The Oil and Gas Regulatory Authority (OGRA) has notified higher wellhead gas prices of up to 16 percent for the second half of 2026, with prices for fields operating under the Petroleum Policy 2012 rising by around 10 percent on average, according to Topline Securities.
The revised prices are effective for the second half of 2026 and reflect the annual price adjustment mechanism, which is based on the average oil price during the preceding six months. Arab Light crude averaged $92.2 per barrel from January to June 2026, compared with $68.4 per barrel from July to December 2025, representing a 35 percent increase.
Topline said a 35 percent rise in oil prices would translate into an estimated 10 percent to 11 percent increase in gas prices for companies operating under the Petroleum Policy 2012, reflecting the sliding benefit mechanism under the policy. OGRA has issued notifications for some fields, while revised prices for the remaining fields are expected to follow.
The wellhead price for Chachar increased 15.8 percent to $2.02 per MMBtu from $1.75, while prices for Bhit and Badhra rose 15.4 percent to $4.45 per MMBtu from $3.86. Prices for Fazl X1, Rayan 1, Shahdadpur and Dhok Sultan increased by about 9.8 percent.
The price for Rizq rose 6.7 percent to $6.32 per MMBtu from $5.92. Rehman field prices increased by 6.7 percent for both production categories, while the price for Adam X1 Well edged up 0.4 percent to $2.74 per MMBtu from $2.73.
Topline said the revision represents an average increase of 8 percent to 10 percent. Although the impact has already been incorporated into its forecasts, the brokerage said it viewed the revision as positive for exploration and production sector earnings.
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