Gas price hiked

Pakistan yesterday increased natural gas prices by up to 20 per cent, Petroleum Minister Chaudhry Mohammad Sarwar said, in effect slashing consumer subsidies.

Sarwar said the move would help ease part of the Rs152 billion (Dh4.4 billion) deficit for state-owned natural gas suppliers Sui Northern and Sui Southern that are bleeding cash and subsidising consumers and industries.

The decision was taken by the Economic Coordination Committee chaired by new Prime Minister Imran Khan.

The new steps would inject “Rs58 billion to stabilise the two companies”, he said.