ECC to approve an increase in gas prices today

It has been learned that the Economic Coordination Committee (ECC), in its meeting today in Islamabad, will approve the proposed increase in the prices of natural gas.

As per the details, in today’s meeting, presided over by Abdul Hafeez Shaikh—an Advisor to the PM on Finance, the ECC will consider an eight-point agenda, including natural gas pricing for the financial year 2019-20 with effect from February 01, 2020.

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“The negotiation team of the International Monetary Funds (IMF) is currently in Islamabad and the ECC is now going to consider another hike in the gas prices to ensure its seriousness regarding the losses incurring to the cash bleeding energy sector,” the report reads.

It is pertinent to mention here that the Ministry of Petroleum had earlier submitted its summary to increase the prices of the gas in the country from February 01, 2020.

On the other hand, the meeting will also decide the approval for the exemption of eight per cent minimum income tax for the National Telecommunication Corporation (NTC). The meeting of the committee is also expected to give approval to the creation of the Digital Media Wing in the Ministry of Information and Broadcasting.

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