KARACHI:  Chief Justice of Pakistan (CJP) Mian Saqib Nisar has remarked people have been made mad by repeatedly levying heavy taxes on petroleum products.

A Supreme Court (SC) bench headed by CJP Mian Saqib Nisar took up for hearing case pertaining to determination of prices of petroleum products and additional tax in Karachi registry Thursday.

Deputy MD Pakistan State Oil (PSO) Yaqub Sattar while giving briefing with regard to determination of petroleum products prices told the court that different institutions are defaulters on payment of Rs 300bln to PSO.

The CJP while expressing annoyance over it remarked why are you not getting back Rs 300bln from these institutions. It means you are running the matters by acquiring loans from banks.

Yaqub Sattar disclosed PSO has acquired loan amounting to Rs 95bln  from banks. Every year a sum of Rs 7bln  is paid to banks on account of interest.

The court expressed dissatisfaction over Deputy MD PSO briefing.

The CJP remarked during the hearing of the case “ people have been made mad by slapping heavy taxes repeatedly on petroleum products. What type of the tax this is. The account of all of it will have to be rendered in this regard. The process of petroleum products imports seems suspicious. Under what procedure and law the price of Rs 62.8 per liter was determined."

The court while seeking record in respect of imports of petroleum products, auctions during the last six months and determination of prices has directed secretary petroleum, secretary energy, chairman FBR and others to appear before it today.