Europe led to the fact that the Asian liquefied natural gas (LNG) became a record expensive. Under threatened, Pakistan, which is strongly dependent on the supply of LNG, is the country began to buy it six years ago and has already entered the top 10 world importers. Pakistan’s energy policy was sharpened to gas, which had to remain a cheap fuel type for a long time. For this reason, against the background of a carved jump in prices, the country is forced to buy LNG at high cost.
Chairman of Pakistan Gasport Ikbal Z. Ahmed said that the level of spot prices for LNG “Crazy”. “If such a trend is preserved, it will turn to business LNG fails, because people will start switching to other types of fuel,” said Ikbal. According to him, the LNG deficiency means that the country will suffer from interruption in the supply of heating in winter.
In the last decade, developing countries, including Pakistan, developed strategies for importing LNG, based on the fact that there will be no lack of fuel in the foreseeable future and its cost will be cheap. Such a tendency remained the last few years, but in 2021 ceased due to the sharp rise in prices for LNG in Asia. It is expected that the energy crisis around the world will shocked developing countries that will be forced to buy fuel at the transient prices. Some are at all risking to stay without heat in the winter, because they will not be able to afford to buy expensive fuel.
before Bloomberg admitted that the era, when natural gas was cheap, ended. The demand for once available fuel has greatly exceeded the proposal and led to the surge of prices around the world. According to the London Stock Exchange ICE, the price of gas at the TTF Dutch Hab record took off, for the first time in history, reaching a thousand dollars per thousand cubic meters. The cost of October futures amounted to 84,225 euros per megawatt-hour.