On Wednesday, the Economic Coordination Committee (ECC) of the federal cabinet gave the go-ahead to up to 190 percent enhances in natural gas tariff for domestic consumers and 31pc for all other categories.
The endorsement came during a meeting of the ECC with consultant to the Prime Minister on Finance Abdul Hafeez Sheikh in the chair.
The sources that forward the revised gas prices, which will come into effect on July 1, will help the government obtain an additional income of Rs 500 billion.
The increase in the gas tariff was part of the conditions set by the International Monetary Fund (IMF) for a bailout package.
In December, government will again review gas prices, Sources said.
It should be mentioned here that the Ministry of Energy has sent a summary to the Economic Coordination Committee, recommending an increase of up to 200% in gas tariffs.
The ministry has recommended increasing gasoline prices by up to 200 percent for domestic consumers and 31 percent for commercial consumers, while the 25 percent increase will be based on a monthly usage of 50 percent against 100 units.
Those people using 200 units per month will witness increased utility bills up to 75 pc and 100 pc for consuming 300 units.
150 percent increases will be made over usage of 400 units and 200 percent for using over 400 units Sources said.
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19 July, 2019