[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Economic Coordination Committee (ECC) of the Cabinet gave the green light to a substantial increase in gas prices, with an approval of up to a 173 percent hike for residential consumers.
Dr. Shamshad Akhtar, the Federal Minister for Finance, presided over the ECC meeting, during which they reviewed a proposal from the Ministry of Energy (Petroleum Division) regarding the adjustment of natural gas sale prices for the current fiscal year, FY24.
Following an extensive discussion and deliberation, the ECC granted its approval to the proposal, which is set to take effect from November 1, 2023, rather than the initially proposed date of October 1, 2023.
Also Read: Gas Prices Could Surge Massively In Coming Weeks
For consumers under protection status, the prices will remain unchanged. However, their fixed monthly charges will experience a substantial increase, skyrocketing from Rs. 10 to Rs. 400, marking a staggering 3900 percent rise. As for non-protected consumers, their fixed monthly charges will increase to Rs. 2,000.
The revised gas prices for non-protected residential consumers using up to 0.25 cubic hectometers will increase from Rs. 200 per million British thermal units (mmBtu) to Rs. 300 per mmBtu. Similarly, those using up to 0.6 hm3 will see their gas prices rise from Rs. 300 per mmBtu to Rs. 600 per mmBtu. Consumers using up to 1 hm3 will face a hike from Rs. 400 mmBtu to Rs. 1,000 mmBtu, and those using up to 1.5 hm3 will experience an increase from Rs. 600 per mmBtu to Rs. 1,200 per mmBtu.
In a similar vein, consumers using up to 2 hm3 will witness their gas prices go up from Rs. 800 per mmBtu to Rs. 1,600 per mmBtu. Those utilizing up to 3 hm3 will encounter a hike from Rs. 1,100 per mmBtu to Rs. 3,000 mmBtu, while consumers using up to 4 hm3 will see their gas prices rise from Rs. 2,000 per mmBtu to Rs. 3,500 per mmBtu. For non-protected residential consumers using more than 4 hm3, the gas price will increase to Rs. 4,000 per mmBtu from the previous rate of Rs. 3,100 mmBtu.[/vc_column_text][/vc_column][/vc_row]
