ISLAMABAD: The Pakistani government gave the green light on Monday to a deal to purchase 300,000 tonnes of wheat from Russia for $372 per tonne. The import of wheat under the government-to-government agreement was approved by the Economic Coordination Committee, which is chaired by Finance Minister Ishaq Dar.
The committee also recommended raising the oil marketing companies’ (OMC) revised margins from Rs3.68 on MS gasoline and diesel to Rs6 per litre, resulting in an increase in OMCs’ margins of 63.04% for a temporary duration.Leading government sources claimed that following careful consideration, it was decided that petroleum prices may be deregulated beginning on November 1, 2022.
In the interim, in conjunction with the interested parties, the Oil & Gas Regulatory Authority (OGRA) will analyse the implementation of the deregulation of petroleum prices with regard to in-country freight equalisation, protection of dealer margins, and collection of sales tax on dealer margins.
The OGRA would present its recommendation to the committee for the interim term no later than September 15, 2022. The OMCs concurred that their margins may be set at Rs. 6 per litre for a certain period.The ECC also agrees that OGRA would keep an eye on the margins that will be included in the forum-approved ex-depot sales price.
Prior to that, it was also suggested that beginning on August 5, 2022, OGRA might use the already-approved process to establish petroleum product pricing every Friday evening, with prices taking effect on Saturdays. This choice, however, has not yet been able to be put into practise.
Dar presided over the committee meeting at the Finance Division, according to a formal notification released by the Ministry of Finance on Monday night. The meeting was attended by senior government officials including the chairman of the Federal Board of Revenue (FBR), Planning Minister Ahsan Iqbal, Commerce Minister Syed Naveed Qamar, former prime minister Shahid Khaqan Abbasi, SAPM on Finance Tariq Bajwa, Special Assistant to Prime Minister on Revenue Tariq Pasha, federal secretaries, and other dignitaries.