ISLAMABAD, May 3: The Economic Coordination Committee (ECC) meeting here on Friday approved to increase petrol prices by Rs9 per litre for the month of May.
With the increase, the per litre price of petrol would stand at Rs108. The meeting also approved to increase diesel price by Rs4.89 per litre, light diesel by Rs6.40 and kerosene oil by Rs7.46. Prime Minister Imran Khan had moved the matter of petroleum prices to ECC. However Oil and Gas Regulatory Authority (OGRA) had recommended to increase petrol prices by over Rs14 per litre.
The decision was taken in the wake of increase in the international crude price and currency devaluation.
Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh chaired the ECC meeting to consider various proposals submitted by Ministries/Division.
According to a press statement, the Committee partially approved adjustments in PoL products as proposed by Oil and Gas Regulatory Authority (OGRA). However, it was decided to reduce the GST on petrol by 5% to provide relief to the consumers.
The reduction will entail a revenue loss of around Rs.5 billion to the government. Industries and Production Division gave presentation to Committee on the findings and recommendations of the Expert Group constituted to work out an operationalisation plan for the revival of Pakistan Steel Mills.
The ECC approved the recommendations of the Ministry and directed that the due process be completed for listing of PSM for privatization with a view to implement the revival plan based on private sector inputs and collaboration.
The ECC approved the proposal of Petroleum Division to allocate gas from Thal East, Bhambhra and Thal West Fields to M/s SSGCL.
Industries Division updated the ECC on Ramazan Relief Package and informed that Utility Stores across the country were being stocked to cater for the Ramazan shopping.
The Committee also approved Supplementary Grants and Technical Supplementary Grants for different Ministries/Divisions. It also approved payment of salaries to Khassadars of South Waziristan. -NNI
