The Federal Investigation Agency (FIA) has expressed serious concerns regarding alleged financial irregularities involving several oil marketing companies (OMCs), stating that these firms may have received advance payments from the government for petroleum stocks that had not yet been imported or physically procured.
According to an interim report prepared by the FIA’s Anti-Corruption Circle in Karachi, questions have been raised over the functioning of the Price Differential Claim (PDC) mechanism, which is used to compensate oil companies for losses arising from fluctuations in fuel prices. The investigation suggests that the system calculated compensation primarily on the basis of sales data rather than verifying whether the petroleum products were actually imported or purchased after the relevant price adjustments were made.
Officials involved in the inquiry claim that this procedural gap may have created opportunities for misuse, as some companies were reportedly able to claim financial reimbursements for fuel that had either already been stocked at lower prices or imported prior to the price change. As a result, these payments may not have accurately reflected real market losses incurred by the companies.
The FIA further indicated that such practices, if confirmed, could have led to unjustified financial benefits for certain entities within the petroleum sector, potentially placing an additional burden on public funds. The agency is continuing its investigation to determine the extent of the alleged irregularities and to identify any individuals or organizations responsible for possible violations of financial and regulatory procedures.
