Govt approves subsidy of Rs55.48b on petroleum products
The federal government has approved another massive subsidy of Rs55.48 billion for keeping oil prices unchanged on fortnightly basis despite increase in prices in international market.
A meeting of the Economic Co-ordination Committee (ECC) was held under the chairmanship of Finance Minister Miftah Ismail in which a subsidy of Rs55.48 billion was approved on the prices of petroleum products.
ECC decided at the meeting that a subsidy would be given for maintaining the prices of petroleum products from May 1 to 15. The amount of subsidy would be given to oil marketing companies.
In addition, the ECC also approved a summary of import of 200,000 tons of fertilizer, recommending import of fertilizer on government basis or late payments.