Federal government to increase gas prices by 300% on IMF pressure

Federal government to increase gas prices by 300% on IMF pressure

Days after a reduction in fuel prices, there are reports indicating that the petroleum division is planning to present a proposal for a substantial 172% increase in natural gas rates for domestic consumers. This proposal is scheduled to be discussed during the meeting of the Economic Coordination Committee, set to take place tomorrow, which is Monday.

The caretaker finance minister has convened this meeting, slated for 4 pm, to thoroughly examine and deliberate on the proposed gas tariff hike, which is anticipated to come into effect from October 1.

The information available suggests that the summary submitted by the petroleum division recommends a considerable rise in gas tariffs, potentially reaching up to a 200% to 300% increase in the price of gas for consumers in the domestic sector, along with an overall increase of 300% in the gas price.

The proposal within the summary also includes a suggestion to elevate the fixed monthly charges for protected customers, jumping from Rs10 to Rs400. Furthermore, a substantial 3,900% increase in the fixed charges for the lowest gas users is proposed.

According to insider sources, if approved, these increases in gas prices are expected to take effect as of October 1.