ISLAMABAD: Pakistan on Monday formally decided to import 300,000 tonnes of wheat from Russia on a government- to- government(G2G) base and approved a 63 per cent increase in commission to oil painting marketing companies(OMCs) on the trade of petroleum products.
The opinions were taken at a meeting of the Economic Coordination Committee(ECC) of the Cabinet presided over by Finance Minister Ishaq Dar.
Regarding the import of wheat, the Ministry of Commerce presented a summary of the procurement of wheat from Russia on G2G base. It said the M/ s Prodintorg — a state- possessed enterprise of the Russian Federation had offered a force of 300,000 tonnes of specified milling wheat at the rate of$ 372 per tonne for payload to Pakistan between Nov 1 to Jan 15, 2023.
The Trading Corporation of Pakistan(TCP) verified that the Russian wheat was in line with the specifications of the Ministry of National Food Security and Research. It also reported that the bank details of M/ s Prodintorg had been vindicated and verified that it wasn’t an internationally sanctioned reality as of Oct 31, 2022.
The TCP also reported that a memorandum of understanding( scowl) had also been inked and terms and conditions had also been mutually agreed upon for the contract to be formally inked by the TCP and Prodintorg for the force of wheat under G2G arrangements. still, the shot validity that had expired during the processing period had also been extended to 1830 hours of Nov 1 — PST.
There has been a lot of debate on the import of wheat, oil painting and gas products and other goods from Russia owing to transnational warrants since the Russian attack on Ukraine beforehand last time but the wheat import is the only subject to have reached an advanced stage of perpetration.
The ECC also approved a 63pc increase in the trade perimeters of OMC on petroleum products to Rs6 per litre from the being rate of Rs3.68 per litre on petrol and diesel but directed that the decision would come into force on the coming price review subject to financial space in POL prices.
The increase was committed by a government platoon led by former high minister Shahid Khaqan Abbasi in a meeting with OMCs on August 2 after the same platoon had reached an agreement with petroleum dealers for an increase in their perimeters by 70pc to Rs7 per litre.
On July 28, the ECC approved an increase of 70pc in the dealer commission on the trade of high- speed diesel( HSD) to Rs7per litre from Rs4.13. Likewise, it also increased dealer commission on the trade of petrol by 43pc to Rs7 rather of Rs4.90 per litre.
This was the steepest increase in perimeters allowed in one go in the country. The meeting was informed that dealers’ periphery on the trade of HSD and petrol was also increased by further than 25pcw.e.f December 2021 i.e. only seven months agone. Put together, the dealers’ commission has jumped by 79pc and 112pc on petrol and HSD since December 2021.
