ICMD, Sep 17, 2018

The Economic Coordination Committee (ECC) on Monday accorded its approval to a proposed hike in gas tariff.

Finance Minister Asad Umar, chairing the moot approved a new tariff slab for the sale of gas. The increased was on hold for long.

A larger increase in tariffs has been placed on higher tariff slabs so as not to burden masses with the price hike.

The meeting also reduced the import tax on Liquefied Petroleum Gas (LPG) to 10 percent.

ECC had decided against an immediate increase in gas prices a week ago and left the final decision to Prime Minister Imran Khan.

Further, the ECC decided to provide fertilizer factories with 50 percent local gas and 50 percent LNG.