FIA Flags Rs47bn Fuel Levy Default Case

The Federal Investigation Agency’s (FIA) Corporate Crime Circle, Karachi, has submitted a detailed progress report to the Public Accounts Committee (PAC) concerning an inquiry into the alleged non-payment of petroleum levy by a private oil marketing company during the period 2019 to 2022.

According to the report, as cited by The News, the company allegedly failed to deposit the prescribed fuel levy collected on gasoline sales into the national exchequer, resulting in an estimated revenue loss of Rs47 billion. The complaint was formally lodged by Ashfaq Ahmed, Deputy Director at the Ministry of Energy (Petroleum Division), prompting the initiation of investigative proceedings.

The matter, registered as Inquiry No. 3/23, has remained under scrutiny for nearly two years. A total of thirteen individuals have been nominated as accused, including the company’s owners, members of its board of directors, two female directors, and a former Managing Director of K-Electric, indicating the scale and seriousness of the alleged violations.

During the course of the inquiry, the petroleum company deposited an initial Rs1 billion in cash, reflecting its intent to resolve the outstanding liability. To cover the remaining Rs46 billion, the company furnished post-dated cheques along with unconditional and irrevocable bank guarantees in favour of the government.

Ayaz Meher, Deputy Director and head of the FIA Corporate Crime Circle Karachi, has confirmed that the investigation report has now been formally transmitted to the Public Accounts Committee for further examination and appropriate action.