“There could be another increase before that in the electricity rate,” he said while appearing at Spot Light with Munizae Jahangir aired on Aaj News on Monday.

He was responding to a query related to the increase in gas and electricity tariffs after the International Monetary Fund reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout, where the country will receive $1.1 billion after approval from the Fund’s Executive Board.

But Rana said that nothing can be said about the gas tariffs as the 400% rate increase was “abnormal”. He was of the view that the petitions would be withdrawn or the Oil & Gas Regulatory Authority trim it down.

Rana clarified that the last increase in gas prices was in effect from February 1 under the last condition of the IMF. The notification for this was issued on April 15. He added that another petition from the SNGPL and SSGC is for the next fiscal year 2024-25.

“But we [Pakistan] have committed to the IMF that the gas and electricity prices will be changed in July,” he said.

When asked about the prime minister’s decision to hand over the chairmanship of the Economic Coordination Committee to Finance Minister Muhammad Aurangzeb, he said that it was linked to a quarrel within the PML-N.

According to Rana, a finance minister without the authority to preside over the ECC was of no use. He substantiated his decision with the argument that the committee takes all the important decisions related to the economy.

“It is clear that the PM is supportive of Aurangzeb and was instrumental in bringing him so he may not wanted to clip his wings,” he said.