Ibn-e-Ameer
The government has transferred Rs. 20 billion to Pakistan State Oil (PSO) assignment account to clear price differential claims (PDC).
The government will pay another Rs 11 billion during the ongoing week.
The PTI government had announced to keep oil prices unchanged which led to piling up price differential claims.
Pakistan State Oil (PSO) was already facing a financial crunch as its receivables crossed Rs 500 billion mark.
Ministry of Energy (Petroleum Division had informed the oil companies advisory committee (OCAC) regarding payment to PSO.
The petroleum division said that government would transfer another amount of Rs. 11.73 billion to Pakistan State Oil (PSO) within this ongoing week.
DG PC informed about timely payment of PDC, amounting to Rs. 20 billion, transferring to PSO’s assignment account.
Moreover, an amount of Rs. 11.73 billion will also be made available to PSO within this week.
The petroleum division said that the amount is enough for payment of Price differential claims (PDC) in March 2022.
PDC claims in April
It said that government would also pay the projected PDC claims of April 2022.
The petroleum division said it would arrange required amounts that would be made available well ahead of the time after submitting the claims to Ogra for the relevant fortnight.
It is worth noting that against the available amount of Rs. 20 billion in PSO’s assignment account, Ogra had already received PDC claims amounting to Rs. 3.3 billion and forwarded to PSO.
PSO has already issued cheques amounting to Rs. 1.9 billion after the endorsement of AGPR.
While it will pay the remaining claims shortly.
Accordingly, there is no pendency on part of OGRA or PSO.
The petroleum division urged OMCs to expedite the submission of claims for timely payments.
With regard to requirement of validation/ endorsement of cheques by Accountant General of Pakistan Revenues (AGPR), the petroleum division said that the same is provided in the Assan Assignment Account Procedures and therefore, it has to be fulfilled to ensure audit requirements.
The ECC decision regarding benchmarking of Premium on HSD imports to PSO’s latest tendered premium has been ratified and issued to OGRA for implementation.