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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved Dealer Transfer Price (DTP) of 50-kg imported urea bag at Rs2,150/bag and incidental charges at Rs620.47/bag with sharing subsidy on imported urea at 50:50 basis with the provinces.

Federal Minister for Finance and Revenue Senator Ishaq Dar presided over the meeting of the ECC of the Cabinet here on Friday.

Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Dr Muhammad Jehanzeb Khan, SAPM on Government Effectiveness, Coordinator to the PM on Economy Bilal Azhar Kayani, Coordinator to the PM on Commerce and Industry Rana Ihsan Afzal, Governor SBP, federal secretaries, and senior officers attended the meeting.

The Ministry of Industries and Production tabled a summary on fixation of imported urea price. It was submitted that the TCP was allowed to import 200 KMT of granular Urea from M/s Sinochem Fertilizer and M/s CNAM PGC. The cost estimates for the import of urea would be Rs27.333 billion.

The ECC after detailed discussion approved DTP of 50kg imported urea bag at Rs2,150/bag and incidental charges at Rs620.47/bag with sharing subsidy on imported urea at 50:50 basis with the provinces.

Cabinet allows TCP to import 0.3m MTs of urea on G2G basis

The Power Division tabled a summary for tariff rationalization for KE. It was presented that the NEPRA vide its determination for XWDISCOs, has determined periodic adjustments in tariff for the third quarter of the fiscal year 2021-22 for XWDISCOs and a uniform rate for the 3rd quarterly adjustments of the fiscal year 2021-22 for the consumers of XWDISCOs.

Pursuant to the National Electricity Policy, 2021, the government may maintain a uniform consumer-end tariff for K-electric and state-owned distribution companies. In view of the above, the ECC approved tariff rationalisation by way of adjustments at Rs0.5087/unit with a recovery period of three months for K-Electric to maintain the uniform tariff across the country.

The Ministry of Commerce presented a summary regarding clearance of stuck-up import consignments in light of the office memoranda issued by the Ministry of Commerce.

The ECC, after discussion, allowed the release of consignments of previously banned items for which Goods Declaration (GDs) have been filed on or after 22 August 2022 at the rates of surcharges contained in the OMs of MOC dated 22-07-2022, 19-08-2022, and 23-08-2022 or the new/enhanced rates of RDs and ACDs contained in SROs issued on 22-08-2022, whichever is higher.

On another summary of the Petroleum Division, the ECC approved the proposal containing request of M/s Zaver Petroleum Corporation (Pvt) Limited (ZPCL) for the assignment of its entire 10 per cent Working Interest (WI) in Bannu West Block to M/s Orient Petroleum Inc (OPI).

The ECC also approved the summary of the Petroleum Division and granted five years extension wef 2nd April 2022 in the validity period of development and production lease of Zamzama D&PL, on the existing terms and conditions, covering an area of 525.79 sq kms located in district Dadu, Sindh taking into consideration the remaining recoverable reserves and the economic evaluation of the field. Earlier, it was granted for a period of 20 years wef 2nd April 2002.

The ECC also considered another summary of the Petroleum Division and granted an extension in the validity period of the 18 exploration licenses.

The ECC also approved a technical supplementary grant of Rs2,000 million in favour of the Ministry of Housing and Works.

The ECC also deferred summaries presented by the Ministry of National Food Security and Research, the Petroleum Division, and the Ministry of Information Technology and Telecommunication.

Copyright Business Recorder, 2022

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