The Economic Coordination Committee of the cabinet has formed a committee to formulate guidelines to determine a CNG pricing formula in consultation with all stakeholders.
The ECC meeting was held in Islamabad on Tuesday with Finance Minister Dr Abdul Hafeez Shaikh in the chair.
The committee would be headed by the law minister and other members would include the minister for petroleum‚ OGRA chairman and Cabinet Division secretary.
The body will submit its report in the next ECC meeting for a final approval.
The ECC approved in principle to allocate natural gas to fertilizer plants from new dedicated sources for long term.
It also directed the Ministry of Petroleum and Natural Resources to devise a detailed mechanism for long-term allocation of gas to the fertilizer sector.
The ECC allowed Trading Corporation of Pakistan to dispose of the 700 metric tonnes of sugar in stock in an appropriate and transparent manner.