KUALA LUMPUR (July 9): Gas Malaysia Bhd has raised the average natural gas selling price for the distribution segment of its unit Gas Malaysia Energy and Services Sdn Bhd to RM30.03 per metric million British thermal unit (MMBtu) for the third quarter of 2021 (3Q21), compared with RM26.85 per MMBtu in the previous quarter (2Q21).

For the record, the average natural gas selling price for the year 2020 was RM33.65 per MMBtu.

In a filing with Bursa Malaysia today, Gas Malaysia explained that the fixed average natural gas selling price includes the transportation tariff of RM1.19 per MMBtu, the legacy gas cost pass through of 62 sen per MMBtu, and distribution tariff of RM2.05 per MMBtu as previously approved by the Energy Commission.

"Gas Malaysia wishes to clarify that this selling price revision is not applicable to the sales of natural gas for natural gas vehicle and liquefied petroleum gas supplied in gas cylinders or in bulk," it said.
 
"The selling price revision will continue to contribute positively towards the financial position of the company for the financial year ending Dec 31, 2021," Gas Malaysia added.

On Dec 18, 2020, Gas Malaysia announced that it had received a directive from the government to decide on the average natural gas selling price every quarter for a period of one year beginning Jan 1 to Dec 31, 2021.

The group said the applicable average natural gas selling price and the natural gas selling price by tariff category for the one-year period will only be announced at the beginning of each quarter.

At noon market break, shares of Gas Malaysia were unchanged at RM2.65 apiece with a market capitalisation of RM3.4 billion.