Govt to jack up gas prices by over 100%

Islamabad: The government has decided to increase gas prices before winter by more than 100 percent, reportedly.

According to the media reports, the Ministry of Finance has stated that there is a fear of an increase of Rs46 billion in the revolving credit of the gas sector during the current financial year.

It has also been reported that from July to September, the loss of gas companies has increased by 46 billion rupees and the revolving debt of the gas sector has reached 2700 billion rupees.

The government has been decided to increase the price of gas by more than 100% before the economic review because by not increasing the price of Sui gas, there will be a shortfall of Rs185 billion and by not increasing the prices of Regasified Liquefied Natural Gas (RLNG) for domestic consumers, there will be a shortfall of Rs21 billion.

In view of the increase in gas prices, a summary has been prepared for the Economic Coordination Committee (ECC) which will be presented in the upcoming ECC meeting.