Outstanding payment occured during the tenure of last government and approved an amount of Rs30 billion as supplementary grants approved for clearance by Economic Coordination Committee (ECC) in order to save PSO (Pakistan State Oil).
Decision was initiated in a meeting lead by Finance Minister Miftah Ismail at his office. Power Minister Khurram Dastgir Khan, MNA Shahid Khaqan Abbasi, State Minister for Petroleum Musadik Malik, Coordinator to PM on Economy Bilal Azhar Kayani, FBR chairman, OGRA chairman, federal secretaries and senior officers were present in a meeting.
Sales has been declined by 28% and 32%, of HSD and MS for PSO respectively, discusses during the meeting. Summary on SOS for funds for PSO to meet international outstanding payments during August1-14.
Moreover it was instructed to increase in the cost of petroleum products due to dwindling of rupee against the US dollar.
Further, the officials also instructed Power Division to clear current outstanding amount of Rs20 billion by August 1, whereas the remaining Rs12.8 billion had to be cleared by August 4.
Whereas, Finance Division and FBR was also instructed by the ECC to share a proposal for the production of Rs30 billion through taxes, within a week, statement issued.
Petroleum Division’s proposal to have the average exchange rate for pertinent period of time rather than the exchange rate of the last day for the current as well as future price.
It was also instructed to Petroleum Division to work out in deliberation with OGRA for setting up the price of petroleum products within a week, directed by ECC.
To regulate the price of Kerosene Oil and Light Diesel Oil after coordinating with relevant stakeholders share a proposal within a week, instructed by ECC.
