Pakistan government approved a significant increase in gas prices on Monday, dealing a severe blow to the people who are tired of inflation.
The Cabinet’s Economic Coordination Committee (ECC), chaired by Finance Minister Dr. Shamshad Akhtar, approved raising the gas tariff to 193% effective November 1, 2023, during a meeting held in Islamabad.
This development coincides with the impending review by the International Monetary Fund (IMF), which was urged to ask Pakistan to reduce the rapidly increasing circular debt in the energy sector later this month.
The authorized summary states that the set monthly charges for protected consumers were increased from Rs. 10 to Rs. 400, while those for non-covered users were increased from Rs. 460 to Rs. 1000.
The government has hiked the local gas tariff up to 173% for non-protected domestic consumers, 136.4% for commercial, 86.4% for export, and 117% for the non-export industry.
The exporters have managed to get maximum benefit as their tariff will go up by 86% with effect from November 1, 2023.
