Finance ministry not responsible for petrol crisis: Ishaq Dar

Published: January 19, 2015
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Finance Minister Ishaq Dar. PHOTO: PID

Finance Minister Ishaq Dar. PHOTO: PID

ISLAMABAD: Finance Minister Ishaq Dar has assured that the petrol crisis will be overcome in a matter of few days.

Addressing a news conference in Islamabad on Monday, Dar said responsibility of the petrol shortage will be fixed after thorough investigation into the crisis.

He categorically denied reports that the finance ministry is responsible for the petrol crisis.

RELATED POST: PM summons meeting on fuel shortage tomorrow, cancels other engagements

“Oil companies including Pakistan State Oil are responsible to maintain a minimum stock. It was a fault on their part that the people had to face difficulties,” he said, adding that the Ministry of Finance has nothing to do with the purchase of petrol and it does not owe anything to the PSO.

However, he said, the finance ministry had extended support to PSO when it approached them.

He said the government has taken notice of the situation and efforts are afoot to improve the petrol supplies.

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Reader Comments (33)

  • Shahzad Khalid
    Jan 19, 2015 - 3:26PM

    What kind of leadership is this? At the end of the day if not the Finance Ministry then the Prime Minister is responsible.

    If the FM says its not his fault, then the PM is ultimately responsible right? I hope the FM realizes that its his PML-N party who placed these people in the respective ministries and if they mess up, the PML-N leadership is responsible. End of story.

    Own up and fix the issue. No more argument.

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  • Saud
    Jan 19, 2015 - 3:28PM

    Ohh buzz off!

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  • Rana Imran
    Jan 19, 2015 - 3:31PM

    You can’t be responsible for the crisis as long as NS is PM.

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  • Zain ul Abideen
    Jan 19, 2015 - 3:32PM

    So basically it’s not pmz fault, finance Minster, petroleum minister but the people who actually voted for this incompetent incumbent govt.

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  • Asad Khan
    Jan 19, 2015 - 3:36PM

    huh,

    What more can a nation expects from a person who submitted on oath that he is a money launderer.

    regards,

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  • Usman
    Jan 19, 2015 - 3:37PM

    He is honest person.It was not finance minister or petroleum minister’s fault.All blame should be on public.Why the are buying petrol.If the don’t want it then there is no shortage.therefore,no govt official should be help responsible except public.

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  • pervaiz saeed
    Jan 19, 2015 - 3:41PM

    Its Not the finance or the petroleum Ministeries which are responsible. The reponsibiliy lies with the people who are queued up at the Stations. They should sit at home and sing praises for the rulers

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  • Asad
    Jan 19, 2015 - 3:48PM

    OK then don’t waste time in investigation because Finance and Petrollium Ministeries are clear already. MD PSO is dismissed already.

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  • Khalik
    Jan 19, 2015 - 3:48PM

    Public is responsible for bringing a dead skeleton out of the cupboard and handing him the throne. Musharraf was absolutely right throwing such junk out of the country.

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  • Viqar Khilji
    Jan 19, 2015 - 3:49PM

    @Usman: I must commend you for your correct reasoning. It is we the public that are at fault.
    I only wonder when will we learn.

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  • faizan tariq
    Jan 19, 2015 - 3:49PM

    pso would maintain their minimum stock if u have only paid their 200 billion bill !! professor

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  • Adnan Siddiqi
    Jan 19, 2015 - 3:56PM

    This is indeed very unprofessional on part of the government. Prime Minister has to duly fix the responsibility on all concerned and force them out of their ministries if need be, even if they are party loyalists like Shahid Khaqan Abbasi or relatives like Ishaq Dar. NS’s enemies did not have a very cogent and tangible reason to launch a movement to oust him a few months back and as expected, that movement fizzled out without a whimper. PML-N would do itself a world of good so as to not give its opponents a viable reason to initiate the next round of confrontation.

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  • Asghar
    Jan 19, 2015 - 4:24PM

    The issues are put under investigation to gain the time and to avoid harsh decisions

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  • Abu Noor
    Jan 19, 2015 - 4:35PM

    You are absolutely right sir! I, myself, is responsible for this crisis. I was the one who voted for you and your closest relative, Mr. Nawaz Shareef. I am so stupid that i could not recall your performance during your last two tenures (aka dollar account freeze, Yellow cab, Motorway project cost ramp up from US$300mln to US1.1bln). Seriously I deserve this treatment. No petrol, no gas, no electricity, tall claims of lowering inflation when one small “roti” is available for Rs12/- Long live Pakistan Army!

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  • incognito59
    Jan 19, 2015 - 4:42PM

    They are all so perfect that they can never make mistakes! It is stupid AWAM who voted for them and it is THEIR fault/responsibility. What a sham.

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  • AVMPolpot
    Jan 19, 2015 - 4:42PM

    The PM and the concerned Cabinet Ministers should present themselves in a Televised Press Conference
    ++++++++++++++++++++++++++++++++++++++++++++++++++
    After being cross examined by the Press….one might come to the conclusion that the entire cabinet is to blame.

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  • Pakistani
    Jan 19, 2015 - 4:53PM

    Even if Ishaq Dar burns down the PM House (not sure about Raiwind though), he has nothing to worry about.

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  • Jan 19, 2015 - 4:56PM

    Dar sb we the nation of Pakistan is responsible for electing you people.

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  • Jan 19, 2015 - 5:03PM

    Its Imran Khan! that’s who is responsible!!! or else its the public, Never the Government cause these guys are Angels of our Beloved Pakistan

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  • A-No.1
    Jan 19, 2015 - 5:21PM

    Please vote for pmln again. RIP.

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  • Abdullah
    Jan 19, 2015 - 5:33PM

    Imran khan is behind this conspiracy.

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  • Shamshad Nabi
    Jan 19, 2015 - 6:28PM

    The fundamental reason for the crisis is the circular debt . The complete failure of the Ministry of Finance to solve this problem is the responsibility of the Finance Minister . He may survive because heis a close relation of the Prime Minister .. However , this Finance Minister is responsible for causing billionsof rupees loss to commerce and business and misery to millions of people .

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  • SAM
    Jan 19, 2015 - 6:37PM

    Imran Khan untimely Marriage is cause of Fuel shortage: PMLN

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  • Daanish
    Jan 19, 2015 - 7:01PM

    Ultimate responsibility is with the PM. This is not some small crisis, had this happened anywhere else in the world, the head of state would be responsible. Trying to pin the blame on the petroleum minister and finance minister or anyone means “NOTHING” will be done. Nawaz and his entire team of useless people should be sent packing.

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  • nha
    Jan 20, 2015 - 7:38AM

    The more Dar’s lips move, the more lies emerge from the belly of this beastmaster. His confidence is about the only thing left to prop him up in the eyes of his party and beloved saamdi Nawaz. Curse him and his ilk.

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  • KK Kool
    Jan 20, 2015 - 10:58PM

    ET I have a suggestion. Please provide a forum to people where they can express themselves without going through your moderation. Give them opportunity to vent themselves and let the government know what people actually opine about them. Earlier, our people were in CNG queues, now they are even in Petrol queue. What a shame.

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  • tariq nawaz
    Jan 21, 2015 - 3:40AM

    Keep on passing the buck Mr Ishaq Dar.In the end nothing will happen and only Pakistani people will suffer,but do these rulers care ? Their only interest is to steal the maximum and transfer it their offshore locations.”Nero Fiddled While Rome Burned”.

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  • Jan 21, 2015 - 1:58PM

    ishaq dar is responsbile….

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  • Jan 21, 2015 - 1:59PM

    ishaq dar is responsible…

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  • Tassaduq Hussain
    Jan 22, 2015 - 9:05AM

    The current petrol crisis has nothing to do with the Finance Ministry. Finance Ministry do not provide any budgetary support to PSO. It is a commercial entity any has an annual turn over of 1500 crors. Out of this around 60% of its sales are for the power sector i.e. genco’s and IPP. Rest of the sale is on cash basis. Imagin an entity haveing an annual turn over of $ 15 billion which is more than half of the budget of the GoP struggel to get an overdraft of Rs. 200 billion. This is something un-digestable. So the default on LC’s can be ruled out in the present scenerio. Now coming to the real cause of the crisis, it is a commin economic principle that when the prices are sliding down the busniesses donot hord stocks as this will invite to more losses. In the situation when the international crude prices were sliding down all the pertro companies in Pakistan departed from the minimum reserve requirement set by OGRA in conniavance with the Ministry of Petroleum and decreased their stock to minimize the losses. They anticipated further slide in the crude internationally and wanted to make forward contracts on low prices. This professional dishonesty led to the crisis.

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  • Tassaduq Hussain
    Jan 22, 2015 - 9:07AM

    he current petrol crisis has nothing to do with the Finance Ministry. Finance Ministry do not provide any budgetary support to PSO. It is a commercial entity any has an annual turn over of 1500 crors. Out of this around 60% of its sales are for the power sector i.e. genco’s and IPP. Rest of the sale is on cash basis. Imagin an entity haveing an annual turn over of $ 15 billion which is more than half of the budget of the GoP struggel to get an overdraft of Rs. 200 billion. This is something un-digestable. So the default on LC’s can be ruled out in the present scenerio. Now coming to the real cause of the crisis, it is a commin economic principle that when the prices are sliding down the busniesses donot hord stocks as this will invite to more losses. In the situation when the international crude prices were sliding down all the pertro companies in Pakistan departed from the minimum reserve requirement set by OGRA in conniavance with the Ministry of Petroleum and decreased their stock to minimize the losses. They anticipated further slide in the crude internationally and wanted to make forward contracts on low prices. This professional dishonesty led to the crisis.

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  • Shah
    Jan 29, 2015 - 2:09AM

    Lol, no one from government is guilty and that is true, they do nothing at their offices, how can be they proven guilty :)

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  • Naveed Sethi
    Jan 30, 2015 - 12:02PM

    A show to remove Khaqqan . That’s it. I am not a pro PML N but ministers are after a Minster. Nawaz Sharif has been surrounded by a league of stupids that include Dar, Khawaja Asif, Abid Sher Ali.

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