KARACHI: Following the Supreme Court’s verdict the Ministry of Petroleum has issued directives to the fertilizer companies, government power companies, IPPs, K Electric, generals industry, gas companies to deposit the Gas infrastructure Development Cess arrears worth Rs 520bn collected years ago.
This huge amount though collected was not deposited to the government coffers since 2012. According to Saifur Rehman report, GIDC arrears worth Rs 456.94bn remained outstanding till June 2019 against these companies which amounted to Rs 520bn in July 2020.
Since 2012 the leading investors in fertilizer, gas sector, IPPs, K Electric inflicted huge losses to the national economy by not depositing the cess into the government coffers.
Following the Supreme Court’s verdict in last August, the Ministry of Petroleum geared into action and wrote to the individual defaulters to deposit the arrears. According to documents, until June 2019 the fertilizer sector owed 164.11bn, captive power plants Rs 101.72bn, CNG sector Rs 76.55bn, general industry Rs 46.32bn, K Electric Rs 36.50bn, government power sector Rs 22.56bn, IPP sector Rs 9.13 bn.
The Supreme Court had also set the deadline for deposition of the GIDC arrears from Aug 1 and the Ministry of Petroleum directed the companies to deposit arrears in 24 installments. According to Petroleum Division, till July 31 the GIDC arrears have increased beyond Rs 520bn.
