The Petroleum Division has asked the Director General, Pakistan Revenue (Sub Office) Karachi to advise the Manger National Bank of Pakistan to arrange payment of Rs40 billion for reimbursement of Price Differential Claims (PDC) to Oil marketing Companies (OMCs) and refineries.
The Petroleum Division, in a letter dated April 25, 2022 to DGPR (SO), Karachi, conveyed that the President Arif Alvi has sanctioned the placement of an amount of Rs40 billion in the assignment account relating to reimbursement of PDC of OMCs and refineries as ceiling for the months of March and April 2022 of the current financial year 2021-22.
Requesting the DGPR (SO) to advise the Manager, NBP, Main Branch Karachi to arrange payments against the above mentioned ceiling of Rs40 billion, petroleum division also sought that payment should be made on the receipts of cheques and prescribed schedule of payment duly signed by the authorised signatories of the account.
According to sources in the oil industry, the government had cleared a PDC of Rs31.73 billion up till 31st March 2022. Similarly, it has now transferred an amount of Rs40 billion on account of PDC allocated for 1-15 April, 2022 which also includes a deficit of Rs2.31 billion from 16-31 March, 2022. Furthermore, the PDCs for the second fortnight of April will be submitted during the first week of May, 2022, said sources.
They added that PDC of only Rs28.3 billion is pending with the government which needs to be deposited in the assignment account with PSO.
Earlier, the federal cabinet’s economic coordination committee (ECC) on 7th March, 2022 approved the procedure for making PDC payment to OMCs and refineries ostensibly to avoid the shortage of petroleum products in the country. The ECC also approved a special PDC payment procedure to pay the PDC speedily, and approved opening of a special assignment account with Pakistan State Oil (PSO) for withdrawal of PDC by PSO for its own claims and issuance of PDC claims to the other OMCs and refineries.
