ECC approves imported urea price at Rs1,712 per 50kg bag

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ISLAMABAD: Finance Minister Asad Umar on Monday chaired the Economic Coordination Committee meeting which reviewed the fertiliser availability situation in the country.

The ECC, in consideration of the proposal from the Ministry of Industries and Production, approved the price of imported urea at Rs1,712 per 50kg bag for National Fertilizer Marketing Limited dealers.

Earlier on September 10, the ECC had directed the Trading Corporation of Pakistan (TCP) to import 100,000 metric tonnes Urea to ensure availability of sufficient stocks in the country to meet the requirements in the Rabi season.

Meanwhile, the ECC discussed and approved a proposal of the Ministry of Commerce to amend the Export Policy Order (EPO) 2016, to the effect that the export of ethanol and other products manufactured from cane molasses shall be subject to the condition that cane molasses used in production of ethanol and other products manufactured from cane molasses being exported is either produced in-house by the exporter or purchased directly from a sugar mill.

The meeting was told that proper recording of the production and sale of molasses can be used as an indicator to gauge the production of sugar which would subsequently assist in tax collection.

The ECC was informed that due consultation had been carried out in this regard with the Federal Board of Revenue as well as the sugar manufacturers.

Moreover, as per the earlier decision of ECC, the Ministry of National Food Security and Research finalised the modalities for the export of 0.5 million tonnes of surplus wheat.

As per the detail, the provincial governments and PASSCO will process the export of wheat by placing the tenders in the tune of 0.5 million tonnes of wheat. Out of the 0.5 million tonnes of wheat, PASSCO will export 100,000 tonnes, Punjab will export 250,000 tonnes, and Sindh will be selling 150,000 tonnes. PASSCO, along with Punjab and Sindh governments, are allowed to export 0.5 million tonnes wheat and wheat products including flour, suji and maida.

According to the modalities, the successful bidder will provide a performance guarantee of 120pc of the amount of difference between the issue price of wheat to flour mills, and the bid price, which may be released on submission of expos documents within 90 days.

The export of wheat and wheat products should be completed before April 30, 2019, while the export process should be completed by June 30, 2019, in order to facilitate the exporters so that could complete their formalities. The freight support for the export of wheat in respect of PASSCO will be paid by the federal government while Punjab and Sindh governments shall bear freight support charges for their respective exports.

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