Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee of the Cabinet, on Friday.
Ministry of Industries and Production tabled a summary on fixation of imported Urea price. It was submitted that TCP was allowed to import 200 KMT of granular Urea from M/s Sinochem Fertilizer and M/s CNAM PGC. The cost estimates for import of Urea would be Rs. 27.333 billion.
The ECC after detailed discussion approved Dealer Transfer Price (DTP) of 50 kg imported Urea bag at Rs. 2150/bag and incidental charges at Rs. 620.47/bag with sharing subsidy on imported Urea at 50:50 basis with provinces.
On another summary of the Petroleum Division, the ECC approved the proposal containing request of M/s Zaver Petroleum Corporation (Pvt) Limited (ZPCL) for assignment of its entire 10% Working Interest (WI) in Bannu West Block to M/s Orient Petroleum Inc (OPI).
The ECC also approved summary of Petroleum Division and granted five years extension w.e.f 2nd April, 2022 in the validity period of development and production lease of Zamzama D&PL, on the existing terms and conditions, covering an area of 525.79 sq. kms located in district Dadu, Sindh taking into consideration the remaining recoverable reserves and the economic evaluation of the field. Earlier it was granted for a period of twenty years w.e.f 2nd April , 2002.
The ECC also considered another summary of Petroleum Division and granted extension in the validity period of the eighteen (18) exploration licenses.
Power Division tabled a summary for tariff rationalization for KE. It was presented that NEPRA vide its determination for XWDISCOs, has determined periodic adjustments in tariff for third quarter of FY 2021-22 for XWDISCOs and a uniform rate for the 3rd quarterly adjustments of FY 2021-22 for the consumers of XWDISCOs. Pursuant to the National Electricity Policy, 2021, the Government may maintain a uniform consumer-end tariff for K-electric and state-owned distribution companies. In view of above, the ECC approved tariff rationalization by way of adjustments at Rs. 0.5087/unit with recovery period of three months for K-Electric to maintain the uniform tariff across the country.
Ministry of Commerce presented a summary regarding clearance of stuck-up import consignments in light of Office Memoranda issued by Ministry of Commerce.
The ECC after discussion allowed release of consignments of previously banned items for which Goods Declaration (GDs) have been filed on or after 22 August, 2022 at the rates of surcharges contained in the OMs of MOC dated 22-07-2022, 19-08-2022 and 23-08-2022 or the new/enhanced rates of RDs and ACDs contained in SROs issued on 22-08-2022 whichever is higher.
The ECC also approved technical supplementary grant of Rs. 2,000 million in favour of Ministry of Housing and works.
The ECC also deferred summaries presented by Ministry of National Food Security and Research, Petroleum Division and Ministry of Information Technology & Telecommunication. Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Dr. Muhammad Jehanzeb Khan, SAPM on Government Effectiveness, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Coordinator to the PM on Commerce & Industry Rana Ihsan Afzal, Governor SBP, Federal Secretaries and senior officers attended the meeting.
