ECC for ensuring fertilizer price stability, approves uniform gas pricing

ISLAMABAD, Feb 14 (Alliance News): The Economic Coordination Committee (ECC) of the Cabinet here on Wednesday directed the Ministry of Industries to ensure the stability of Urea prices in the market, the finance ministry said in a press statement.

The committee, the meeting of which was presided over by the Federal Minister for Finance, Revenue, and Economic Affairs, Dr Shamshad Akhtar, also directed the Competition Commission of Pakistan (CCP) to investigate the undue increase in urea price during the recent past and fix the responsibility.



According to a press statement, the committee was deliberating on the summary of the Petroleum Division regarding “Natural Gas Sale Pricing FY 2023-24 (Effective – 1st February 2024)”.

The committee decided that the revision of the sale price/ tariff should be consistent with the revenue requirements of the Sui companies and recommended uniform gas prices for fertilizer plants.

The committee approved the proposal of the Federal Board of Revenue (FBR) regarding the “Rationalization of Criterion of Enhanced Rate of 25% Sales Tax on Locally Manufactured/ Assembled Vehicles (PCT87.03)”.

The committee approved the proposal of signing a Share Subscription Agreement (SSA) between National Credit Guarantee Company Limited (NCGCL)”, Karandaz, and the Government of Pakistan through the Ministry of Finance.

Ministry of Commerce presented a summary regarding amendments in “SRO 760(I)/2013-Import and Export of Precious Metal Jewellery and Gemstones Order, 2013” and “Import Policy Order 2022- Serial No. 16 of Part II, Appendix-B”.

The Economic Coordination Committee agreed to the proposals in principle and directed that a committee comprising representatives of the Ministry of Commerce, Ministry of Law, FBR, and SECP formulate detailed proposals for this export-oriented policy reform targeting the opening up of the service sector.

The ECC also approved the summary of the Intelligence Bureau for “Provision of Additional Funds of Rs.125 Million during the Current Financial Year” to meet the increasing requirements of the Bureau vis-a-vis operations against terrorists and anti-state elements.

The summary of the Finance Division regarding “Approval of Technical Supplementary Grant for Provision of Rupee Cover for Remaining Funds amounting to Rs. 7,621,756,096/- of 1st Tranche of Credit Lines of US $85 Million obtained from the World Bank” was approved by ECC.

Among others, the meeting was attended by the Minister for Privatization and Inter-Provincial Coordination, Fawad Hasan Fawad; Minister for Interior, Commerce & Industries, Gohar Ejaz; Minister for Energy and Petroleum Division, Mohammad Ali; Minister for Planning, Development and Special Initiatives, Sami Saeed; Minister of Maritime Affairs, Communication and Railways, Shahid Ashraf Tarar; Deputy Chairman Planning Commission, Dr. Muhammad Jehanzaeb Khan; Advisor to PM on Finance, Dr Waqar Masood, federal aecretaries, and other senior government officers of the relevant ministries.