ECC to review hike in gas prices today

ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) meeting will be held in Islamabad on Tuesday (today). Adviser on Finance Dr Hafeez Shaikh will preside over the meeting. According to sources, the ECC is expected to approve a hike in gas prices for the financial year 2019-20. The Oil and Gas Regulatory Authority (Ogra) had earlier proposed a 214pc hike in gas prices. The ECC had deferred the proposal to increase the gar prices during the last meeting. The ECC will consider an eight-point agenda in today’s meeting. The IMF negotiating team is in Islamabad and the ECC is now going to consider another hike in gas prices to ensure its seriousness regarding curtailing the losses incurring to the cash bleeding energy sector. The Ministry of Petroleum had earlier submitted its summary to jack up gas prices from February 01, 2020. The presentation on a comprehensive policy for the enhancement of cotton production in the country, is also on the agenda. In the previous meeting, Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Cabinet Division. The ECC considered and approved waiving off all port dues/ charges amounting to Rs 194,951,059 on 31-1-2020 or till the vessels leave the port accruing against Karkey. The said waiver was required as a consequence of the settlement agreement reached between the Government of Pakistan and Karkey. On the summary moved by the Ministry of Industries and Production for the payment of outstanding liabilities of Pakistan Steel Mills against Sui-Southern Gas Company for the non- payment of Gas bills, ECC approved the release of Rs 350 million for the partial settlement of the SSGC liability. Establishment of Trust Fund to implement risk sharing facility under 3rd Tranche of US$10 million of credit line of US$140 million obtained from World Bank for Pakistan Mortgage Refinance Company Limited (PMRCL) was also approved.