ISLAMABAD – Oil and Gas Regulatory Authority (OGRA) on Saturday has recommended up to 235 percent hike in gas prices.
According to details, the authority has suggested to reduce gas slabs to 6 from 7 and also proposed to increase gas cost by 204 percent for domestic users.
Following the recent increase in rate of US dollar, Compressed Natural Gas (CNG) rate has also been jacked up by Rs3 per liter, taking the new rate to Rs82.79 per liter.
In this regard, All Pakistan CNG Association (APCNGA) has claimed that the rate of CNG is interlinked with the rate of the US dollar.
Pakistan is expected to adopt tough measures as part of its deal with the IMF, which investors speculate may include further currency devaluation.
It secured its 13th IMF bailout since the late 1980s for about $6 billion earlier this week after a six-month delay.
Opposition reacts to OGRA’s recommendation
Pakistan Peoples Party (PPP) leader Sherry Rehman has rejected OGRA’s recommendation to increase gas prices by 235 percent and said that this decision will put additional burden of Rs175 billion on the people.
Meanwhile, Opposition Leader in National Assembly (NA) Shehbaz Sharif termed sinking economy as threat to national security. The sky high prices will create difficulties for the people for survival, he added.
The Pakistan Muslim League-Nawaz (PML-N) leader further demanded to withdraw the suggestion of increasing the prices.