ECC puts off decision on gas price hike

ISLAMABAD: The Economic Coordination Committee (ECC) has put off a proposal to increase gas prices within immediate effect.

Finance Minister Asad Umar chaired the ECC's meeting and discussed the proposal to hike gas prices with an immediate effect.

"The ECC has prepared guidelines to increase gas tariff," Information and Broadcasting Minister Fawad Chaudhry said while addressing the media after the meeting on Monday. "The gas sector is in the worst situation.”

He said that a final decision on gas price hike would be taken by Prime Minister Imran Khan. 

In addition, the committee has decided to provide fertiliser factories with 50 per cent local gas and 50 per cent LNG.

"The LNG bills will be divided equally between the fertiliser companies and the government," Chaudhry said.

“All fertiliser companies will continue production on full capacity. ECC has also given its consent to import fertilisers to meet the urea shortage." "The volume of fertiliser imports will be decided later," the informtion minister said.

Chaudhry continued, "farmers are a very important part of the prime minister's economic policy."