ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has approved to implement a mechanism of fortnightly reimbursement of price differential claims (PDCs) of the oil marketing companies (OMCs) and refineries in order to avert shortage of petroleum products.
Federal Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting on Monday.
The Ministry of Energy (Petroleum Division) submitted the summary on reimbursement of PDCs of the OMCs and refineries, in line with the PM relief package of reduction in the consumer prices of motor spirit and diesel by Rs10 per litre. The price differential would be paid to the OMCs/ refineries by the government as a subsidy to avert any shortage in the market.
The meeting also approved the reduction of Rs5 per unit in electricity charges base rate announced by Prime Minister Imran Khan a week ago for the period of four months i.e.
March-June 2022.
The relief package will be applicable to all commercial and domestic non-ToU consumers having monthly consumption up to 700 units, excluding lifeline consumers. The cash flow requirement for the PM Relief Package is Rs136 billion.
The ECC approved Kamyab Overseas Programme (KOP) as a new component of the Kamyab Pakistan Programme. The new initiative is meant for prospective low-income overseas workers having confirmed foreign job offers, employment agreements and valid travel documents and registered with NSER to avail interest-free loans under KPP.
The maximum amount of loan would be Rs300,000 and returned in easy instalments starting after three months of departure. The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs3bn for the 4th quarter of 2021-22.
The ECC approved a summary tabled by the Ministry of Industries and Production for Ramzan Relief Package 2022. The ECC after discussion approved Ramzan Relief Package 2022 for 19 essential items to be sold at subsidized rates at USCs with a total subsidy of Rs8,280mn.
The ECC approved a summary presented by the Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW).
The Ministry of Energy (Petroleum Division) submitted a summary for allocation of gas from Togh field on a commercial basis. The ECC after discussion allowed up to 16 MMCFD gas from Togh field to SNGPL on a commercial basis. The well-head price of the gas will be decided by the concerned regulator under the applicable rules and policy.
The Ministry of Energy (Petroleum Division) submitted a summary to amend the Petroleum Concession Agreement, allowing GHPL Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL.
The ECC approved to amend the respective Petroleum Concession Agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5% being state participator in Wali, Jandran West,Saruna and Pesu blocks of OGDCL.
Minister for National Food Security and Research Syed Fakhar Imam, Minister for Railways Azam Swati, Energy Minister Hammad Azhar, federal secretaries and senior officers attended the meeting. – TLTP