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Pakistan approves plan to import 300,000 tonnes of wheat from Russia News Jani

Pakistan approves plan to import 300,000 tonnes of wheat from Russia

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Pakistan approves plan to import 300,000 tonnes of wheat from Russia Pakistan’s government on Monday approved a plan to buy 300,000 tonnes of wheat from Russia at a cost of $372 per tonne.

The Economic Coordination Committee headed by Finance Minister Ishaq Dar approved the import of wheat on government-to-government agreement.

The committee also approved the revised margin of oil marketing companies (OMC) on MS petrol and diesel from Rs 3.68 to Rs 6 per litre, which saw an increase of 63.04 per cent in OMCs’ margins for the interim period.

Top government sources said that after detailed deliberations, it was decided that petroleum prices may be deregulated from November 1, 2022. Meanwhile, the Oil and Gas Regulatory Authority (OGRA) will analyze the implementation of deregulation. Determination of petroleum prices in consultation with stakeholders regarding equity of domestic freight, protection of dealer margin and recovery of sales tax on dealer margin.

For the interim period, OGRA will submit its proposal to the committee after September 15, 2022. For the interim period, the OMCs agreed that their margin may be fixed at Rs 6 per litre. The ECC also approved that Ogra will monitor the margin calculated in the ex-depot sales price as approved by the Forum.

Read more: Pakistan, India close to deal on Afghan wheat corridor

It was also earlier proposed that from August 5, 2022, OGRA may determine the prices of petroleum products every Friday evening on a weekly basis with a pre-approved methodology and the prices may be applied from every week. Is. However, this decision could not be implemented till now.

According to an official announcement made by the Finance Ministry on Monday night, Dar chaired the committee meeting in the Finance Division. Planning Minister Ahsan Iqbal, Commerce Minister Syed Naveed Qamar, Former Prime Minister Shahid Khaqan Abbasi, SAPM for Finance Tariq Bajwa, Special Assistant to Prime Minister for Revenue Tariq Pasha, Federal Secretaries, Federal Board of Revenue (FBR) were present in the meeting. Chairman and other senior officers attended. meeting

The Ministry of Commerce presented a summary of the purchase of wheat from Russia on a G2G basis and an offer from Prodintorg, a state-owned enterprise of the Russian Federation, to supply 300,000 tons of special milling wheat at $372 per ton for shipment. . Period from 1st November 2022 to 15th January 2023. The ECC approved the summary after deliberation.

Ministry of Energy (Power Division) presented a summary of revision of OMCs margin on petroleum products. After comprehensive discussion, the ECC approved the summary in principle and allowed the agreed revised margin at Rs 6 per liter but its implementation will be subject to fiscal space in POL prices.

The Ministry of Energy (Petroleum Division) submitted another summary for amendment of Power Purchase Agreement (PPA) to start the designated project – CPEC – TCB – I (On Thar Coal) without financial lock-in. The summary presented that the project is 90% complete but the company was unable to achieve financial closure due to unforeseen events and reasons that delayed approvals from the sinoors and lenders.

Therefore, it is requested to consider and allow the effectivity of the PPA from the date of its implementation i.e. 27-08-2019 and empower the CPPA to amend the PPA accordingly. To be given. The ECC approved the summary after deliberation and added that it has to be ensured that the tariff will not be affected by the decision and that the summary is being approved due to an exceptional situation. .

Power Division presented another summary of Pakistan Energy Revolving Fund. The ECC after deliberation approved the opening of an assignment account titled Pakistan Energy Revolving Fund to be opened at State Bank of Pakistan (SBP) Islamabad and operated by CPPA.

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