In a pivotal decision aimed at stabilizing the economy before winter, authorities have greenlit a remarkable 100% increase in gas prices. A summary report, prepared for the Economic Coordination Committee (ECC), highlights the International Monetary Fund’s (IMF) growing apprehension concerning the surge in revolving credit.
Reliable sources have disclosed that the imminent gas price hike of over 100% is a strategic move to counterbalance the current economic landscape. Alarming statistics suggest that the gas sector’s revolving credit is on the verge of ballooning by a staggering 46 billion rupees in the current fiscal year. Failure to implement this gas price adjustment could potentially lead to a substantial increase in the shortfall, amounting to a daunting 185 billion rupees.
Further reports indicate that if the prices of Re-Gasified Liquefied Natural Gas (RLNG) remain untouched for domestic consumers, an additional shortfall of 21 billion rupees looms on the horizon. This financial predicament stems from a concerning development in the gas industry, where losses have skyrocketed by 46 billion rupees from July to September. As a result, the gas sector’s revolving debt has now reached a substantial 2,700 billion rupees.
This vital proposal to increase gas prices is expected to be formally presented at the upcoming ECC meeting, where a comprehensive review of the economic situation will be undertaken.
