ECC clears sale of 500,000 tonnes of wheat at revised prices

The Economic Coordination Committee (ECC) on Tuesday approved the sale of 500,000 metric tonnes of wheat from the Pakistan Agricultural Storage and Services Corporation (PASSCO) at revised reserve prices, citing high stock levels and rising carrying costs.

Finance Minister Senator Muhammad Aurangzeb chaired the meeting at the Finance Division, where the ECC considered a Ministry of National Food Security and Research proposal to dispose of surplus wheat. An earlier attempt at previously approved reserve prices had failed due to low bids.

Under the revised pricing, locally procured wheat will be sold at Rs4,150 per 40kg, while imported wheat is set at Rs3,800 per 40kg. The committee directed the sale to follow a First-In-First-Out (FIFO) method.

Separately, the ECC approved a Technical Supplementary Grant (TSG) of Rs536 million for Public Sector Development Programme (PSDP) projects of the defunct Pakistan Public Works Department (Pak-PWD). The funds will be released to the governments of Punjab and Khyber Pakhtunkhwa for specific ongoing schemes, in line with legal and constitutional provisions.

The committee also reviewed a Petroleum Division summary on the Deed of Settlement with Cnergyico PK Limited, addressing delayed petroleum levy payments. The ECC returned the summary for a more detailed presentation at a future session.

The meeting was attended by Petroleum Minister Ali Pervaiz Malik, National Food Security Minister Rana Tanveer Hussain, Investment Minister Qaiser Ahmed Sheikh (virtually), Special Assistant to the PM on Industries and Production Haroon Akhtar Khan (virtually), and senior officials from relevant ministries and divisions.