Dar postpones proposed petrol price hike until month end

  • Says SBP, NBP to withdraw appeals against FSC verdict to begin interest-free banking
  • ECC approves continuation of PM relief package, sasta atta initiative for KP

ISLAMABAD: Minister for Finance Senator Ishaq Dar on Tuesday said the government has decided to keep the prices of petroleum products unchanged for the second half of November 2022.

Briefing media here, Minister for Finance Senator Ishaq Dar announced the government’s decision to keep the prices of Petrol, High Speed Diesel, Light Diesel, and Kerosene Oil unchanged for the next 15 days.

The current prices for petrol are Rs224.80 per litre, Rs235.30 for Highs Speed Diesel (HSD), Rs186.50 for Light Diesel and Rs191.83 for kerosene oil.

The minister said that as per the government decision of Nov 9, the State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) have filed applications in the Supreme Court regarding the pending appeals in Riba case.

Dar said after Federal Shariat Court’s (FSC) verdict in Riba (interest) case, the government is withdrawing its cases in the FSC.

The State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) decided to withdraw their pleas for the resumption of the interest-based financial system. The finance minister added that the SBP and NBP filed appeals to withdraw their pleas.

On October 31, the federal government had decided to keep the prices of petroleum products unchanged.

ECC approves continuation of PM relief package, sasta atta initiative for KP

The Economic Coordination Committee (ECC) has approved continuation of Prime Minister’s Relief Package (PMRP) and Sasta Atta initiative for Khyber Pakhtunkhwa.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at Finance Division on Tuesday.

Federal Minister for Power Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.

Ministry of Industries and Production submitted a summary on continuation of Prime Minister’s Relief Package (PMRP) and Sasta Atta initiative for Khyber Pakhtunkhwa beyond 31st August, 2022. After deliberation, the ECC approved continuation of PM’s Relief Package (PMRP) and Khyber Pakhtunkhwa Sasta Atta initiative from 1st Sep till 15th Nov. 2022 on the existing model of untargeted subsidy at the prevailing rates and allocation of additional funds amounting to Rs. 4,908 million over and above the regular budgetary allocation through supplementary/technical supplementary grant to recoup the amount already spent by USC. The ECC also allowed continuation of PMRP on hybrid model for a period w.e.f. 16th Nov. to 30th June, 2023 (Excluding Ramzan) and allocation of funds to the tune of Rs. 10,755 million through supplementary/technical supplementary grant and continuation of Khyber Pakhtunkhwa Sasat Atta initiative and provision of subsidized Atta from 16th Nov. 2022 to 30th June 2023, after rationalizing number of stores, with allocation of funds of Rs. 1,560.68 million through supplementary/technical supplementary grant.

Ministry of Industries and Production submitted a summary for release of funds for SSGC for gas supply to Pakistan Steel Mills (PSM). It was shared that the production of PSM has been at a halt since 2015 and low flame gas of 2 million cubic feet per day (MMCFD) is being supplied to PSM primarily to preserve the Coke Oven Batteries and refractory kilns.  The ECC after deliberation approved Rs1,258.248 million for sixteen month gas bills from the already approved budgetary allocation of Rs10 billion to PSM for FY 2022-23 and releasing of an amount Rs298.248 million for the period from March to June 2022.

The ECC considered a summary of Ministry of Energy, Petroleum Division on continuation of subsidized RLNG supply to Fatimafert and Agritech Ltd and allowed operations of the Plants on subsidized RLNG from October, 2022 to December 2022.

The ECC also approved technical supplementary grants worth Rs100 million in favour of Ministry of Information and Broadcasting for creation of Film and Drama Finance Fund for promotion and support of film industry in Pakistan, Rs. 9,767 million including FEC USD 12.667 million for Ministry of Defence against various approved projects during CFY 2022-23 and Rs. 60.606 million to the National Commission for Human Rights (NCHR)

The ECC deferred the summary presented by Ministry of Energy, Petroleum Division on deregulation of superior kerosene oil/ light diesel oil and E-10.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Must Read

Ms Khar, Sri Lankan FM reaffirm to further bilateral ties

COLOMBO: Minister of State for Foreign Affairs Hina Rabbani Khar and President of Sri Lanka Ranil Wickramasinghe on Saturday reaffirmed their commitment to further...