Government Ready to Hand Over ‘Winter Gift’
The gas prices are likely to go up by 35% as the government has decided to cut subsidies on the demand of IMF while an increase of Rs 5 in petrol price is also expected
The federal government has decided to increase the gas, electricity and petrol prices on the dictation of the International Monetary Fund (IMF) which masses have termed as the ‘winter gift’.
The gas prices are likely to go up by 35% as the government has decided to cut subsidies on the demand of the global lender.
The new tariff will be enforced from next month and the citizens falling in four slabs will experience a significant increase in the bills from November.
Besides this, the government is unable to give a subsidy on rising oil prices in the global market and the rates of petroleum products are likely to increase again by Rs 9.
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Oil & Gas Regulatory Authority (OGRA) has suggested an increase of Rs 5.50 per liter in the price of petrol and that of high-speed diesel (HSD) by about Rs 9 per liter.
The increment will remain effective for the remaining month of October.
Meanwhile, the federal cabinet has recently approved a hike of Rs 1.68 in the power tariff which is also going to take a heavy toll on the home budgets.
Further, Federal Finance Minister Shaukat Tarin is currently in Washington, US to hold talks with IMF for the resumption of $6 billion loan facility.
The minister has cautioned they will increase the power and gas tariffs gradually, so it doesn’t have a huge impact on inflation.
However, he has vowed to make Pakistan one of the top economies in Asia and the world.
