The ministry of power has asked the finance division to provide Rs329 billion funds for purchasing fuel including furnace oil in order to efficiently reduce the load shedding.
Sources said that the power division on Friday in a meeting held under the chair Miftah Ismail asked the Ministry of Finance to provide Rs329 billion funds till June 15, 2022, for purchasing furnace oil in order to efficiently reduce the load shedding.
The power division required Rs108 billion till May 25, 2022, Rs136 billion till June 7 and another Rs85 billion till June 15, 2022, for purchasing furnace oil, sources added.
Overall, the circular debt of the power sector has surged to Rs2,450 billion till today, it was also informed during the meeting.
A handout issued by the finance division states that Federal Minister for Finance and Revenue Miftah Ismail chaired a meeting on funding for the power and petroleum sector on Friday at the finance division.
Federal Minister for Energy, Khurram Dastgir Khan, Minister of State on Petroleum Division Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.
The chair was briefed on power plants with fuel positions and funds required for the optimal working of these power plants based on coal, RLNG and RFO.
A detailed presentation was also given to the chair on the total funds required for fuel including government support for RLNG and RFO from budgeted subsidies.
The Finance Minister shared that the present government is cognizant of the load shedding problem and is determined to provide relief to the masses by resolving the menace of load shedding.
He stressed that required steps should be undertaken immediately to efficiently reduce the load shedding.
In this regard, all the three ministers requested finance, power and petroleum divisions to work out a feasible plan for the government’s support for fuel management in order to ensure smooth and sustainable power distribution throughout the country.