Business
Govt likely to hike gas prices on Sept 30
The Minister said that the revolving debt of the sector stands at 28 to 29 billion rupees.
The Minister of Energy, Power and Petroleum Muhammad Ali on Monday claimed that a process is underway to increase gas prices as the gas sector is facing a daily loss of one billion rupees across the country.
The Minister said that the revolving debt of the sector stands at 28 to 29 billion rupees.
According to the minister, price increases are required to improve the gas industry. 60% of customers will be protected from the price hike, he guaranteed.
It is not a plan to charge low-income people more than Rs 500, he continued.
The minister said that a progressive pricing policy would result in bigger gas price increases for the wealthy.
The price of petroleum products will be fixed on September 30, he added.
The minister said that it is too soon to make any predictions regarding a prospective price cut.
However, he expressed optimism, stating that if the depreciation of the dollar continues, positive progress can be expected.
The minister also indicated that the idea of buying oil on the world market is being talked about.
This means that the government is looking into a number of measures to handle the financial difficulties facing the energy sector.
-
World 1 day ago
Hours for Nawafil prayer scheduled in Hateem
-
Pakistan 1 day ago
Punjab Police release PTI top leaders, SIC chief after brief detention
-
Regional 1 day ago
22 passengers drown as bus falls into river in Diamer
-
Pakistan 16 hours ago
Smog issue is old, can’t be solved overnight: CM Punjab
-
Pakistan 2 days ago
COAS Munir and Australia army chief vow to strengthen defense cooperation
-
Business 1 day ago
Gold price plunges Rs7,000 per tola in Pakistan
-
Pakistan 1 day ago
Enhanced measures set to transform operations at Karachi airport
-
Regional 1 day ago
Wedding bus capsizes in river, two dead, 22 missing