ECC approves massive gas tariff hike, effective from November 1st

WEB DESK: In a pivotal decision, the Economic Coordination Committee (ECC) convened on Monday to address the pressing issue of gas tariffs.

Following a comprehensive discussion, the committee approved a significant rise in gas prices. As per the approved proposal by the Ministry of Energy (Petroleum Division), the gas tariff is set to increase by up to Rs2,900 per MMbtu, or 2.93 times the existing rate across all consumer categories.

This momentous development, detailed in an official press release, is slated to take effect on November 1, 2023, marking a departure from the initially proposed date of October 1, 2023.

The ECC’s decision to raise gas tariffs reflects a strategic move in response to economic challenges. By implementing this adjustment, the government aims to address financial imbalances and ensure a sustainable future for the nation’s energy sector.

This decision is expected to have wide-ranging implications, impacting businesses and households alike.

The ECC emphasised the necessity of this adjustment to maintain the stability of the gas sector.

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The committee’s approval underscores the government’s commitment to tackling economic complexities head-on and making tough decisions for the greater good of the nation.

As the nation prepares for this change, stakeholders across sectors are urged to adapt to the new tariff structure, fostering an environment of economic resilience and adaptability.