The Oil and Gas Regulatory Authority (OGRA) has increased wellhead gas prices for the second half of 2026, with rates for fields operating under the Petroleum Policy 2012 rising by around 10% on average, according to Topline Securities.

The revised rates are based on the policy’s annual price adjustment mechanism, which uses the average international oil price for the preceding six months. Arab Light crude averaged $92.2 per barrel from January to June 2026, up 35% from the $68.4 average recorded during July-December 2025.

According to Topline, the increase in oil prices is expected to translate into a 10% to 11% rise in gas prices for Petroleum Policy 2012 fields under the policy’s sliding benefit mechanism. OGRA has already notified revised rates for some fields, with further notifications expected.

The wellhead price for Chachar increased 15.8% to $2.02 per MMBtu from $1.75. Rates for Bhit and Badhra rose 15.4% to $4.45 per MMBtu from $3.86.

Prices for Fazl X1, Rayan 1, Shahdadpur and Dhok Sultan increased by around 9.8%.

The rate for Rizq increased 6.7% to $6.32 per MMBtu from $5.92. Rehman field prices also rose 6.7% for both production categories.

Adam X1 recorded the smallest increase, with its wellhead price edging up 0.4% to $2.74 per MMBtu from $2.73.

Topline estimates the overall revision at around 8% to 10%. While the impact has already been incorporated into its forecasts, the brokerage considers the higher gas prices positive for earnings across the exploration and production sector.