ECC approves Rs55.48bn for price differential claims of OMCs

May 16, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a supplementary grant of Rs55.48 billion for the payment of price differential claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries.

Federal Minister for Finance and Revenue Mr Miftah Ismail presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division today.

According to the details, Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries. The price differential is to be paid to the Oil Marketing Companies/Refineries by the Government as a subsidy in the wake of the Government’s decision to keep the petroleum products’ prices fixed at the level notified on 1st March 2022.

The ECC after deliberation approved a supplementary grant of Rs55.48 billion for the disbursement of PDC to OMCs/Refineries for the first fortnight of May 2022. Due to the continuously rising trend of oil prices in the international market, the quantum of subsidy has been on the higher side.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Mr Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

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