Minister of Energy, Power, and Petroleum, Muhammad Ali, has disclosed that there is an ongoing process to raise gas prices due to the daily loss of one billion rupees incurred by the gas sector nationwide, as reported by 24NewsHD TV channel.
The minister pointed out that the sector currently carries a revolving debt of approximately 28 to 29 billion rupees. He emphasized that an increase in prices is necessary for the betterment of the gas sector but assured 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 500 rupee increase. Furthermore, the minister clarified that the adjustment in gas prices will be more significant for the upper-income class, indicating a progressive pricing approach.
He also mentioned that the pricing of petroleum products will be determined on September 30. Regarding the possibility of a price reduction, the minister stated that it's premature to make any predictions.
However, he expressed optimism, noting that if the dollar continues to depreciate, positive developments may be anticipated. The minister also revealed that discussions are underway concerning the procurement of oil from the international market. This suggests that the government is exploring various strategies to address the financial challenges faced by the energy sector.