ECC approves sale of 500,000 metric tons of wheat through competitive bidding

ISLAMABAD (Web Desk) – The Economic Coordination Committee (ECC) of the Cabinet has approved the sale of 500,000 metric tons of wheat held by the Pakistan Agricultural Storage and Services Corporation (PASSCO) through a competitive bidding process.

According to the Ministry of Finance, the ECC meeting was chaired by Finance Minister Senator Muhammad Aurangzeb and attended by Petroleum Minister Ali Pervaiz Malik, National Food Security Minister Rana Tanveer Hussain, and other senior officials.

The proposal to offload wheat stocks was presented by the Ministry of National Food Security and Research. The committee was informed that previous attempts to sell wheat at earlier approved reserve prices had failed due to low bids.

Considering rising storage costs and stock accumulation, the ECC approved the sale on a First-In, First-Out (FIFO) basis at revised reserve prices. The price for locally procured wheat has been set at Rs4,150 per 40kg, while imported wheat has been fixed at Rs3,800 per 40kg.

In a separate decision, the ECC approved a technical supplementary grant of Rs536 million for ongoing Public Sector Development Programme (PSDP) projects of the former Pakistan Public Works Department, with funds to be transferred to Punjab and Khyber Pakhtunkhwa governments.

The committee also reviewed a Petroleum Division report regarding a settlement agreement with Cnergyico PK Limited and delayed petroleum levy payments, deferring the matter for a more detailed presentation in the next meeting.