RLNG imports stay disrupted, PSO volumes decline in Sep'26

According to Mettis Link News, September 2026 saw RLNG imports continue to be constrained. PSO's throughput on the SNGPL network dropped to 201 mmcfd, as just two long-term contract cargoes arrived and PLL received no spot shipments.

A research note by Arif Habib Limited showed the weighted average RLNG rate on SNGPL's network falling 20% month-on-month in September. Cheaper crude and lighter terminal fees were the drivers, though import volumes remained constrained.

The delivered ex-ship (DES) price was $10.06/mmbtu for September, and after PSO and PLL margins of 2.50% ($0.25/mmbtu) and other charges of $1.90/mmbtu, the RLNG cost rose to $12.22/mmbtu. A further $0.90/mmbtu in charges, plus supply costs of $0.63 to SNGPL and $0.24 to SSGC, brought the price without GST to $13.99/mmbtu. The slope was 11.79% of Brent, while the Qatar slope fell to 10.20% for new contracts from 13.37% currently. Cargoes were valued at $42.98mn each, taking September's overall import value to $85.97mn.