Reason one
The global oil & gas prices are expected to remain elevated in 2022 due to low inventory levels, sanctions on Russia, strong demand from the power sector, and limited scope of gas to coal switching. A World Bank commodity outlook report for April 2022 expects energy prices to rise more than 50% in 2022. Also, the domestic APM gas prices are expected to increase further in October 2022 due to surging prices of international gas benchmarks.
