ECC allows hike in port charges for oil products

September 10, 2021: The Economic Coordination Committee of the cabinet on Thursday allowed about 13 paisa per litre increase in port charges for oil products at Fauji Oil Terminal Company (Fotco) and approved an import tender for procurement of 120,000 tonnes of wheat, having a landed cost of about Rs2,470 per 40kg.
A meeting of ECC, presided over by Minister for Finance and Revenue Shaukat Tarin, exempted import of auto disposable syringes and raw material for their local manufacturing from taxes and duties. The committee also extended exemption to 19 subsidiary entities ships of national flag carrier — from six years to seven years from compliance with corporate rules. Likewise, the same handling tariff should be applicable on petrol through existing pipeline till such time a dedicated pipeline is laid down by Fotco. The committee was informed that the proposed tariff calculated on the basis of 7 per cent inflation rate would have the “additional impact per litre of about 13 paisa ($0.0008). The ECC approved relaxation in rules till June 2021 with a direction to explore the option of formulating independent boards for the subsidiaries to be headed by CEO as per the principles of corporate governance. (Credits: Dawn)