Updated on
Summary
Rejecting the increase in sales tax on sugar, Economic Coordination Committee of the Federal Cabinet has endorsed the decision to import 12 lakh tones of sugar. The decision about shifting powers of fixing petroleum products prices by OGRA to Oil Marketing Companies has been delayed. The meeting of ECC was held in Islamabad under the chairmanship of Finance Minister Abdul Hafeez Sheikh in which issue of sugar hoarding came under discussion. The ECC decided to form a committee comprising Ministry of Industries and Production, FBR and Ministry of Commerce to monitor prices of white sugar in the international market. While considering the issue of gas curtailment and consequent implication for the fertilizer sector, it directed to place the matter before the forthcoming Energy Conference. Discussing the issue of monetization of Pure Terephthalic Acid (PTA), the ECC decided to withdraw SROs No.1045(1)/2008 and 1299(1)/2008 pertaining to monetization of PTA so that the government meets international standards in this regard. However, a summary will be brought before next ECC suggesting a tariff mechanism.
