Govt rejects price hike of 262 medicines

Islamabad: The Economic Coordination Committee (ECC) rejected the summary of hike in retail prices of 262 medicines.

A meeting of the ECC was held under the chairmanship of Caretaker Federal Finance Minister Dr. Shamshad Akhtar in which the committee allowed the import of urea fertilizer for Rabi season 2023.

In the meeting, the summary of cash credit for Sindh and Punjab from July to September 2023 was reviewed, ECC approved Rs540 billion for Punjab and Rs214 billion for Sindh.

Thus, the ECC has rejected the summary of increase in retail prices of 262 medicines.

The ECC meeting decided to give marginal policy pricing incentives for oil and gas exploration in Jhal Magsi and Balochistan, while supply of gas to Fatimafart and Agritech was considered to meet the requirement of urea.

Moreover, the Committee directed Regasified Liquefied Natural Gas (RLNG) to operate the two plants on the basis of Oil and Gas Regulatory Authority’s (OGRA) notified rate and allowed Sui Northern Gas Pipelines Limited (SNGPL) to collect the differential amount through OGRA's fixed revenue requirement.