Business

Govt approves Rs 15bn Ramazan package

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved Rs 1.5 billion Ramazan package.

The decision to this effect was taken during the ECC meeting chaired by Finance Minister Ishaq Dar in Islamabad.

Dar said the government has allowed the special price relaxation despite already dropping prices owing to low level of inflation.

Finance Division would provide upfront payment of Rs 1 billion to the Utility Stores Corporation to buy the items before Ramazan. These include flour, sugar, ghee/oil, pulses, baisen, dates, basmati rice, sella rice, broken rice, squashes and syrups, black tea, milk and spices.

The ECC allowed levy of 2% regulatory duty on petroleum crude oil, motor spirit oil and furnace oil.

Approval was also accorded for imposition of 2.5 % regulatory duty on high speed diesel.

The meeting also gave approval for the balance amount of 35.96 million dikkar for induction of 15 aircrafts on dry lease in the PIA fleet.

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