ECC empowers Ogra to fix CNG prices

ISLAMABAD - Economic Coordination Committee (ECC) of the Cabinet Monday empowered Oil and Gas Regulatory Authority (Ogra) to fix prices of compressed natural gas (CNG). The meeting, presided over by Advisor on Finance Shaukat Tarin, has given approval to the summary of the Ministry of Petroleum and Natural Resources relating fixation of CNG prices as recommended by Ogra. The ECC also gave permission for the establishment of 16-20 hydel projects on River Gilgit, as IPP aimed at overcoming energy crisis in the country. The ECC also considered the tabled items of making amendments in the 1995 Hydel Policy and decided that all actions thereto might be completed within a period of one month, according to an official announcement. The ECC also accorded its approval to the proposal relating to financial support for the Bank of Punjabs Under Credit Guarantee Scheme for small banks. It desired that the proposal for improving conventional farming practices through provision of farm machinery to farmers/service providers might be considered afresh and brought back to the ECC after further diligence and observing the prescribed procedure. The ECC approved the summary of Ministry of Food and Agriculture about Pakistan Accelerating Economic Transformation Programme of Asian Development Bank. The ECC desired that the proposal for hedge of oil prices needed to be finalised at the earliest. In this regard a full-fledged presentation was desired within two weeks. The ECC reviewed the key economic indicators and expressed satisfaction that the consumer price index had come down by 14.39 per cent. The ECC also expressed satisfaction over the availability of food stock in the country, which was as follows; wheat, 3,842.6 (m/tonnes), sugar, 2.445 (m/tonnes), and fertiliser, 237, 066 m/tonnes. It further considered the proposal for monthly and quarterly review of gas prices but did not find it feasible for adoption.

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