PSO gave discount worth Rs 1.27 billion, audit report reveals
The company bore Rs 2 crore loss as DMD's salary package was also not approved by the ministry
ISLAMABAD (Dunya News) – The Pakistan State Oil (PSO) on Monday has been revealed to have given a discount worth Rs 1.27 billion on petroleum products upon which the board expressed resentment.
According to company’s audit report 2012-13, the authorities paid at least Rs 9.2 crore as compensation to the oil supplying companies. The company had given Rs 1.15 billion discount of the total on high speed diesel.
The state owned company put all regulations aside and appointed a deputy managing director (DMD) who was more than 60 years of age. The company had to bear Rs 2 crore loss as the DMD’s salary package was also not approved by the petroleum ministry.
The audit report further shows that the legal council was issued at least Rs 50 lac against the policy. Separately, the company bore loss worth Rs 60 lac due to pipe-line theft.
