The government is prepared to boost gas prices for all groups, with the exception of protected users, following significant increases in electricity tariffs. This decision was made in response to pressure from the International Monetary Fund (IMF).
With effect from October 1, 2023, the government is about to announce a massive rate increase of up to 173% for non-protected domestic consumers, 136% for commercial consumers, 86% for the export industry, 117% for non-export industry, 144% for CNG, 193% for cement, 62% for Liberty Power, and 25% for bulk purchases.
The increase in rates will not apply to Roti Tandoor, feed gas from Engro’s fertilizer plant, or the protected category of home consumers.
Read More: Petrol Prices Expected to Drop From 16th October
The government would be able to extort a whopping Rs. 435 billion from the populace affected by inflation as a result of the IMF’s recommendation for a significant increase in gas prices. The lender has refused to budge on the increase in gas prices and has stuck to its guns.
The government is forced to increase the gas price due to the lender’s impending review under its $3 billion Standby Arrangement for a $1 billion tranche that is due in November.
The IMF wants the government to come up with a plan to pay off the Rs. 1.7 trillion in circular debt from the oil and gas industry, of which the gas sector is responsible for Rs. 1.3 trillion.
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