ECC allows import of urea on deferred payment
Business
ECC allows import of urea on deferred payment
ISLAMAJBAD (Dunya News) – The Economic Coordination Committee (ECC) of the Cabinet here on Monday allowed Trading Corporation of Pakistan (TCP) to explore possibility for import of 200,000 MT of Urea on government to government (G2G) basis and on deferred payment.
The ECC gave the approval during its meeting that was presided over by Federal Minister for Finance and Revenue, Miftah Ismail,said a press statement issued by the finance ministry here.
Among others, the meting was attended by Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood; Minister of State for Finance & Revenue, Dr. Aisha Ghous Pasha; Minister of State for Petroleum, Musadik Masood Malik, federal secretaries and senior officers.
The summary for urea import was presented by Ministry of Industries and Production with an objective to create better stock for Urea fertilizer to ensure continuity of Urea supply during next financial year and requested for allowing import of Urea from international market in order to stabilize the local market.
On the occasion, 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 fixed at the level notified on March 1st, 2022.
The ECC after deliberation approved supplementary grant of Rs. 55.48 billion for disbursement of PDC to OMCs/Refineries for the first fortnight of May, 2022.
Due to continuously rising trend of oil prices in the international market, the quantum of subsidy has been on higher side, the statement added.
