ISLAMABAD – The International Monetary Fund (IMF) has been assured that the deadline for the reassessment of gas price increases is only two days away.
However, a decision on the summary of gas price increases could not be made at the meeting of the Cabinet’s Economic Coordination Committee.
The ECC has decided to further review the summary regarding gas price increases, marking the third consecutive year of gas price hikes. With the implementation of the increase, gas consumers will bear an additional burden of approximately 100 billion rupees, starting from January 1, 2024.
Under the chairmanship of Finance Minister Dr. Shamsad Akhtar, a meeting of the Economic Coordination Committee was held.
The Petroleum Division presented a summary of gas price increases, the ECC could not reach a decision. It was decided that further deliberations would take place on the summary, and it will be resubmitted for approval afterward.
After approval by the ECC, the approval of prices will be sought from the federal cabinet, following which Ogara will issue notifications.
For gas consumers in Islamabad, Punjab, and Khyber Pakhtunkhwa, an average increase of 35.13% was approved, while an increase of 8.57% was approved for consumers in Sindh and Balochistan.
