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Wednesday, July 24, 2024  
17 Muharram 1446  

Federal cabinet expected to give nod to increase in gas prices

ECC deliberates on Petroleum Division
In this undated photo, a worker is filling LPG in cylinders in Hyderabad. APP
In this undated photo, a worker is filling LPG in cylinders in Hyderabad. APP

The federal cabinet would meet on Thursday (today) to discuss the law and order situation and overall economic situation.

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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Interim govt pushes up natural gas price ahead of IMF review

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.

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