The Economic Coordination Committee (ECC) of the Federal Cabinet expressed serious concerns regarding 29% illegitimate profiteering in the edible oil and ghee market, despite a recent 24% drop in international prices.Â
Finance Minister Muhammad Aurangzeb, presiding over a meeting of the ECC, was informed that local prices of edible oil and ghee had failed to reflect these international price reductions, with some prices even rising by 4-5% due to weak market oversight.
Officials reported that the local industry frequently engaged in unfair practices due to a lack of regulation, and while the Ministry of Industries and Production assured the ECC of adequate national stock levels, the pass-through of international price reductions to the domestic market remained limited.
The ECC directed the Ministry of Industries to work with the Competition Commission of Pakistan, the National Price Monitoring Committee, and provincial governments to address price distortions and potential cartelisation.
In addition to addressing the edible oil sector concerns, the ECC approved a report from the Ministry of Commerce on enhancing the competitiveness of the steel sector under the National Tariff Policy 2025-30, aimed at reducing production costs and boosting export growth.
The committee also approved filing an appeal in the Supreme Court against the Lahore High Court’s decision to grant tariff concessions on gas and RLNG to Ghani Glass Ltd, noting that such concessions have been withdrawn from all other sectors.
The ECC further approved Pakistan’s Green Taxonomy to assist financial institutions in identifying climate-aligned projects, increasing transparency in green investments, and mitigating climate-related financial risks.
To promote skills development, the ECC also endorsed a Rs1 billion sovereign guarantee for the issuance of the Pakistan Skill Impact Bond (PSIB), encouraging public-private partnerships to reduce reliance on government guarantees.
Additionally, the ECC approved the Ministry of IT’s proposal to revise charges for Radio-Based Services, with guidelines for future revisions in line with economic and technological changes. Lastly, the committee recognized ship-breaking and recycling as an official industry but instructed the Ministry of Maritime Affairs to assess the impact of shifting from commercial to industrial power tariffs.
