Minister of Energy, Power, and Petroleum, Muhammad Ali, has disclosed thatthere is an ongoing process to raise gas prices due to the daily loss ofone billion rupees incurred by the gas sector nationwide, as reported by24NewsHD TV channel.
The minister pointed out that the sector currently carries a revolvingdebt of approximately 28 to 29 billion rupees. He emphasized that anincrease in prices is necessary for the betterment of the gas sector butassured that 60% of consumers will be shielded from the price hike.
The goal is to ensure that low-income consumers do not bear more than a 500rupee increase. Furthermore, the minister clarified that the adjustment ingas prices will be more significant for the upper-income class, indicatinga progressive pricing approach.
He also mentioned that the pricing of petroleum products will bedetermined on September 30. Regarding the possibility of a price reduction,the minister stated that it’s premature to make any predictions.
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However, he expressed optimism, noting that if the dollar continues todepreciate, positive developments may be anticipated. The minister alsorevealed that discussions are underway concerning the procurement of oilfrom the international market. This suggests that the government isexploring various strategies to address the financial challenges faced bythe energy sector.
