Pakistan

KARACHI – The Supreme Court has summoned secretary petroleum, power ministry secretary and Chairman Federal Board of Revenue (FBR) on Friday over the issue of gradual raise in petroleum prices.

During the hearing of the case related to high prices and extra taxes on Thursday, Chief Justice of Pakistan (CJP) Mian Saqib Nisar expressed reservations over the briefing of deputy managing director of Pakistan State Oil (PSO).

He remarked that time to time tax implementation is a burden on underprivileged people as he heard the case at the Karachi registry of the apex court.

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‘Process of import of petroleum products seems suspicious,’ he observed and said the concerned institution should inform the court about the rule under which the Rs. 62.8 per liter price is fixed.

The deputy MD PSO told the court that various institutions were defaulter of Rs 300 billion.

Upon the revelation, Mian Saqib Nisar asked why these institutions are not accountable to return the loan of Rs 300 billion.

Are these institutions working on the bank loans?, he wondered to which the court was told that Rs 95 billion loan had been taken from the banks while Rs 7 billion comes under the banks interest, every year.