Tripling Gas Prices: What You Need to Know About the Government’s Decision”.

Subsidy Removal Could Lead to Increases Exceeding 500% for Homes, Industries, and Businesses

The Government has announced that it will sign resolutions on Tuesday, which will result in an increase in natural gas rates per network starting on Monday, April 1. Subsidies will be removed from high-income households, businesses, and industries, causing the price of gas to at least triple next month, with another extra jump between May and September.

The official definition of the rate increase comes two months late due to concerns about inflation and the energy sector’s financial challenges. However, the Ministry of Energy and the National Gas Regulatory Entity (Enargas) were prepared to implement the increases in February. Despite this delay, the decision to increase rates could not be delayed any longer.

The Energy resolution 41/2024 establishes the new wholesale gas prices at the Point of Entry to the Transportation System (PIST), which are a key part of the bill along with transportation, distribution, and tax margins. The impact of this resolution on users is yet to be clarified by officials. However, it is known that some households may see a near tripling of gas prices starting in April.

Overall, gas prices are expected to rise significantly for all users between May and September, with some paying over four times the current rate depending on their location. The resolution is a part of the Government’s efforts to reduce energy subsidies and realign rates with the actual cost of supply. Despite concerns about the impact on low- and middle-income households, there is no way around it as it addresses financial challenges within

Sophia Reynolds

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