ECC announces Rs1.51b subsidy to restore old prices of 'roti', ‘naan’

ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) has restored the prices of 'roti' and ‘naan’ to the old rates of June 30. The meeting was presided over by Adviser to Prime Minister on Finance Hafeez Sheikh. On the directions of Prime Minister Imran Khan, the ECC has approved a subsidy of Rs1.51 billion for ‘tandoors’. Moreover, the gas tariffs for non-commercial tandoors have been restored to June 30 rates. The meeting warned that the subsidy would be withdrawn if the old prices were not restored. It also approved to impose 10 percent additional duty on the import of cotton. Moreover, a report with regard to the wheat prices was also presented in the meeting. According to the declaration, the wheat price has been reduced by Rs 50-60 per maund after the ban on the export of wheat. Prime Minister Imran Khan had directed to restore the prices of bread and naan to the old rates. The meeting also called for effective price control by provincial governments and relevant authorities to ensure the sale of ‘roti’ at its old price and decided to review the decision after three months in case the tandoor owners failed to pass the benefit of reduced gas prices to the common man. The meeting was briefed that there were 7.635 million tons of wheat stocks available with PASSCO and provincial food departments. The implementation of “Authorized Economic Operator Program” (AEO) as envisaged under section 212 A(1) of the Customs Act, 1969 was also approved by the ECC. The ECC also allowed the two LNG re-gasification Terminals (Terminal 1, Engro Elengy Terminal Private Limited and Terminal 2 Pakistan Gas Port Consortium Limited) to allocate additional re-gasification capacity of terminal, if any, to third parties on a commercial basis under mutually agreed arrangements subject to certain conditions. The ECC also approved the Authorization of CPPA to sign the interim agreement regarding revised payment terms for generation on LNG by Altern Energy Limited, Kot Addu Power Company Limited & Public sector Gencos and extension of Interim Agreement signed with Fauji Kabirwala and Rousch Power Limited expiring on June 39, 2018. The meeting was attended by Minister for National Food Security and Research Sahibzada Muhammad Mehboob Sultan; Minister for Planning, Development and Reform, Makhdoom Khurso Bukhtiar, Minister for Maritime Affairs Syed Ali Haider Zaidi, Minister for Privatization Muhammadmian Soomro, Minister for Power Omar Ayub Khan, Adviser to the Prime Minister on Institutional Reforms and Austerity, Dr Ishrat Hussain and Special Assistant to the Prime Minister on Petroleum Nadeem Babar.