ECC okays revision in gas prices upto 124%

The Economic Coordination Committee (ECC) of the Federal Cabinet Monday approved up to 124% hike in the tariff of gas across the board for six months i-e January to June 2023, reported 24NewsHD TV channel. 

This has been done on the instructions of the International Monetary Fund (IMF) for striking a staff-level agreement with Islamabad.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet in Islamabad on Monday.

The ECC after a detailed discussion approved a gas price revision proposal for domestic, commercial and power sectors for six months [January to June 2023 which would generate a revenue of Rs. 310 billion.

The gas price for protective domestic consumers Up to 0.25hm3 would be Rs. 121 Rs MMBTU, Rs. 150 up to 0.5 hm3, Rs. 200 up to 0.6 hm3 and Rs. 250 up to 0.9 hm3.

Meanwhile, the gas price for non-protective domestic consumers would be Rs. 400 from Rs. 300 upto 1hm3, Rs. 600 from Rs. 500 upto 1.5 hm3, Rs. 800 from Rs. 553 upto 2 hm3, Rs. 1100 from Rs. 738 upto 3 hm3, Rs. 2000 from Rs1. 107 up to 4 hm3 and Rs. 3100 from Rs. 1460 above 4 hm3.

The sales prices for commercial consumers would be Rs. 121 up to 0.5 hm3, Rs. 350 from Rs. 300 Up to 1hm3, Rs. 730 from Rs. 553 up to 2hm3, Rs. 1250 from Rs. 738 up to 3hm3, Rs. 2250 from Rs. 1107 up to 4 hm3 and Rs. 3270 from Rs. 1460 above 4 hm3.

Similarly, the government has also increased gas prices for the commercial user by 29% to Rs. 1650/mmbtu, for exporters by 34% to Rs. 1100/mmbtu, for general industries up to 13.9% to Rs l1200/mmbtu, for CNG up by 32% to Rs. 1805/mmbtu and for cement companies up by 15% to Rs 1500/mmbtu.

The channel report said the ECC meeting also approved a grant of Rs40 billion for the Benazir Income Support Program (BISP).
The ECC meeting also approved the summary of the deferral of loans with Russia.