ECC Fixes Dealers Margin At Rs7/Litre For MS, HSD.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet on Thursday increased the dealers margin for motor spirit (MS) and high speed diesel (HSD) and lifted ban on imported goods except Auto CBU, Mobile CBU and Home appliance CBU.

Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the ECC. Ministry of Commerce submitted a summary on prohibition/complete quantitative restrictions on import of non-essential and luxury items. It was submitted that in order to curtail the rising current account deficit (CAD), ban on the import of about 33 classes/categories of goods was imposed with the approval of the Cabinet. Due to the decision, the overall imports of the banned items have shrunk by over 69% i-e from $ 399.4 million to $ 123.9 million. A review meeting was also held to review the ban after two months owing to serious concerns raised by major trading partners on the imposition of ban and considering the fact that the ban has impacted supply chains and domestic retail industry.

In the light of fact that imports substantially reduced due to consistent efforts of the government, the ECC decided to lift the ban on imported goods except for Auto CBU, Mobile CBU and Home Appliances CBU. Further all held up consignments (except items which still remain in banned category) which arrived at the ports after 1st July, 2022 may be cleared subject to payment of 25% surcharge. Petroleum Division submitted a summary on revision of OMCs and dealers margins on petroleum products. It was informed that the existing margins were fixed in December, 2021 and Pakistan Petroleum Dealers Association approached the government for immediate revision of their margins due to inflation, increase in tariff salaries and utility bills, etc. The ECC after discussion approved the proposal to fix dealers margin at Rs 7.00/liter for motor spirit (MS) and high speed diesel (HSD).

Ministry of National Food Security and Research submitted a summary on urgent advice relating to award of 4th International Wheat Tender 2022 opened on 25th July, 2022. It was informed that Trading Corporation of Pakistan (TCP) issued 4th tender on 19-05-2022 for securing quantity of 200,000 MT of imported wheat on CFR basis. The tender was opened on 25-07-2022 wherein six (06) international suppliers participated, out of which 05 offered rates. The ECC after detailed discussion approved the lowest bid offered by M/s Falconbridge FZ LLC@ US$ 407.49/MT CFR...

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