ISLAMABAD: Petroleum and Natural Resources Ministry invented a aura and unique method to recover its stuck up more than Rs 5.7 billion with another government run organisation K Electric , the document revealed which is now available with online.
With the consent of ministry water and power , Petroleum Minister move a summary to Finance minister for the recovery of its stuck 5.7 billion rupees , proposing that this amount would be incorporated in federal budget and the such overwhelming financial burden would be shifted on the poor tax payers.
As per the detail of the report , state run organisation Pakistan State Oil has sold Furnance oil worth of 5.7 billion to K electric for the power production in 2013.
The price of the Furnace oil was fixed as the rates of natural gas which is reportedly glaring violation of oil and gas regulatory authority (OGRA) direction and rules.
The summary was moved a years back to incorporate this amount in the federal budget 2014 but the proposal was turned down by the finance ministry on moral an legal ground, saying no such precedent is found in the parliament history of Pakistan.
Now the petroleum ministry against submitted this summary with tacit approval of water and power ministry to fiancé minister to release the amount form the budget allocation to clear the financial burden of PSO.
In this regard petroleum minister was approached for this comment and also sent SMS to his version but he showed no keenness to clear the ambiguity prevailing in his ministry.
Pakistan State Oil PSO is facing massive financial crunch and is now looking unable to purchase POL products from the international market as its kitty is totally empty.
The document pointed out that K , electric main defaulter of PSO has categorically stated that it would not pay this amount to PSO , until his stand off with government over financial matter is not resolved.
Correction: The amount was mistakenly mentioned Rs. 57 billion in first update. The correct amount however is 5.7 billion.