Tuesday, October 27, 2020

ECC approves increase in gas prices for domestic users

September 17, 2018

ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) on Monday approved increasing the gas prices for domestic users from 10 per cent to 143 per cent. The decision was taken in the meeting presided by Finance Minister Asad Umar. Meanwhile, the government will receive 58 billion rupees due to increase in the prices of gas. In the meeting, the ECC approved increase in gas prices for power sector from 57 per cent and 30 percent for cement factories. Whereas, the prices of gas sustained for the textile, carpets, sports, leather and surgical industries on the demands of All Pakistan Textiles Mills Association (APTMA). For keeping sustain the prices of gas for industries, the burden of excessive prices shifted to others departments. On the other side, the tax on the import of Liquefied Petroleum Gas (LPG) has been minimized by10 per cent. Following this, the LPG prices will decrease through imports.  – Increase in gas tariff not to hit middle class – Petroleum Minister Chaudhry Ghulam Sarwar on Monday said that the government’s decision to increase gas prices will not hit the common consumer as portrayed in a section of media. Details of the decisions of the ECC were announced by Minister for Petroleum and Natural Resources Ghulam Sarwar and Minister for Information and Broadcasting Fawad Chaudhry at a news conference in Islamabad this afternoon. They said slabs for gas consumers have also been increased from the existing three to seven to rationalize the price increase for different segments of the society. The Ministers said there would be an increase of ten to fifteen percent in gas price for first two slabs. The increase would be 19% for the third slab. They said there would be an increase of just twenty three rupees for the first category of consumers. They, however, said there would be higher increase for consumers falling in upper categories. The ministers said there would be no increase in price for zero rated industries. They said all taxes on import of LPG have been abolished and only 10% GST would be levied. As result the price of an LPG cylinder would come down from the existing about 1600 rupees to 1400 rupees per cylinder. To a question, the information minister said there would be no increase in the price of electricity due to increase in price of gas. To another question, the petroleum minister said the Ministry, legal experts, NAB and FIA are looking into different clauses of the LNG import accord and findings would be made public.          

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