September 12, 2003	Friday	Rajab 14, 1424

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ISLAMABAD, Sept 11: The gas tariff rationalisation plan that envisaged up to 70 per cent increase in domestic rates over a period of three years will be implemented at the time of next biannual review after having been deferred for about a year.

Secretary petroleum M. Abdullah Yousaf told a news conference along with petroleum minister Chaudhry Nauraiz Shakoor Khan on Thursday that the rationalisation plan remained deferred for a year but it would now be implemented whenever next biannual review became due.

Refraining from quantifying the increase, he said around 19 per cent subsidy was still there which had to be eliminated over a period of three years under a 2002 cabinet decision.

“Initially the subsidy available to the domestic consumers was 24 per cent of the price, five per cent of the subsidy was withdrawn in March 2002 under the cabinet decision while the rest of it would also go in next three years,” said the secretary replying a query on behalf of the minister.

The minister called a press conference to announce a record level of successful oil and gas discoveries both by the state-owned Oil and Gas Development Company and the private sector operators during the last couple of years.