Pakistan Raises Gas Tariffs to Meet Its IMF Bailout Commitments
(Bloomberg) -- Pakistan boosted gas tariffs for the first time in nine months as it tries to meet commitments for a $6 billion International Monetary Fund bailout package.
The increase in the charges range from 173 rupees per metric million British thermal unit to 463 rupees/mmbtu for domestic consumers, according to the Pakistan Oil and Gas Regulatory Authority's notification.
Prime Minister Imran Khan's adminsitration reached an accord for a bailout package with the IMF in May, in which it committed to curtail energy-sector losses. The loan package is subject to the approval of the fund's executive board.
The government last raised the utility tariff in October as the country faced a balance of payment crisis due to current account and fiscal deficits, and depleted foreign-exchange reserves.
The tariff for the textile industry increased by 180 rupees/mmbtu, while that for the cement sector rose by 302 rupees. Other industries face a 241 rupee/mmbtu increase.
To contact the reporter on this story: Kamran Haider in Islamabad at khaider2@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Stanley James
©2019 Bloomberg L.P.
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