Gas price to remain unchanged: ECC

ISLAMABAD: The Economic Coordination Committee (ECC) under the chairmanship of finance minister Asad Umer decided on Wednesday that gas prices will remain unchanged for now.

Finance Minister Asad Umar chaired the first ECC meeting of the government.

During the meeting, it was told that the circular debt has soared to Rs596 billion while the gross circular debt on energy resources has reached Rs1,188 billion.

“Just last month, the circular debt increased by Rs30 billion,” the committee was further informed.

Moreover, the federal minister summoned a report from all concerned institutions.

The ECC meeting deliberated on a five-point agenda in the meeting today, comprising the circular debt and its impact on the power sector, gas pricing, financial health of Pakistan State Oil (PSO) and its liquidity position, DAP situation for the Kharif crop and the measures to address shortage of urea fertilizer.

Prime Minister Imran Khan, on Monday, formed a 12-member ECC and appointed Finance Minister Asad Umar as its chairman.

The notification issued by the cabinet division read that Law Minister Farogh Naseem, Petroleum Minister Ghulam Abbasi, Planning and Development Minister Khusro Bakhtiar and Railways Minister Sheikh Rashid were appointed to the ECC, in addition to prime minister’s advisors Razak Dawood and Dr Ishrat Hussain.