Govt set to ratify soaring gas charges before IMF review
• Fixed monthly fee to jump from Rs10 to Rs400, consumer rates by 194pc • Special ECC meeting scheduled today to clear unprecedented hikes ISLAMABAD: Before seeking final dates for the second review of the ongoing IMF loan programme, the government has convened a special meeting of the Economic Coordination Committee (ECC) on Monday (today) to discuss and clear an unprecedented surge of 3,900 per cent in fixed monthly charges and a 194pc hike in consumer rates for natural gas. These price adjustments, set for cabinet’s ratification on Tuesday, aim to be implemented retroactively from Oct 1. This is on top of the petroleum division’s request to shift towards a new gas pricing mechanism on the pattern of the weighted average cost of local and imported gas (WACOG) to ensure the actual cost of gas supply and eradicate the flow of the gas sector’s circular debt, which stands at Rs2.1 trillion as of this June, according to a summary submitted to the ECC. However, there’s a disparity in ...