ECC Approves Rs. 55.48 Billion For Disbursement of Price Differential Claims to OMCs

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

The ECC after deliberation approved a supplementary grant of Rs. 55.48 billion for disbursement of Price Differential Claims (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.

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 1st March 2022.

Ministry of Industries and Production submitted a summary on import of Urea and presented that Govt 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 import of 200,000 MT of Urea on G2G basis and on deferred payment.

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