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PEW opposes plan favouring fertilizer sectorqrcode

Sep. 27, 2012

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Sep. 27, 2012
ISLAMABAD  - The Pakistan Economy Watch (PEW) has opposed a plan of Petroleum Ministry to grab Rs 38 billion from national kitty to favour some business tycoons of fertilizer industry.
 
In a statement issued here on Wednesday, President Pakistan Economy Watch Dr Murtaza Mughal said Petroleum Ministry has sent a summary to the Economic Coordination Committee (ECC) of the cabinet for its approval to provide Rs.38 billion to fertilizer industry from revenue of the Gas Infrastructure Development Cess (GIDC) to subsidise the building and laying of gas transmission lines.He said Gas Infrastructure Development Cess was levied with the objective of financing gas pipelines including Iran-Pakistan and Turkmenistan-Afghanistan-Pakistan-India projects but Ministry of Petroleum has planned to utilize the GIDC funds for fertilizer industry in order to favour some business tycoons.Dr Murtaza Mughal urged the Chairman Economic Coordination Committee of the cabinet not to approve the said summary of Petroleum Ministry because it will create controversy as GIDC was imposed on gas consumers to fund gas pipeline projects of national importance not for subsidizing gas transmission lines of fertilizer firms.
 
He further said in order to generate revenue amounting to Rs 30 billion for initiating new gas import projects, the government has set Gas Infrastructure Development Cess (GIDC) rate up to Rs 300 per million British thermal unit (MMBTU) for current financial year 2012-13 lying under Region-I, comprising Khyber Pakhtunkhwa, Balochistan and Potohar (Rawalpindi, Islamabad and Gujar Khan)., while Rs 200 per MMBTU has been set for Region-II Sindh and Punjab (excluding Potohar Region).
 
Source: The Nation

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