ECC allows TCP to import of 200,000 MT of urea

The Economic Coordination Committee (ECC) of the Cabinet allowed the Trading Corporation of Pakistan (TCP) to explore the possibility of importing 200,000 MT of urea on a G2G basis and with deferred payment.  

Federal Minister for Finance and Revenue Miftah Ismail presided over a meeting of the ECC of the Cabinet at the Finance Division today.

As per the details, the Ministry of Industries and Production submitted a summary on import of urea and presented that the government intends to create better stock for urea fertilizer to ensure continuity of urea supply during next financial year and requested for allowing import of urea from the international market in order to stabilize the local market.

The ECC after discussion allowed the Trading Corporation of Pakistan (TCP) to explore the possibility of importing 200,000 MT of urea on a G2G basis and on deferred payment.  

In addition the Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries. The price differential is to be paid to the Oil Marketing Companies/Refineries by the government as a subsidy in the wake of the government’s decision to keep the petroleum products’ prices fixed at the level notified on March 1, 2022.

The ECC after deliberation approved a supplementary grant of Rs55.48 billion for disbursement of PDC to OMCs/Refineries for the first fortnight of May 2022. Due to the continuously rising trend of oil prices in the international market, the quantum of subsidy has been on the higher side. 

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

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