ECC approves price of imported urea at Rs1712 per 50kg

The Economic Coordination Committee of the Cabinet (ECC) has fixed the price of imported urea at Rs. 1712/- per 50 kg.

In its meeting chaired by Finance Minister, Asad Umar on Monday, the ECC reviewed the fertilizer situation in the country.

The ECC in consideration of proposal from the Ministry of Industries and Production approved the price of imported urea at Rs. 1712/- per 50 kg bag for National Fertilizer Marketing Limited dealers.

It may be mentioned that ECC had directed the Trading Corporation of Pakistan on 10th September 2018 to import 100,000 MT Urea to ensure availability of sufficient stocks in the country to meet the requirements in the Rabi season.

ECC discussed and approved proposal of the Ministry of Commerce to amend the Export Policy Order (EPO) 2016, to the effect that the export of ethanol and other products manufactured from cane molasses shall be subject to the condition that cane molasses used in production of ethanol and other products manufactured from cane molasses being exported is either produced in-house by the exporter or purchased directly from a sugar mill.

Proper recording of production and sale of molasses, can be used as an indicator to gauge the production of sugar thus assist in collection of due taxes.

The ECC was informed that due consultation had been carried out with FBR as well as the Sugar manufacturers, on the proposal.

Ministry of National Food Security and Research shared with the ECC report on export of public sector’s surplus wheat/wheat products.