ECC Approves hike in gas prices for domestic, commercial and power sectors

Islamabad: The Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power 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 Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Mr. Musadik Masood Malik and Governor SBP attended the meeting virtually through video link.

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.

Ministry of Economic Affairs presented a summary on G-20 Debt Service Suspension Initiative (DSSI). 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 US$ 14.53 million.

Ministry of Poverty Alleviation and Social Safety presented a summary on enhancement of BSIP budget. The meeting was briefed on the on-going 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. Besides. This disbursement of cash assistance to affectees of floods as emergency relief of Rs. 25,000/- was provide per affected family to around 2.7 million families. In Conditional Cash Transfer Programme, there has been accelerated enrolments in Benazir Taleemi Wazaif and it is anticipated that additional 1 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. The ECC after discussion granted Rs. 40 billion as Technical Supplementary Grant to BISP to meet its budgetary requirements for increase in the unconditional and conditional grants.