Govt hints at increasing gas prices

F.P. Report

ISLAMABAD: The Minister of Energy, Power and Petroleum Muhammad Ali has revealed that a process is underway to increase gas prices as the gas sector is facing a daily loss of one billion rupees across the country.

The Minister said that the revolving debt of the sector stands at 28 to 29 billion rupees.

The minister stated that an increase in prices is inevitable for the improvement of the gas sector. However, he assured that 60% of consumers will be protected from the price increase.

The aim is not to burden poor consumers with more than Rs 500, he added.

The minister further explained that the increase in gas prices will be higher for the upper class, indicating a progressive pricing strategy.

The price of petroleum products will be fixed on September 30, he added.

When asked about a potential price reduction, the minister stated that it is too early to make any predictions.

However, he expressed optimism, stating that if the depreciation of the dollar continues, positive progress can be expected.

The minister also mentioned that considerations are being made regarding the purchase of oil from the international market.

This suggests that the government is exploring various strategies to manage the energy sector’s financial challenges.