ECC decides to increase natural gas price

ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday decided to raise the natural gas price and said that subsidized gas however would continue to be provided to Pakistan’s export industry and other industries.

A meeting of the ECC was held under the chairmanship of Finance Minister Miftah Ismail in which it was stated that gas price has not been increased since the financial year 2015-16 and there was a tariff deferential of Rs574 billion till March 2022 while the circular debt in the gas sector in June 2018 was Rs 299 billion. The issued statement stated that the circular debt in the gas sector has reached Rs 1232 billion by March 31, 2022.

The meeting was informed in the briefing that it is necessary to review the prices for revenue losses, circular loans, continuity of supply chain and investment in discoveries. On which the meeting decided that gas price will be increased but subsidized gas will continue to be provided to Pakistan’s export industry and other industries.

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