IMF Deal: Govt Increases Gas Prices for Domestic Consumers by 190%

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IMF Deal: Govt Increases Gas Prices for Domestic Consumers by 190%

The Economic Coordination Committee (ECC) today (Wednesday) approved 190 per cent hike in gas prices for domestic consumers and 31 per cent for all other categories, TV channels reported.

The move comes as the PTI government agreed to increase utilities’ prices to get a deal with the IMF [International Monetary Fund] which set tough conditions for the bailout package.

Enhancing revenue generation, ending subsidies and leaving the dollar price up to the market are the key conditions leading to the agreement with the IMF.

According to sources, the revised gas prices, which will become effective on July 1, will help the government pocket an additional revenue of Rs500 billion. The sources said the government would review the gas prices again in December.

The ECC meeting was presided over by Advisor to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh.

The dollar exchange hit another all-time high on Wednesday as interbank reached Rs162.67. However, there has been some fluctuation in the price later in day as it was recorded Rs161.5 in the afternoon. Meanwhile, dollar is being traded at Rs162.15 in open market.

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