Gas is going to get way more expensive in Pakistan as the Economic Coordination Committee has approved a whopping 190% increase in household gas prices.
During a meeting on Wednesday, the ECC also approved a 31% increase in other gas categories, such as business and commercial use.
These new rates will come into effect on July 1.
Increasing gas and electricity prices is one of the IMF’s conditions for giving us a loan. It wants Pakistan’s government to collect more revenue from people. With these higher gas rates the government is going to make an additional Rs500 billion in revenue.
But that might not be the end of it. In December, the government is going to review gas prices again and see if it can impose a further increase.