The Minister of Energy, Power and Petroleum Muhammad Ali on Monday said that a process is underway to increase gas prices as the gas sector is facing a daily loss of one billion rupees across the country.
The Minister said that the revolving debt of the sector stands at 28 to 29 billion rupees.
According to the minister, price increases are required to improve the gas industry. 60% of customers will be protected from the price hike, he guaranteed.
It is not a plan to charge low-income people more than Rs 500, he continued.
The minister said that a progressive pricing policy would result in bigger gas price increases for the wealthy.
The price of petroleum products will be fixed on September 30, he added.
The minister said that it is too soon to make any predictions regarding a prospective price cut.
However, he expressed optimism, stating that if the depreciation of the dollar continues, positive progress can be expected.
The minister also indicated that the idea of buying oil on the world market is being talked about.
This means that the government is looking into a number of measures to handle the financial difficulties facing the energy sector.
