The Petroleum Division has submitted a summary to the Economic Coordination Committee (ECC) proposing a significant increase in gas prices for all categories of consumers, effective from October 1, 2023.
In a summary prepared for review by the Economic Coordination Committee (ECC), the Petroleum Division has proposed a significant increase in gas prices for all categories of consumers, effective from October 1, 2023.
The proposed hike is aimed at addressing the growing shortfall in the gas sector and reducing the circular debt burden. The ECC is expected to consider the proposal in its upcoming meeting.
If approved, the gas price hike will have a significant impact on consumers and businesses across the country. It is likely to lead to an increase in the cost of living and production.
The Petroleum Division has stated that the proposed hike is necessary to ensure the sustainability of the gas sector. However, it is likely to face opposition from consumers and businesses who are already struggling with high inflation.
