Islamabad:  The Economic Coordination Committee (ECC) of the Pakistani Cabinet on Monday approved up to 124 percent hike in the tariff of gas across the board for six months to implement a major prior condition set by the International Monetary Fund (IMF), media reports said.

The finance ministry, in a statement, said the Ministry of Energy (Petroleum Division) tabled a summary on natural gas sale pricing for FY2023 and presented tariff proposals for all consumer categories in accordance with the Review of Estimated Revenue Requirement (RERR) for the fiscal year 2022-23, reports Geo News.

"The ECC after detailed discussion approved gas price revision proposal for domestic, commercial and power sectors for six months [January to June, 2023]," the statement mentioned.

Reforms in the energy sector and controlling the circular debt remained on top of the agenda during the talks held with the IMF mission that concluded 10-day parleys in Islamabad last Thursday.

The IMF team left Islamabad without signing an agreement and asked Pakistan to take corrective measures.

For households consuming up to 100 cubic metres of gas, the rate has been hiked by 16.6% to Rs350 per MMBTU, an increase of Rs50 per MMBTU. For domestic consumers who utilise 200 cubic metres, the rate has been increased by 32% to Rs730 per MMBTU.

A 69% hike in tariff has been given go-ahead for consumers of up to 300 cubic metres of gas, and it will now cost them Rs1,250 per MMBTU. For domestic consumers utilising gas up to 400 cubic metres, the rate has been hiked by 99% to Rs2,200 per MMBTU, the Pakistani news channel reported.

For households using more than 400 cubic metres of gas, the rate has been hiked by 124% to Rs3,277 per MMBTU.