ECC again defers surge in gas prices

ISLAMABAD: The Economic Coordination Committee (ECC) has once again deferred the summary seeking approval in the increase of gas prices till the next meeting, ARY News reported on Tuesday.

The ECC meeting, chaired by the adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh here in Islamabad, took up eight-point agenda.

During the meeting, Hafeez Sheikh said the government will not take any decision in rush regarding hike in gas prices, said sources.

The ECC meeting is underway.

According to sources, the ECC is expected to approve a hike in gas prices for domestic users and different sectors. The meeting will give the go-ahead to hike gas prices by 15 to 20 per cent.

The Oil and Gas Regulatory Authority (Ogra) had earlier proposed a 214pc hike in gas prices. The ECC had postponed the approved hike in gas prices during the last meeting.

Sharing the details of the ECC agenda, sources said the meeting will give approval to a digital media wing in the Ministry of Information and Broadcasting. The ECC is also likely to approve a supplementary grant for payment of compensation to the victims of a suicide attack at District Courts F-8. Islamabad on a summary forwarded by Interior Ministry.

Read More: ECC meeting to discuss six-point agenda today

The meeting will also approve the technical support grant for Defence Ministry, said sources.

Ministry of Information Technology and Telecommunication has forwarded a proposal for 8 per cent minimum income tax for National Telecommunication Corporation and creation of digital media wing in the ministry to the ECC for consideration and approval.

In the previous meeting, the ECC approved the proposal of Finance Division authorizing the government to issue sovereign guarantee amounting to Rs.20 bn for investment in National Investment Trust’s (NIT) State Enterprise Fund.

Ministry of National Food Security and Research secretary updated the committee about the wheat situation in the country. He informed that the country was in a comfortable position with having 7.257 million tons of wheat available in the stock.

The ECC acceded to the proposal of Ministry of States, Frontier Regions to grant Rs.781,591,000 for arranging 20,000 metric tons of wheat for temporarily displaced persons of tribal districts of former FATA region.