Islamabad: The Economic Coordination Committee of the Cabinet has approved a 193% increase in gas tariff for domestic, commercial and industrial consumers. The new gas tariff will be applicable from November 1, 2023.
The increase in gas tariff was approved in the Economic Coordination Committee (ECC) meeting of the Cabinet chaired by Caretaker Finance Minister Dr. Shamshad Akhtar.
In the meeting, various agenda points and summaries presented by the Ministry of Industry and Production, Ministry of Energy and Petroleum, Ministry of National Food Security and Research, Earthquake Reconstruction and Rehabilitation Authority (ERA) and Ministry of Finance were considered.
After considering the summary presented by the Ministry of Energy (Petroleum Division) regarding the revision of natural gas sales prices for the financial year 2023-24, approve the summary as per the tariff schedule presented by the Ministry. which will be applicable from 1st November 2023 instead of 1st October 2023.
The meeting also directed to ensure uninterrupted supply of gas to the fertilizer industry, it was also decided that the provinces would be asked to work more proactively to bear the import cost.
The ECC also approved the import of 1 million metric tonnes of wheat for the year 2023-24 through open tendering process through TCP to maintain strategic wheat reserves.
Also read: Gas prices likely to increase by 193% on IMF condition
The ECC also approved the proposal to encourage the private sector to import certain milling wheat under the Ministry of Finance’s notification dated November 14, 2008 while meeting the criteria prescribed in the Import Policy Order 2022. The ministry has also been directed to conduct third party verification.
The summary of the Ministry of Finance regarding the establishment of National Credit Guarantee Company Limited to help in extending credit to Small and Medium Enterprises (SMEs) was also considered and approved.
Finance Ministry sources further said that during the meeting, a technical supplementary grant of Rs 48.4 million was also approved for IRA.
In the meeting, after taking a detailed review of the summary presented by the Ministry of Industry and Production regarding the measures to meet the requirements of urea for the Rabi season 2023-24, it was also decided to immediately import two lakh metric tons of urea fertilizer. Approved.
Minister of Commerce, Industry and Production Gohar Ijaz, Minister of Communications, Railways, and Maritime Affairs Shahid Ashraf Tarar, Minister of Planning, Development and Special Initiatives Sami Saeed, Minister of State for Power and Petroleum Muhammad Ali attended the meeting.
IT and Telecom Minister Dr. Umar Saif, Prime Minister’s Advisor on Finance Dr. Waqar Masood, Deputy Chairman Planning Commission Muhammad Jahanzeb Khan, Chairman SECP, Federal Secretaries, and senior government officials of other relevant ministries also participated in the meeting. happened
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