Govt going for massive increase in gas prices
Business
Move part of the deal inked with the IMF
ISLAMABAD (Dunya News) – The caretaker government is all set to raise the gas prices by up to 100 per cent for different categories of consumers, sources say, thus meeting one of the main conditions set by the International Monetary Fund (IMF).
The sources say a summary has been drafted for tabling before the Economic Coordination Committee (ECC) and the new rates would be applicable with effect from Oct 1 after the federal cabinet’s main body approves the move.
In case the prices are not raised, the gas sector’s circular debt will increase by Rs46 billion by the end of the current fiscal year’s end, the sources added.
This decision will naturally further fuel inflation in Pakistan, which is already being sustained at the record-high level thanks to the constant increase in fuel and energy tariffs, resulting in higher food prices.
