Islamabad, October 23, 2023: In order to met another condition of International Monetary Fund (IMF), the Economic Coordination Committee (ECC) in its meeting today (Monday) approved a massive hike in gas tariff, including a zero hike in the gas circular debt for the ongoing financial year 2023-24.
The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet in which the Ministry of Energy [Petroleum Division] submitted the summary regarding the revision of the natural gas tariff for the FY 2023-24.
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The ECC, after detailed discussion and deliberation, approved the summary as per the tariff schedule submitted by the Ministry, prospectively w.e.f. 1st November, 2023, instead of 1st October, 2023.
The delay in raising gas prices had far-reaching consequences, with Sui gas companies reporting staggering losses of approximately Rs. 46 billion.
The meeting also directed that uninterrupted supply of gas for the fertilizer industry to be ensured. It was also decided that the provinces will be asked to act more proactively to bear the importation cost.
