ECC Approves Rs30 Billion As Supplementary Grant For PSO Receivables.

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...