ISLAMABAD, Apr 19 (Alliance News):The Economic Coordination Committee (ECC) on Tuesday approved supplementary grant of Rs. 68.74 billion for disbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries.
The ECC after discussion approved supplementary grant of Rs. 68.74 billion for disbursement of PDC to OMCs/Refineries for the month of April, 2022 and to meet the shortfall for the month of March, 2022, said a press release issued here.
Federal Minister for Finance and Revenue, Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.
Federal Minister for National Food Security and Research Makhdoom Syed Murtaza Mehmood, Federal Secretaries and senior officers attended the meeting.
Due to continuously rising trend of oil prices in the international market, the quantum of subsidy for the month of April, 2022 has been higher than March, 2022.
Further, the previous Government did not consider the PDCs for the 1st fortnight of April, 2022.
Substantially, the present government has to bear the burden of higher quantum of subsidy as PDCs of the OMCs.
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 Government’s decision to keep the petroleum products’ prices stable.