ISLAMABAD - The Economic Coordination Committee (ECC) of the cabinet on Monday increased the gas prices massively to meet another prior condition of the International Monetary Fund (IMF) for revival of much needed loan programme. Federal Finance and Revenue Minister Senator Mohammad Ishaq Dar presided over the meeting of the ECC of the cabinet. Ministry of Energy (Petroleum Division) tabled a summary on Natural Gas Sale Pricing FY 2022-23 and presented tariff proposals for all consumer categories in accordance with RERR FY 2022-23. The ECC after detailed discussion approved gas price revision proposal for domestic, commercial and power sectors for six months i.e. January to June, 2023. The ECC has approved to increased gas prices for gas domestic consumers. For the consumers using gas upto 0.5 hm3, prices have remained unchanged; upto 1hm3, prices are enhanced from Rs300 per mmbtu to Rs350 per mmbtu; upto 2 hm3, from Rs553 per mmbtu to Rs730 per mmbtu; upto 3 hm3 from Rs738 per mmbtu to Rs1,250 per mmbtu, upto 4 hm3 from Rs1,107 per mmbtu to Rs2,250 and above 4 hm3 from Rs1,460 to Rs3,270 per mmbtu. Virgin Atlantic suspends services to Pakistan
The gas prices for bulk have increased from Rs780 per mmbtu to Rs1,600 per mmbtu. Meanwhile, for commercial consumers, it has been enhanced to Rs1,650 per mmbtu from Rs1,283 per mmbtu. Gas prices for power sector have also been approved by the ECC. For the fertilizer sector, the ECC has approved the gas prices for feed (Engro) to Rs140 per mmbtu from Rs117 per mmbtu. For fertilizer feed (FFBQL), prices are increased from Rs302 per mmbtu to Rs510 per mmbtu. For fuel, its prices are enhanced from Rs1,023 per mmbtu to Rs1,500 per mmbtu. The ECC has also increased gas prices for exports Industry, as for process from Rs819 per mmbtu to Rs1,100 per mmbtu and for captive to Rs1,100 per mmbtu from Rs852 per mmbtu. The prices have also been enhanced for non-exports Industry. The ECC has increased the gas prices for CNG sector from Rs1,371 per mmbtu to Rs1,805 per mmbtu. Ministry of Economic Affairs presented a summary on G-20 Debt Service Suspension Initiative (DSSI). Bajwa asked me to decry Ukraine attack after Russia visit: Imran Khan
This debt relief was announced in April 2020 for IDA eligible countries to mitigate the socio-economic impact of COVID-19. Under this initiative, debt relief was extended through the suspension of principle and interest payments. So far, 37 debt rescheduling agreements with 15 creditor countries have been signed. Foregoing in view, the ECC allowed the Ministry of Economic Affairs for signing of debt rescheduling agreement with Russia for debt suspension of COVID related amount $14.53 million. Ministry of Poverty Alleviation and Social Safety presented a summary on enhancement of BSIP budget. The meeting was briefed on the ongoing BISP programmes including Unconditional Cash Transfer (UCT) Programme “Benazir Kafaalat” covering around 9 million families, two Conditional Cash Transfer (CCT) programmes namely Benazir Taleemi Wazaif and Benazir Nashonuma. This disbursement of cash was to assist affectees of floods as emergency relief of Rs25,000 was provided per affected family to around 2.7 million families. In Conditional Cash Transfer Programme, there have been accelerated enrolments in Benazir Taleemi Wazaif and it is anticipated that additional one million children will be enrolled by the end of June, 2023. Also BISP has extended CCT Benazir Nashonuma to all the districts of the country. Court dismisses hedge fund’s claim on Broadsheet’s $29m Pakistan money
The ECC, after discussion, granted Rs40 billion as Technical Supplementary Grant to BISP to meet its budgetary requirements for increase in the unconditional and conditional grants. Federal Commerce Minister Syed Naveed Qamar, Federal Power Minister Mr Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Mr Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Mr Tariq Bajwa, federal secretaries and other senior officers attended the meeting in person while Federal Industries and Production Minister Syed Murtaza Mahmud, Minister of State for Petroleum Mr Musadik Masood Malik and SBP governor attended the meeting virtually through video link. The Nation, 14 Feb, 2023