Finance Minister Ishaq Dar. PHOTO: PID
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.
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"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.
COMMENTS (33)
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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.
Lol, no one from government is guilty and that is true, they do nothing at their offices, how can be they proven guilty :)
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.
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.
ishaq dar is responsible...
ishaq dar is responsbile....
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".
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.
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.
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.
Imran Khan untimely Marriage is cause of Fuel shortage: PMLN
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 .
Imran khan is behind this conspiracy.
Please vote for pmln again. RIP.
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
Dar sb we the nation of Pakistan is responsible for electing you people.
Even if Ishaq Dar burns down the PM House (not sure about Raiwind though), he has nothing to worry about.
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.
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.
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!
The issues are put under investigation to gain the time and to avoid harsh decisions
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.
pso would maintain their minimum stock if u have only paid their 200 billion bill !! professor
@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.
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.
OK then don't waste time in investigation because Finance and Petrollium Ministeries are clear already. MD PSO is dismissed already.
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
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.
huh,
What more can a nation expects from a person who submitted on oath that he is a money launderer.
regards,
So basically it's not pmz fault, finance Minster, petroleum minister but the people who actually voted for this incompetent incumbent govt.
You can't be responsible for the crisis as long as NS is PM.
Ohh buzz off!
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.