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*ISLAMABAD: Newly appointed Federal Minister for Finance and Revenue MiftahIsmail presided over a meeting of the Economic Coordination Committee (ECC)of the cabinet on Tuesday.*
During the meeting, the petroleum division submitted a summary forreimbursement of price differential claims (PDCs) of oil marketingcompanies (OMCs) and refineries.
The price differential is to be paid to the oil marketing companies andrefineries by the government as a subsidy in the wake of the government’sdecision to keep the petroleum products’ prices stable.
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The ECC approved a supplementary grant of Rs68.74 billion for disbursementof PDC for the month of April 2022 and to meet the shortfall for the monthof March, 2022.
The meeting was informed that due to continuously rising trend of oilprices in the international market, the quantum of the subsidy for themonth of April, 2022 has been higher than March, 2022.
Moreover, the previous government did not consider the PDCs for the 1stfortnight of April, 2022, due to which the present government had to bearthe burden of higher quantum of subsidy as PDCs of the OMCs, a statementissued following the ECC meeting read.
Federal Minister for Industries and Production Makhdoom Syed MurtazaMehmood, federal secretaries and senior officers were in attendance in themeeting.
