major gas price increase approved by the government
In a Recent Decision the Government of Pakistan has Given the Green light for a Significant increase in Gas Prices and this is likely to affect the Wallets of the General Public. The Economic Coordination Committee (ECC) of the Cabinet headed by Finance Minister Dr. Shamshad Akhtar approved this Decision in a meeting.
Starting from November 1, 2023, Gas Prices will go up by as much as 193%. This Decision was made in Response to Pressure from the International Monetary Fund (IMF) which has asked Pakistan to address the Growing debt issue in the Energy Sector.
Here’s what the new Gas Prices will look like, The Fixed monthly Charges the Fees that Consumers Pay no matter how much Gas they use will Rise from Rs10 to Rs400 for some Customers and from Rs460 to Rs1000 for Others Depending on Whether they are Protected Consumers or not.
For Different types of Customers the Price increases vary. For Regular Households (non-protected domestic consumers) Gas Prices will go up by 173%, while Commercial Customers will see a 136.4% increase. For industries that export Goods the Price will increase by 86.4%, and for those that don’t export the increase will be 117%. Exporters will have an 86% increase in their Gas Prices Starting from November 1, 2023.
Initially it was Proposed that these new Prices would take effect from October 1, 2023, but the ECC decided to delay it until November.
This Decision will have a Significant impact on the daily lives and finances of the People in Pakistan. It Comes at a time when many are already facing Economic difficulties making it important for the Government to address the issue Effectively.