ISLAMABAD: An official notification of an increase in gas prices has been issued by the federal government here on Sunday.

Earlier on June 26, Economic Coordination Council (ECC) in a meeting approved an increase in the gas prices by 190 percent.

According to sources, the petroleum division has prepared a summary 190 percent by the month of July.

Sources have revealed that monthly usage of 50 cubic meters of gas will be charged at Rs63 per unit, as per the approved summary.

Usage of 100 cubic meters of gas can cost Rs242 per unit on a monthly basis, with a rise of 190.55 percent, the sources added.

The hike in the gas prices will be implemented from July 1, sources further added.

It is pertinent to mention here that the International Monetary Fund (IMF) demanded the government to increase the gas prices and this hike will increase the revenue of the government by Rs500 billion.

However, the government will review the change by December later this year.