Govt has turned petroleum into a source of revenue: CJP

The country’s top court on Sunday, sought an explanation from the government on the formula used to calculate petroleum prices, Express News reported.

During the hearing of a suo motu case pertaining to the unscrupulous rise in petroleum price, Chief Justice of Pakistan Mian Saqib Nisar remarked that the government had turned petroleum into a viable source of its revenue while Justice Ijazul Ahsan inquired about the value additions to petrol.

Oil prices linked to value of rupee, govt tells SC

Elaborating on the procedure, the attorney general of Pakistan said oil was imported by five refineries operating in the country including NRN, Pakistan Refinery, Byco, Parco and Attock Refinery. He added that local crude oil production stood at 15 per cent while 85 per cent was imported.

The Pakistan State Oil managing director informed court that at least 22 companies were licensed to import oil in the country. He said a credit-arrangement from Saudi Arabia has been suspended making profits for the middle man. “We need to procure oil at lower prices,” stated the top judge as he blamed import merchants for the price hike.

Justice Nisar sought details of PSO MD’s experience in the oil sector. “I have an overall experience of three years in the energy sector besides having served in Engo. I am drawing gross salary of Rs3.7 million,” replied the managing director.

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Irked by the high salary, the chief justice remarked a bureaucrat should have been hired at a lower package.

“If we take into account all emoluments and benefits, your package might approximate Rs4.5 million, a salary which is tens of times ahead of a 22-grade officer serving in the government,” noted the CJP. “You could not even adequately respond to basic queries; it is better that you return to the company you had been previously serving.”

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  • Govt reduces petrol price by Rs4.26 per litre to ‘provide relief’

    Reduction in prices of petroleum products will be effective from midnight Saturday

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