ISLAMABAD: The federal government is all set to hike the gas price to meet the International Monetary Fund (IMF) condition. As per details, the petroleum division has informed Oil and Gas Development Authority (OGRA) about working on the gas prices. After the increase in power tariffs, gas prices will now be increased.
Sources within the power ministry said that the government has given written assurance to IMF about the increase in gas prices and the work will be presented in the next ECC meeting.
The MMBTU price for the consumption of up to 300 cubic meters will be Rs 1100 and for up to 300 cubic meters, the price will be Rs 2000.
Earlier, Pakistan assured International Monetary Fund (IMF) to increase electricity prices in the current FY2023-24 to control the increasing circular debt of the power sector.
Sources said Pakistan’s finance ministry and IMF have finalized the plan to control the circular debt in the current financial year.
It is pertinent to mention here that the IMF approved a $3 billion loan for Pakistan after signing the staff-level agreement last month. The loan was approved by the Executive Board of IMF.
The Fund directed to immediately disburse $1.2 billion while the remaining $1.8 billion will be scheduled in November and February in two installments after reviewing the policies.