Gas prices to go up from February 1, ECC decides
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The Economic Coordination Committee (ECC) of the Cabinet, chaired by Caretaker Finance Minister Dr. Shamshad Akhtar, has approved an increase in gas prices for various sectors from February 1, 2024, reported 24NewsHD TV channel Wednesday.
The ECC meeting also approved a uniform gas tariff for fertilizer plants and directed the Competition Commission to take action against unfair profiteering in fertilizer prices.
The ECC also directed the Ministry of Industry and Production to stabilize the prices of fertilizers and ensure their availability in the market.
The ECC said that the hike in gas prices was necessary to reduce the circular debt of the gas sector and to rationalize the gas tariffs across different categories of consumers.
The ECC also said that the increase in gas prices would have a minimal impact on inflation and would not affect the poor and vulnerable segments of society.