Caretakers ‘oblige’ IMF with 45pc gas price hike

Under pressure to meet the Feb 15 deadline of the International Monetary Fund (IMF), the caretaker government on Wednesday allowed another up to 45 per cent increase in the natural gas tariff with effect from Feb 1 to meet revenue requirement of the gas utilities targeted for the current year. The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Caretaker Finance Minister Dr Shamshad Akhtar. The meeting made certain adjustments in rates of increase proposed by the Petroleum Division that would be incorporated in the revised summary and taken to the federal cabinet on Friday for formal approval and notification. “After discussion, the ECC decided that revision of sale price/tariff should be consistent with revenue requirements of the Sui companies,” said an official statement issued by the Ministry of Finance after the ECC meeting.