The Economic Coordination Committee (ECC) on Monday approved the Re-gasified Liquefied Natural Gas(RLNG) rate at $9 per MMBtu, for five export-oriented sectors.
The ECC after a detailed discussion approved the RLNG rate at $9 per MMBtu, all-inclusive to five export-oriented sectors across Pakistan for existing gas connections, said a press release issued here.
Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the Economic Coordination Committee of the Cabinet at the Finance Division, today.
A subsidy cover of Rs 40 billion for RLNG has been allocated under the federal budget 2022-23 which will be reviewed on a quarterly basis.
Further, ECC recommended to the federal cabinet to raise the tariff of indigenous gas for export-oriented sectors to Rs 1350 per MMBtu and for the general industry at Rs 1550 per MMBtu.
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The ECC also approved the electricity rate at US cents 9 per kWh to five export-oriented sectors from 1st August 2022 subject to a subsidy of Rs 20 billion provided by the Finance Division, the quarterly review of the subsidy, the petroleum division will provide a list of industrial units getting subsidized gas and electricity, within one month to the ECC for review.
The Ministry of Commerce presented a summary of regional competitive energy rates for export-oriented sectors during the financial year 2022-23. It was submitted that in pursuance of the decisions of ECC dated 16th August 2021 and the federal cabinet dated 24th August 2021, the government provided energy to the export-oriented sectors namely textile including tute, leather, carpet, surgical and sports goods at regionally competitive rates to reduce the cost of manufacturing and enhance exports.
The ECC also approved a supplementary grant of Rs 750 million for the Ministry of Information and Broadcasting for 75 years of Independence Day celebrations.
The ECC also approved a proposal of the Ministry of Interior for payment of compensation/goodwill package from its own budget.
Minister for Defence Khawaja Muhammad Asif, Minister for Commerce Syed Naveed Qamar, Minister for Industries and Production Syed Murtaza Mehmood, Minister for Power Khurram Dastgir, Minister of State for Finance Aisha Ghous Pasha, MNA Shahid Khaqan Abbasi, Minister of State for Petroleum Musadik Malik, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, federal secretaries and senior officers attended the meeting.