The Economic Coordination Committee (ECC), chaired by Finance Minister Asad Umar, approved on Monday hike in gas prices. As per local media reports, a new tariff slab for sale of gas was also introduced during the fourth meeting of ECC today. The finance minister was of the view that the masses have been burdened the least. Furthermore, the import tax on Liquefied Petroleum Gas (LPG) was decreased to 10 percent. The government has now introduced seven rate slabs, as compared to three slabs used previously: In its previous meeting on September 10, the ECC had decided to keep the gas price unchanged. The Information Minister Fawad Chaudhry told the media after the previous ECC meeting that the new system of subsidy on gas price will be finalized by Prime Minister Imran Khan. Moreover, the minister assured to launch a crackdown against the 70 percent hike on the price of a LPG cylinder. The 12-member ECC consists of Law Minister Farogh Naseem, Petroleum Minister Ghulam Abbasi, Planning and Development Minister Khusro Bakhtiar and Railways Minister Sheikh Rashid. It also include prime minister's advisers Razak Dawood and economist Dr Ishrat Hussain.