How Rs122 bn loss incurred on Rs57 bn purchase, questions Gill

ISLAMABAD: Special Assistant to Prime Minister on Political Communication Shahbaz Gill on Thursday questioned how the national exchequer can suffer loss of Rs122 billion when the total of all cargoes bought in 2020 on spot was $353 million, which is Rs57 billion in Pakistani currency.

In a tweet, he said he can’t understand how Rs122 billion loss happened over purchase of Rs75 billion. It is relevant to mention here that SAPM on Petroleum Nadeem Babar had told Shahzeb Khanzada of Geo News in an interview that Pakistan paid $45 million over failing to fully use the LNG terminal in 2018.

And then Rs25 billion loss was incurred again due to failure in full utilisation of the terminal from 2018 to 2020. Further Rs30 billion loss was incurred during the first nine months of this year by producing costlier electricity with furnace oil, and further Rs20 billion loss will happen with costlier furnace oil use for electricity production in winter. Rs10 billion loss was caused during the winter of 2018and Rs35 billion loss was caused over delayed decision about LNG purchase during summer despite knowing that Pakistan would require LNG during winter.