Government

Economic Coordination Committee (ECC) approved 68.74 billion for petroleum

Economic Coordination Committee (ECC) approved 68.74 billion for petroleum

The Economic Coordination Committee (ECC) has approve another supplementary entitlement ofRs.68.74 billion for the disbursement of Price Differential Claims to Oil Marketing Companies and Refineries for the month of April 2022 and to meet the space for the last month. Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the ECC of the Cabinet on Tuesday.
Petroleum Division submitted a summary for payment 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 subvention in the wake of the Government’s decision to keep the petroleum products’ prices stable.
While the ECC after discussion approved the supplementary entitlement ofRs.68.74 billion for disbursement of PDC to OMCs/ Refineries for the month of April 2022 and to meet the space for the month of March 2022. Due to the continuously rising trend of canvas prices in the transnational request. The amount of subvention for the month of April 2022 advanced than in March 2022.

PDCs for the 1st fortnight of April 2022
Further, the former Government didn’t consider the PDCs for the 1st fortnight of April 2022. Mainly, the present government has to bear the burden of an advanced amount of subvention as PDCs of the OMCs. Afterward Federal Minister for National Food Security and Research Makhdoom Syed Murtaza Mehmood, Federal Registers, and elderly officers attended the meeting.

The government Announcement

1st ECC meeting of the Shehbaz Sharif govt approved fuel subsidy of ~Rs 31 b announced but not funded by PTI govt for April 1-15, ~Rs 36 b for April 16-30 that we announced & funded, & Rs 2 b arrears from March. This will immediately bring liquidity & relieve supply constraints.

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