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Business Latest Pakistan

ECC Fixes Imported Urea Price at Rs1712/50-KG Bag

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Monday approved the price of imported urea.

The ECC of the cabinet met here with Finance Minister Asad Umar in the chair. The ECC reviewed the fertiliser availability situation in the country and fixed the price of imported urea at Rs1712 per 50-kg bag.

The ECC after considering the proposal from the Ministry of Industries and Production, approved the price of imported urea at Rs1,712 per 50-kg bag for National Fertilizer Marketing Limited dealers.

Earlier on September 10, the ECC had directed the Trading Corporation of Pakistan (TCP) to import 100,000 metric tonnes Urea to ensure sufficient stocks in the country to meet the requirements of the chair Rabi season.

A summary submitted by the Ministry of Commerce proposing to amend the Export Policy Order (EPO) 2016 was also approved. The summary proposed that the export of ethanol and other products manufactured from Industries shall be subject to the condition that cane molasses used in the production of ethanol and other products manufactured from cane molasses being exported is either produced in-house by the exporter or purchased directly from a sugar mill.

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The summary said that proper recording of the production and sale of molasses can be used as an indicator to gauge the production of sugar which would subsequently assist in tax collection. The meeting was informed that the Federal Board of Revenue, as well as the sugar manufacturers were consulted over the proposal.

The Ministry of National Food Security and Research shared with the ECC a report on the export of the public sector’s surplus wheat/wheat products.