ECC announces to fix wheat support price at Rs 1400 per 40 kg

ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday announced to fix wheat support price at Rs 1400 per 40 kilogram, ARY NEWS reported.

The announcement was made in a handout detailing the decisions taken during a special meeting of the top decision making body, chaired by Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh.

The committee decided to form a high level monitoring group, comprising of ministers and advisers from food security, railways, economic affairs and petroleum, for wheat purchasing process.

The group would work with the provinces and Pakistan Agricultural Storage and Services Corporation (PASSCO) for making the purchasing process easier. During the meeting the PASSCO officials briefed the committee over purchasing 1.8 million tons of wheat.   

The meeting also mulled over ongoing decline in petroleum prices globally and it was decided to transfer the advantage to masses.

It was decided to defer the approval of the Competition Commission Of Pakistan budget for the next meeting while a grant of Rs 12.8 million was approved for Inter Board Committee of Chairmen (IBCC).

During the yesterday’s meeting of the ECC, it deferred a summary of the Ministry of National Food Security for the increase in Minimum Support Price of wheat crop 2019-20 from existing Rs 1365 per 40 kg to Rs 1400.

Read More: ECC slaps ban on sugar export to stabilize domestic prices  

The committee approved summary of the Ministry of Energy for ease of doing business in the petroleum sector.

The power division will provide cheaper electricity to five export sectors till June this year.

Moreover, the ECC could extend the oil exploration licence for two years.

The ECC also approved a summary of the Ministry of Information Technology and Telecommunication regarding National Telecommunication Corporation (NTC) budget-revised estimates for year 2018-19 and 2019-20.