ECC constitutes committee to review cotton prices

ECC constitutes committee to review cotton prices

ISLAMABAD: Economic Committee of the Cabinet has decided to constitute a Price Review Committee, under the chair of Advisor Ministry of Commerce and Textile, to review and suggest the indicative price and other measures to be taken in case of abnormal fluctuations in the prices of cotton. Advisor to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting in Islamabad.
Ministry of National Food Security and Research briefed the ECC on the wheat situation in the country .
The Committee instructed the Ministry of National Food Security and Research to regularly monitor the wheat prices, availability of wheat stocks in the country and ensure release of wheat stocks to the local market throughout the year.
The Ministry of Energy also submitted a summary to the ECC for extension of gas network and rehabilitation of existing network in oil and gas producing districts of Khyber Pakhtunkhwa at a cost of 9.039 billion rupees.
ECC approved a proposal for allowing SNGPL to raise verified subsidy bill/claim of preceding month by 8th day of every month and Finance Division to release the subsidy within seven days of receipt of claim from Petroleum Division.
The ECC also approved the proposal for the export-oriented sector to pay the invoices at ECC approved tariff of 6.5 dollar per MMBTU along with applicable taxes.
It further approved that waiver of interest Late Payment Surcharge (LPS) charged by SNGPL on the amounts over and above the tariff of 6.5 dollars per MMBTU during the FY-2018-19 which was due to delayed subsidy release by the Government.

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