ECC meets, decides not to change gas prices for now

August 29, 2018

ISLAMABAD: The Economic Coordination Committee (ECC) of the government which met here on Wednesday has decided not to change the gas prices for now.

Federal Minister for Finance, Asad Umar chaired the first ECC meeting of the government.

The meeting was told that the circular debt has soared to 596 billion rupees while the gross circular debt on energy resources has reached Rs1,188 billion rupees.

“Just last month, the circular debt increased by Rs30 billion,” the committee was further informed.

Further, the Finance Minister summoned a report from all concerned institutions.

The meeting discussed a five-point agenda which was as follows:

1). Circular debt and its impact on the power sector

2). Gas pricing

3). Financial health of Pakistan State Oil (PSO) and liquidity position

4). DAP situation for the Kharif crop

5). Measures to address a shortage of urea fertilizer

Earlier on Monday, Prime Minister Imran Khan constituted a 12-member ECC and appointed Asad Umar as its chairman.

A notification issued by the cabinet division stated Law Minister Farogh Naseem, Petroleum Minister Ghulam Abbasi, Planning and Development Minister Khusro Bakhtiar and Railways Minister Sheikh Rashid were appointed to the ECC. The committee will also include prime minister’s advisors Razak Dawood and Dr Ishrat Hussain.

In addition, six more ministers including communications, national food security, power, privatization, statistics and water resources, will also be part of the ECC after their appointment. INP