ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet has approved up to 124% hike in the tariff of gas across the board for six months.
The Pakistani government has taken this decision as per the conditions set by the International Monetary Fund (IMF) before reaching a staff-level agreement with Pakistan on revival of the loan programme.
According to the finance ministry, the Ministry of Energy (Petroleum Division) tabled a summary on natural gas sale pricing for FY2023 and presented tariff proposals for all consumer categories in accordance with the Review of Estimated Revenue Requirement (RERR) for the fiscal year 2022-23.
“The ECC after detailed discussion approved gas price revision proposal for domestic, commercial and power sectors for six months [January to June, 2023],” the finance ministry said in a statement.
Reforms in the energy sector and controlling the circular debt remained on top of the agenda during the talks held with the IMF mission that concluded 10-day parleys in Islamabad last Thursday. The IMF team left Islamabad without signing an agreement and asked Pakistan to take corrective measures.