ECC approves gas price hike for industrial sector

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The Economic Coordination Committee (ECC) of the federal cabinet has decided not to increase gas prices for domestic consumers while approving a hike for the industrial sector.

The decision was made during a meeting chaired by Federal Minister for Finance, Mohammad Aurangzeb, as per an official statement from the Ministry of Finance.

The ECC deliberated on the Petroleum Ministry's proposal to raise gas tariffs for captive power plants and non-protected domestic consumers.

After careful consideration, the committee approved the increase in gas tariffs for captive power plants in a bid to secure the required revenue for the gas sector during the fiscal year 2024-25.

As per the approved rates, gas tariffs for captive power plants have been raised from Rs 3,000 to Rs 3,500 per MMBTU.

The committee, however, decided to keep gas prices unchanged for domestic consumers to avoid placing an additional financial burden on them.

Additionally, the ECC instructed the implementation of a grid transition levy aimed at improving the performance of the energy sector.