ECC approves Rs 6 per liter increase in OMCs’ Margins
Economic Coordination Committee (ECC) on Monday approved Rs 6 per liter increase in margins of oil marketing companies (OMCs).
The Ministry of Energy (Power Division) presented a summary of the revision of oil marketing companies (OMCs) margins on petroleum products.
After comprehensive discussion, ECC approved the summary in principle and allowed the agreed revised margin at Rs. 6/liter but its implementation will be subject to fiscal space in POL prices.ECC to approve Massive Increase in Margins of OMCs by over 63%
The Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at the Finance Division, today.
Federal Minister of Planning, Development & Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Mr. Shahid Khaqan Abbasi MNA/ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.
The Ministry of Commerce presented a summary of the procurement of wheat from Russia on a G2G basis and submitted the offer of M/s. Prodintorg, a state-owned enterprise of the Russian Federation, for the supply of 300,000 MT of specified milling wheat @ US$ 372/MT for the shipment period from 1st November 2022 to 15th January 2023.
The ECC, after much deliberation, approved the summary.
The Ministry of Energy (Petroleum Division) presented another summary for amendment in the Power Purchase Agreement (PPA) for the commissioning of the designated project – CPEC – TCB – I (On Thar Coal) without financial close.
The summary presented that the project is 90% complete but the company was unable to achieve the Financial Close due to unforeseen events and reasons which led to delays in Sinosure and lenders’ approvals.
Therefore, the request was made to consider and permit the effectiveness of the PPA from the date of its execution i.e. 27-08-2019 and authorize CPPA to amend the PPA accordingly.
The ECC after deliberation approved the summary and added that it must be ensured that there will be no impact on tariff through this decision and this summary is being approved due to an exceptional situation.
The Ministry of Energy (Power Division) presented another summary of the the Pakistan Energy Revolving Fund (PERF).
The ECC after deliberation approved the opening of an assignment account under the title of Pakistan Energy Revolving Fund (PERF) to be opened with SBP Islamabad and operated by CPPA.
