ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Tuesday decided to decrease the sugar price by Rs 5 per kg at Utility Stores Corporation (USC).

The meeting of the ECC was held at the Prime Minister’s Office under the chairmanship of Federal Minister for Finance Senator Mohammad Ishaq Dar here this afternoon.

While reviewing the key indicators of the economy the ECC was informed that due to decrease in prices of sugar in the market the Utility Stores Corporation has decreased the price of sugar by rupees five per kg. The ECC also expressed satisfaction over the current stock position of sugar.

The ECC was told that 99.93% of the sugar cane growers have been paid in Punjab, 99.88% in Sindh and 100% in Khyber Pakhtunkhwa and that due to bumper crop there was likely to be a surplus position in the country. The ECC has on a summary moved by the Ministry of Commerce extended the period of export of 500,000 tons till February 28, 2014. The ECC directed the Ministry of Commerce to clear 50% of the claims of sugar exporters against inland freight subsidy.

The Minister for Food and Natural Security informed the ECC that there is a bumper production of potatoes in the country and the prices of potatoes have shown a decrease of over 15%. ECC was also informed that average price of DAP which was Rs.4000/- last year remained Rs.3500/- per bag this year.

On the revenue side, the Chairman FBR informed the ECC that it has collected Rs.806 billion till November 30, 2013 which is 17.5% more as compared to the corresponding period last year. The ECC granted extension of two week times to a Committee constituted to draft Auto Industry Policy. The meeting was attended by Minister for Information and Broadcasting, Senator Pervez Rashid, Minister of Food and National Security Sikandar Bosan, Minister for Commerce Khurram Dastagir, Minister for Science and Technology, Zahid Hamid, Minister for Science and Technology,  Murtaza Jatoi, Minister for Industries, Minister of State for Information Technology Ms. Anusha Rehman and senior officials of government.