ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet allowed Trading Corporation of Pakistan (TCP) to import 200,000 metric tonnes of urea on deferred payments.
The ECC gave the approval during its meeting that was presided over by Federal Minister for Finance and Revenue, Miftah Ismail. The meeting was attended by Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Musadik Malik, federal secretaries and senior officers.
The summary for urea import was presented by Ministry of Industries and Production with an objective to create better stock for urea fertilizer to ensure continuity of urea supply during next financial year and requested for allowing import of urea from international market in order to stabilize the local market.
Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries.
The price differential is to be paid to the Oil Marketing Companies/Refineries by the government as a subsidy in the wake of the government’s decision to keep the petroleum products’ prices fixed at the level notified on March 1, 2022.
The ECC after deliberation approved supplementary grant of Rs55.48 billion for disbursement of PDC to OMCs/Refineries for the first fortnight of May 2022. Due to continuous rising trend of oil prices in the international market, the quantum of subsidy has been on higher side, the Finance Ministry said
