The Senate Standing Committee on Petroleum, under the chair of Muhammad Abdul Qadir, took notice of the allegations of corruption against Hascol.
Committee member Afnanullah Khan accused Hascol of involvement in corruption of Rs. 15 billion. Another member, namely Senator Mohsin Aziz, said that the committee should not ignore the issue, and suggested that a joint meeting of the Standing Committee on Finance and Petroleum be convened to discuss it.
Secretary Petroleum, Dr. Arshad Mahmood added that Hascol has been posting financial losses of nearly Rs. 60 billion for the past three years and that if it were true, the company would have collapsed by now.
He informed the committee that Hascol pumps had run out of petrol during Eid in several areas in Pakistan and asked what the company’s board and managers are doing to deal with the massive losses.
The Senate’s Standing Committee on Petroleum has summoned SECP, State Bank, Ministry of Petroleum, FIA and other relevant departments to its next meeting.