ECC approves mechanism to change petroleum prices after 15 days

ISLAMABAD: Economic Coordination Committee (ECC) meeting headed by Abdul Hafeez Shaikh on Tuesday approved a recommendation for regulating petroleum prices in the country after every 15 days, ARY NEWS reported citing sources.

The ECC meeting mulled over the price mechanism of the petroleum prices besides deciding on fuel prices for the next month.

The committee also approved the import of 300,000 metric tonnes of sugar, the sources said adding that the imports would be carried out through Trading Cooperation of Pakistan (TCP).

During the last ECC meeting on July 22, a mark-up subsidy for the Naya Pakistan Housing Authority was approved by the meeting headed by Abdul Hafeez Shaikh.

Announcing the facilitation for the housing sector, the adviser said that mark-up subsidy would be given on bank financing for 10 years. Mark-up would remain five percent for a five marla house for a period of five years and would then be extended to seven percent for the remaining five years.

The subsidy would be given on a three to five marla house, pricing upto Rs 3.5 million.

Read More: Federal cabinet approves formation of commission to probe petrol crisis

The subsidy on a 10-marla residential structure would be given if it has a value of upto Rs 6 million. The ECC approved a Rs 33 billion subsidy for low-cost housing structures.

According to sources, the ECC also approved a minimum price for tobacco for the year 2020 after a recommendation from the Prices and Grade Revision Committee.

A new system was also approved for the National Command and Operations Centre (NCOC) and other government functionaries with Rs 41.8 million approved by the ECC for it.