ISLAMABAD – The outgoing government is set to announce massive increase in gas prices as the nation is struggling to come out of the economic crisis.
On Wednesday, Economic Coordination Committee (ECC), approved massive increase in gas prices, before the deadline set by International Monetary Fund (IMF).
As people in South Asian nation are stuggling to pay for basic commodities, ECC okayed an average tariff hike of 35.13pc for gas consumers in Punjab, KP, and Islamabad.
Sindh and Balochistan consumers were slapped with 8.57pc hike in the tariff.
Economic Coordination Committee approved a new tariff of Rs1673.82 per MMBTU for Sui Northern, and Rs1466.40 per MMBTU for Sui Southern.
The Federal Cabinet will make the final decision to meet the deadline of the IMF for hiking the gas prices under structural benchmark criteria.
The petroleum ministry recommended a hike in gas rates for bulk domestic and special commercial. Officials also suggested surge in feed and fuel gas prices for the Engro Fertiliser and Fauji Fertiliser Bin Qasim plants to Rs760/MMBtu and Rs1,750/MMBtu, respectively, effective March 1, 2024.
