Pakistan plans to reduce Rs1.6tr of debt in gas sector: Ishaq Dar

MG News | January 11, 2023 at 02:37 PM GMT+05:00

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January 11, 2023 (MLN): The federal government is planning to reduce the gas debt by Rs1.6 trillion, Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar said during a news conference on Wednesday.

The aforestated measure has been taken to comply with the conditions of the International Monetary Fund (IMF) pertaining to energy sector reforms, he added.

For this, a comprehensive exercise has been completed and the government will reduce the debt burden through companies’ dividends.

It is pertinent to mention that the Sui Southern Gas Companies (SSGC) is already enduring whopping losses of Rs677 billion because of not increasing the gas prices.

If the situation continues unattended, its losses will likely surge to Rs757bn by June 2023.

At present, gas rates for residential consumer clocks in at Rs450 per MMBTU in Sui Southern against the prescribed price of Rs850 per MMBTU and Rs400 per MMBTU in the Sui Northern system against the prescribed price of PKR 1,007 per MMBTU, which depicts a large gap between sale gas price and actual cost of gas.

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