Balance stock of controversial petrol re-sold

The balance stock of the 2,600 mt of petrol out of the controversial stock imported by the CPC was re-sold and sent back to the supplier on March 7, the Petroleum Industries Ministry said in a press release yesterday.

This is in compliance with the recommendations made by the special committee appointed to probe the import of the controversial stock, the release said.

The release said the balance stock was sold to the supplier according to the normal tender procedure and the CPC was able to obtain a price much higher than the imported price enabling the CPC to recover the loss incurred due to the leftover stock.

The release said the attention of the suppliers has also been drawn towards recovering the compensation payment made by the CPC to vehicle owners whose vehicles were damaged by using the controversial petrol.

The CPC has taken all steps to ensure that it did not incur any losses on account of the controversial petrol stock. Therefore the allegation made by critics that the CPC suffered a loss of Rs 600 million from the controversial stock of petrol was completely false and unfounded.