Islamabad - The Economic Coordination Committee (ECC) on Sunday has approved an amount of Rs30 billion as supplementary grant for the receivables of Pakistan State Oil (PSO).
A meeting of the Economic Coordination Committee (ECC) of the cabinet held here with Federal Minister for Finance and Revenue Miftah Ismail in chair has granted the approval.
Federal Minister for Power Khurram Dastgir Khan, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Petroleum Mr Musadik Masood Malik, Coordinator to the PM on Economy Mr Bial Azhar Kayani, Chairman FBR, Chairman OGRA, Federal Secretaries and senior officers attended the meeting.
There has been a decline of sales of HSD and MS for PSO by 28pc and 32pc, respectively
Ministry of Energy (Petroleum Division) submitted a summary on SOS call for funds for Pakistan State Oil Company Ltd (PSOCL) to meet international contractual payments during 1-14 August, 2022. It was informed that there has been a decline of sales of HSD and MS for PSO by 28 percent and 32 percent, respectively. Further devaluation of Pakistan Rupee against US dollar has resulted in increase in cost of procurement of petroleum products. For the smooth continuity of oil and gas national supply chain and avoid PSO from being default on international payments, the ECC decided to clear the outstanding payments accumulated during the period of pervious government and approved an amount of Rs30 billion as supplementary grant for PSO receivables. It was also decided in the meeting that Power Division will make immediate payments of the current outstanding amounts of Rs20 billion by 1st August, 2022 and Rs12.8 billion by 4th August, 2022. The ECC also directed Finance Division and FBR to submit proposal for generation of Rs30 billion through taxes, within a week. On another summary of Petroleum Division on price mechanism of petroleum products, the ECC accepted the proposal to use the average of exchange rate for the relevant period rather than the exchange rate of the last day for the current as well as future price determinations. The ECC also directed Petroleum Division to work out in consultation with OGRA other options of setting up petroleum product prices within a week. The ECC further directed Petroleum Division for submission of proposal within a week to regulate the prices of Kerosene Oil and Light Diesel Oil after consultation with relevant stakeholders.
A meeting of the Economic Coordination Committee (ECC) of the cabinet held here with Federal Minister for Finance and Revenue Miftah Ismail in chair has granted the approval.
Federal Minister for Power Khurram Dastgir Khan, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Petroleum Mr Musadik Masood Malik, Coordinator to the PM on Economy Mr Bial Azhar Kayani, Chairman FBR, Chairman OGRA, Federal Secretaries and senior officers attended the meeting.
There has been a decline of sales of HSD and MS for PSO by 28pc and 32pc, respectively
Ministry of Energy (Petroleum Division) submitted a summary on SOS call for funds for Pakistan State Oil Company Ltd (PSOCL) to meet international contractual payments during 1-14 August, 2022. It was informed that there has been a decline of sales of HSD and MS for PSO by 28 percent and 32 percent, respectively. Further devaluation of Pakistan Rupee against US dollar has resulted in increase in cost of procurement of petroleum products. For the smooth continuity of oil and gas national supply chain and avoid PSO from being default on international payments, the ECC decided to clear the outstanding payments accumulated during the period of pervious government and approved an amount of Rs30 billion as supplementary grant for PSO receivables. It was also decided in the meeting that Power Division will make immediate payments of the current outstanding amounts of Rs20 billion by 1st August, 2022 and Rs12.8 billion by 4th August, 2022. The ECC also directed Finance Division and FBR to submit proposal for generation of Rs30 billion through taxes, within a week. On another summary of Petroleum Division on price mechanism of petroleum products, the ECC accepted the proposal to use the average of exchange rate for the relevant period rather than the exchange rate of the last day for the current as well as future price determinations. The ECC also directed Petroleum Division to work out in consultation with OGRA other options of setting up petroleum product prices within a week. The ECC further directed Petroleum Division for submission of proposal within a week to regulate the prices of Kerosene Oil and Light Diesel Oil after consultation with relevant stakeholders.
