The Economic Coordination Committee (ECC) of the cabinet has approved consumer gas prices up to 335 percent in a bid to generate Rs666 billion in revenue during the current fiscal year.
The increase would enable Oil and Gas Regulatory Authority (OGRA) Rs546 billion for previous years’ partial recovery losses along with Rs120 billion surplus revenue for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Pipelines Limited (SSGPL).
Two days ago, they announced tenders for 500,000 tonnes of wheat, at $439.40 per tonne, were scrapped by the committee because of declining wheat prices globally and fresh tenders were asked for 300,000 tonnes of wheat.
The ECC has decided reduction in export and non-export sectors’ gas rates by Rs100 per unit. The gas rates would be 43 percent higher for the residential slabs of up to 50 cubic meters, as a result of the decision.
The second slab of 100 cubic meters would be unchanged whereas the third (200 cubic meters) and fourth (300 cubic meters) slabs would jump by 26 percent and 151 percent after the decision.
Meanwhile, the weekly inflation report has shown that inflation has reached 33.66 percent showing 1.32 percent increase.
Pakistan Bureau of Statistics (PBS) data has shown that 30 essential items observed a hike in prices, prices of five items declined whereas prices of 16 items remained unchanged.
According to PBS’s data prices of petrol, diesel and LPG gas had soared by 6.36 percent, 5.06 percent and 2.33 percent respectively. The price of a 2.5kg ghee box increased by 1.64 percent, potatoes and garlic went high by 2.57 percent and 5.06 percent respectively. Eggs, yogurt, rice, sugar, milk, flour and pulses also observed an increase in prices.
The prices of tomatoes, onion and daal mash (vetch lentils) decreased during the week.
