Gas prices likely to double amid circular debt crisis

MG News | October 16, 2023 at 04:19 PM GMT+05:00

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October 16, 2023 (MLN): The country is bracing itself for an impending surge in gas prices of up to 100% on the back of a surging circular debt.

To note, the circular debt has reached around Rs2.7 trillion.

As the International Monetary Fund (IMF) review approaches, the delay in gas price decision has become the burning question.

Despite this impending review, the government has not yet disclosed any details regarding the gas price adjustments, which are essential to meet the IMF's conditions and address the escalating circular debt issues within the power sector.

On October 03, the Economic Coordination Committee (ECC) redirected the decision to yet another committee.

Muhammad Ali, Caretaker Minister for Energy and Power earlier in September stated that given the pressing concerns regarding the circular debt, it is deemed necessary to increase gas prices across the board as a vital step towards addressing the crisis.

To recall, the last revision in gas tariffs was on February 13, 2023, when the previous government approved a price revision proposal for domestic, commercial, and power sectors of up to 113%.

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