ECC of the cabinet takes important decisions

ECC of the cabinet takes important decisions

*ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the same tariff rationalisation for K-Electric (KE) as the rest of the country.*

According to details, Ministry of Energy (Power Division) presented a summary on Tariff rationalisation for power sector and submitted that in accordance with the National Electricity Policy 2021, the government may maintain a uniform consumer–end tariff for K-Electric and state-owned distribution companies through the incorporation of direct/indirect subsidies.

Accordingly, KE applicable uniform variable charge is required to be modified to maintain the uniform tariff across the country. After discussion, the ECC approved the summary.

The meeting of the ECC was held under the chairmanship of the Federal Minister for Finance and Revenue Miftah Ismail.

Commerce Minister Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State D. Aisha Ghous and others attended the meeting.

Ministry of National Food Security and Research tabled a summary on urgent advice relating to award of 3rd International Wheat Tender 2022 opened on 18th July, 2022.

The ECC after discussion approved the lowest bid offered by M/s Vittera B.V / Marine International @ US$ 404.86/ MT for 120,000 MT on CFR bulk at sight L/C basis. Further TCP was allowed to match the tender quantity of 300,000 MT.

Ministry of Industries and Production submitted a summary seeking authorization to TCP for signing agreement with Chinese firms for import of 200 KMT Urea from M/s Sinochem Fertilizer and M/s CNAMPGC at negotiated rate of US$ 500/MT (FoB) on 90 days deferred payment with markup basis.

The ECC approved the summary subject to discussion and decision in the Cabinet regarding the allocation of Rs. 22 billion for this import with US$ 100 million as exchange cover, which has not been allocated into the budget 2022-23.

Ministry of Energy (Petroleum Division) tabled a summary on rate of Petroleum Levy on Liquefied Petroleum Gas(LPG). The ECC returned back the summary to the Ministry for reconsideration of the proposal.