ECC to review recommended prices tomorrow

The federal government may review the recommended prices of all petroleum products in the scheduled meeting of Economic Coordination Committee (ECC) on Thursday (tomorrow). The cabinet meeting under the chairmanship of Prime Minister Imran Khan on Tuesday deferred the proposed up to 15 percent increase in the prices of petroleum products for the month of May and referred the matter to the ECC for review.
In the cabinet, it was also decided that the ECC will deliberate upon the recommend increase in the rates of petroleum products proposed by the OGRA and submit its decision to a special committee. The special committee will rectify the decision of the ECC.
Sources said that the ECC agenda was circulated to all ministries/divisions well before the scheduled meeting of the cabinet. Although it is not in the agenda items of ECC, the ECC may take up the issue of prices of petroleum products in the scheduled meeting.
The ECC will also consider the appointment of transaction advisory consortium (TAC) for revival of Pakistan Steel Mills (PSM).
According to sources, the following firms/companies have shown interest in PSM''s revival plan: (i) M/s Tyazpromexport; (ii) M/s Hebei Dongghua A Enterprises Group Co Ltd; (iii) M/s China First Metallurgical Group Co Ltd; (iv) M/s Fateh Group; (v) M/s Ahmed Jaffar & Company Pvt Ltd (AJCL);(vi) M/s TMK; (vii) M/s Khyber Pakhtunkhwa Oil and Gas Company (KPOGCL); (vii) M/s Besrock (Pvt) Ltd; (viii) M/s JSC REP Holding (Russian) and; (ix) M/s Offer of Qazi (Australian).
In its meeting on April 8, 2019, the ECC directed the Ministry of Industries to submit recommendations of putting PSM on privatisation list, sources said. Currently, there have two options been left before the government: either to close down the PSM or explore possibility of its sell-off. The revival committee on PSM already gave a comprehensive presentation to the ECC, proposing various recommendations to make PSM a profitable and competitive organisation.
The ECC will also take up a summary from Petroleum Division for allocation of gas from Thal East 01, Bhambhra 01 and Thal West 01 Fields to Ms/ Sui Southern Gas Company Limited (SSGC).
The ECC will also approve supplementary grants forwarded by Industries and Production, Finance Division, Federal Education & Professional Training, Ministry of Human Rights, Interior Ministry, Inter-Provincial Coordination Ministry, National of Food Security & Research, National Health Services, Regulation and Coordination, Overseas Pakistanis and Human Resources Development, Textile Division and States and Frontier Regions.
The Ministry of Finance has submitted supplementary grant of Rs 11 billion for 2nd and 3rd tranche of credit line of $140 million obtained from the World Bank for Pakistan Mortgage Refinance Company Limited (PMRCL).