ECC approves fortnightly revision of POL prices

ECC approves fortnightly revision of POL prices

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Islamabad: The Cabinet Economic Coordinating Committee (ECC) approved a proposal by the Ministry of Energy to adjust the prices of petroleum products once every two weeks instead of the existing monthly.

The ECC, led by Dr Abdul Hafeez Shaikh, Advisor to the Prime Minister’s Finance and the Minister of Finance, also approved the proposal of the Ministry of Industry and Production to import up to 300,000 tons of refined sugar to maintain Buffer stocks and prevent any sugar shortages in the coming months before the start of the next crushing season.

The meeting decided to adopt a revised pricing method for automobile gasoline and high-speed diesel every two weeks based on the average value of Platts Energy Information, because this method has the advantages of ensuring fair competition, keeping the margin consistent with international pricing trends, and eliminating fluctuations and distortions. . Because I purchased an OMC date.

Since August 1, 2020, the price of oil will be revised every two weeks, but subject to the approval of the Federal Cabinet, this will also allow a three-month plan ahead of the refinery and OMC, better inventory management, and more Good sales reports and inventory execution price requirements, transparency and visibility, and reduced reliance on an OMC.

According to the existing system, the price of petroleum products is determined by allowing the refinery to determine and announce the pre-refining sales price on a monthly basis, provided that the pre-refining price of petroleum products cannot exceed the price of PSO. The average actual CIF import price for the previous few months.

The ECC also reviewed the proposal of the Ministry of Industry and Production regarding the import of refined sugar by the Pakistan Trading Company (TCP) to maintain a buffer stock, and allowed the import of up to 300,000 metric tons of sugar through the following methods: procurement and other methods will be made by a secretary industry and production, A three-person committee composed of secretary business and secretary finance decided. The ECC also asked the committee to seek advice from the Legal Department on the preferred procurement method and report to the ECC at its next meeting.

On the proposal of the Ministry of Finance, the ECC approved the upgrading of the Beijing Representative Office of Habib Bank Co., Ltd. to a branch and remittance of RMB 300 million from Pakistan as the capital of the proposed branch.

The ECC also allowed Pakistan to waive the Pakistani government’s refinancing policy. This is the proposal of the Ministry of Climate Change to seek a US$20 million AFD loan from France as an emergency aid in response to the COVID-19 pandemic to strengthen the capacity of the health workforce and take measures to reduce Infection measures and support the implementation of the COVID-19 National Action Plan across Pakistan.

ECC also considered and approved a technical supplementary grant of Rs 340 million for the operation of the Swat Expressway.

The ECC also discussed the Ministry of Energy’s proposal for third parties to use LNG receiving stations to use excess capacity or the government did not use contractual capacity, and approved the proposal to sell unused capacity.

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