Gas price hike to affect the rich only: Musadik

Minister of State for Petroleum Musadik Malik claimed on Thursday the latest gas price increase will mainly affect the rich as the poor remain protected from the tariff revision. Speaking to the press on the sidelines of a business summit, the minister said the prevailing gas prices are a symbol of elite capture, a term for the use of public resources for the benefit of a select few with superior social status. “Saudi Arabia gives gas to its fertiliser and power plants at $2 (per unit). Qatar gives it at $3. Bahrain gives it at $4. Pakistan gives it for 70 cents and $1.30 (respectively). This is the kind of elite capture we have in this country. Are we richer than Saudi Arabia or Qatar?” His remarks were in the wake of the government’s recent decision to increase gas prices in line with the recommendation of the International Monetary Fund. The weighted average cost of gas has gone up by 43 per cent to Rs885 per million British thermal units from Rs620.