KUALA LUMPUR (May 3): The Energy Commission (EC) has raised the tariff to transport gas via Peninsular Malaysia’s gas pipeline, owned and operated by Petronas Gas Bhd (PetGas), to RM1.096 per gigajoule per day (GJ/day) for 2024, versus a base of RM1.063 GJ/day under Regulatory Period 2 (2023-2025).

Besides the rise in the Peninsular Gas Utilisation (PGU) transportation tariff, PetGas said the tariff for the supply of high-pressure gas to Singapore has been raised to RM1.701 GJ/day as compared to the base RP2 tariff of RM1.614 GJ/day.

These were approved by the EC under the annual adjustment to the Incentive-Based Regulation (IBR) tariffs for 2024, PetGas said in a bourse filing on Friday.

PetGas’ two regasification assets also saw tariff adjustments, with the regasification tariff for its facility in Sungai Udang seeing an increase to RM3.465 per GJ/day from RM3.455 per GJ/day, while its counterpart in Pengerang saw a decrease to RM3.150 per GJ/day from RM3.165 per GJ/day.

“The adjustment on IRB tariffs for FY2024 under RP2 will have a minimal [upward] impact (around 1.6%) on the group’s gas transportation and regasification business revenue.

"PetGas expects the businesses to continue to contribute positively to the group’s revenue in 2024 under the revenue-cap mechanism of the IBR,” PetGas said.

Shares in PetGas ended 18 sen or 1% higher at RM18.10, valuing the group at RM35.82 billion.