Pro IQRA News Updates.
To save Pakistan State Oil (PSO) from possible default, the federal cabinet has decided to further burden gas consumers, TV channel 24NewsHD reported on Saturday.
According to sources, markup on a Rs 50 billion loan from Sui Northern Gas Pipelines Limited (SNGPL) will now be charged from consumers.
The federal cabinet approved the guarantee for the Rs 50 billion load to be received by SNGPL.
The additional sources said the loan will pave the way for SNGPL to make payments to PSOs in connection with LNG imports.
Various government institutions owe PSO a record Rs 773 billion and SNGPL is the biggest defaulter with Rs 498 billion in arrears.
According to sources, the federal government had recently hiked gas prices by up to 112 percent, burdening gas consumers with an additional burden of Rs 310 billion.
Reporter Awais Kiyani