ECC Set to Meet On Monday to Increase Gas Rates On IMF Demand

The Ministry of Finance has called an urgent meeting of the Economic Coordination Committee (ECC) on Monday (October 23) after the International Monetary Fund (IMF) expressed concern over the persistent freeze in the upward revision of gas prices since July 1, 2023, well-informed sources told ProPakistani.

Sources said the ECC meeting has been called after the IMF informed the ministry that the interim government’s failure to increase gas prices stands in violation of the previously established agreement.

The Energy Division has shared a summary of the proposed gas price hike with the IMF, indicating an intent to align with the financial agreement in place.

Notably, the repercussions of the delayed gas price hike have not gone unnoticed. Sui gas companies have reported significant losses amounting to Rs. 46 billion, for which the IMF has sought a substantial increase in gas rates to recover such losses incurred during July-September, sources added.