The new gas rate is likely to be implemented from October 1.

The Economic Coordination Committee (ECC) of the federal cabinet is likely to okay a massive hike of up to 193 per cent in the gas tariff on Monday, on the demand of the International Monetary Fund (IMF).

ECC likely to approve 193pc hike in gas tariff. The government is likely to increase the local gas tariff up to 173% for non-protected domestic consumers, 136.4% for commercial, 86.4% for export and 117% for the non-export industry.

More From FactFile: Qatar announces 27-year gas deal with Italy’s Eni

Caretaker Finance Minister Dr Shamshad Akhtar will chair the meeting of the ECC to review the gas tariff. Sources said that the three-point agenda will be considered at the ECC meeting, and a summary of gas prices will be presented at the Economic Coordinating Committee meeting today۔

Sources said fixed monthly charges for the protected consumers will be increased from Rs10 to Rs400, while the tariff for the import industry is likely to be jacked up to Rs2050 from Rs950. The gas price for CNG is proposed to increase by Rs2595 rupees per MMBTU۔

The new gas rate is likely to be implemented from October 1.

Earlier, sources within the finance ministry told that the IMF asked Pakistan to ‘immediately raise’ the gas tariff.