ISLAMABAD: The caretaker government on Monday decided to introduce a new gas tariff for the export industry, local media reported.
The Economic Coordination Committee (ECC) of the Federal Cabinet chose to fix the gas tariff for the non-export industry at 2100 to 2200 MMBtu. On October 23, the committee approved various summaries, including a revision of natural gas pricing.
A summary submitted by the Ministry of Energy (Petroleum Division) regarding the revision of the natural gas sale pricing for the FY 2023-24, was also approved as per the tariff schedule submitted by the Ministry, prospectively w.e.f. November 1, 2023, instead of October 1, 2023.
Now, it was decided to introduce the Rs400 fixed monthly bill, while the maximum bill for the protection will be Rs900. The committee decided that 57% of consumers will not bear the burden of the recent increase in gas prices.
The price of fertilizer has been increased by Rs70 to keep Urea rates under control, the committee said in a statement after the meeting.
Gas Reserves of Pakistan
It said that the gas reserves of Pakistan are depleting at 5 to 7 percent annually.
It added that selling the expensive gas at low prices has resulted in the Rs400 billions of circular debts in the gas sector. Under the IMF deal, the subsidy on gas has been withdrawn.
