price of gas
price of gas
CrisisEconomyHeadlinesPakistan

The government has increased the price of gas by a huge 193%.

On Monday, the government in Islamabad agreed to significantly increase the price of gas. This decision will affect people struggling with the rising cost of living and may make their situation even harder.

The Economic Coordination Committee (ECC) of the Cabinet met in the capital city, with Finance Minister Dr. Shamshad Akhtar leading the meeting. They approved a substantial price of gas increase of up to 193%, starting from November 1, 2023.

This move comes before an upcoming review by the International Monetary Fund (IMF) later this month. The IMF had requested Pakistan to reduce the growing debt in the energy sector.

Key changes in price of Gas:

  • Monthly charges for protected consumers will increase from Rs10 to Rs400, and for non-protected consumers from Rs460 to Rs1000, and even higher for larger consumers, up to Rs2000.
  • The government will raise local gas prices by 173% for non-protected domestic consumers, 136.4% for commercial users, 86.4% for exports, and 117% for non-export industries.
  • Exporters will experience an 86% increase in their gas prices starting November 1, 2023.

Initially, the gas price increase was proposed to begin on October 1, 2023, but the ECC approved it to start from November 2023.

In addition to this, the ECC discussed several other topics and approved measures to import urea fertilizers to meet the needs for the upcoming farming season. They also ensured a steady supply of gas for the fertilizer industry and requested the provinces to help cover the import costs.

The ECC also talked about allocating funds for pay and allowances of contract and project employees and approved the establishment of the National Credit Guarantee Company Limited to support small and medium-sized enterprises (SMEs).

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