Business

ECC approves same Tariff rationalization for K-Electric as rest of the country

ISLAMABAD, July 20 (SABAH): Federal Minister for Finance and Revenue Dr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division on Wednesday.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Engineer Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Dr. Musadik Masood Malik, Coordinator to the PM on economy Bilal Azhar Kayani , Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Federal Secretaries and senior officers attended the meeting.

Ministry of Energy (Power Division) presented a summary on Tariff rationalization for power sector and submitted that in accordance with the National Electricity Policy 2021, the Government may maintain a uniform consumer–end tariff for K-Electric and state-owned distribution companies through incorporation of direct/indirect subsidies. Accordingly, KE applicable uniform variable charge is required to be modified to maintain the uniform tariff across the country. The ECC approved same Tariff rationalization for K-Electric as the rest of the country.

Ministry of National Food Security and Research tabled a summary on urgent advice relating to award of 3rd International Wheat Tender 2022 opened on 18th July, 2022. The ECC after discussion approved the lowest bid offered by M/s Vittera B.V / Marine International @ US$ 404.86/ MT for 120,000 MT on CFR bulk at sight L/C basis. Further TCP was allowed to match the tender quantity of 300,000 MT.

Ministry of Industries and Production submitted a summary seeking authorization to TCP for signing agreement with Chinese firms for import of 200 KMT Urea from M/s Sinochem Fertilizer and M/s CNAMPGC at negotiated rate of US$ 500/MT (FoB) on 90 days deferred payment with markup basis. The ECC approved the summary subject to discussion and decision in the Cabinet regarding allocation of Rs. 22 billion for this import with US$ 100 million as exchange cover, which has not been allocated into the budget 2022-23.

Ministry of Energy (Petroleum Division) tabled a summary on rate of Petroleum Levy on Liquefied Petroleum Gas (LPG). The ECC returned back the summary to the Ministry for reconsideration of the proposal.

Meanwhile Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting with delegation of Marble Association at Finance Division on Wednesday. Chairman FBR and other senior officers attended the meeting. The delegation shared with the Finance Minister that marble industry is transforming its manufacturing methods from traditional to modern for better output. They also apprised the Finance Minister about their issues regarding taxation and sought relief from the government.

The Finance Minister acknowledged the contribution of marble industry in the economic development of Pakistan and assured the delegation to resolve their issues.