ISLAMABAD: The federal government has made gas expensive for general industry or captive power plants including textiles while fulfilling another precondition of the IMF for the new bailout package.
A meeting of the Kabena Economic Coordination Committee was held on Sunday under the chairmanship of the Federal Finance Minister, in which the ECC approved the summary presented by the Petroleum Division.
Sources in the Ministry of Finance say that the ECC has approved the maintenance of gas prices for domestic consumers, the new gas prices will be applicable from July 1, 2024.
It has been decided to maintain the gas price for the rest of the industry except Capto. ECC has approved increasing the gas tariff for captive power by Rs 250 per MMB2. Gas tariff for Capto has been approved to be increased from Rs.2750 to Rs.3 thousand per mmbtu.
According to the sources, approval has been given to increase the gas tariff from Rs 2750 to Rs 3000 per mmbtu for general industry or captive power plants including textiles.
Sui Southern and Sui Northern gas companies will get additional revenue of 92 billion rupees annually. A plan to make gas more expensive for general industry in January 2025 is also under consideration on the demand of the IMF.
The total revenue of the two companies will reach 1029 billion against the target of 898 billion, while increasing the gas prices twice will give a total additional revenue of more than 132 billion.
