Petroleum Division on Tuesday notified reduction in the price of urea in proportion to reduction in Gas Infrastructure Development Cess (GIDC). In the notification, it has been stated that federal cabinet approved on Tuesday reduction in GIDC on gas consumed by fertilizer manufacturers to Rs 5/ mmbtu so that this benefit could be passed on to the farmers.

The notification was forwarded to managing directors of SNGPL, SSGCL, Mari Petroleum Company Ltd, Pakistan Petroleum Ltd, Oil and Gas Development Company Ltd and Tullow Pakistan (Development) Ltd.

The Economic Coordination Committee (ECC) in its meeting on February 18, 2020 approved the GIDC waiver of Rs 400 per bag on urea to ensure the supply of cheap fertilizer to farmers. On Tuesday the federal cabinet rectified the decision of the ECC. The summary was moved by Ministry of Industries and Productions.

Copyright Business Recorder, 2020

Comments

Comments are closed.