Sources said that the cabinet is expected to approve the Economic Coordination Committee decision related to the gas prices.

A press statement on Wednesday said that ECC was deliberating on the summary of the Petroleum Division regarding ‘Natural Gas Sale Pricing FY 2023-24 (effective – February 1 2024)’.

The committee decided that the revision of the sale price/tariff should be consistent with the revenue requirements of the Sui companies and recommended uniform gas prices for fertilizer plants.

Earlier this month, the Oil and Gas Regulatory Authority allowed a significant increase in gas tariffs for consumers of the Sui Northern Gas Pipelines Limited and the Sui Southern Gas Company Limited by 35.13% and 8.57% respectively.

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The caretaker government has assured the International Monetary Fund of revising gas tariffs by Feb 15.

This hike, applicable for the current fiscal year 2023-24, will take effect from January 1, 2024.

The proposed gas tariff aims to cover the Rs98 billion shortfall of both gas companies, according to media reports.