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    PSO   PK0022501016

PAKISTAN STATE OIL COMPANY LIMITED

(PSO)
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Pakistan State Oil : Oil Price hike

06/29/2020 | 02:35am EDT

The federal governmentincreasedthe price of petroleum products after many days the supply chain remained disrupted. The disruption was caused by a strong mafia in the country who refused to abide by the price reduction that federal government announced in the wake of global pandemic and subsequent fall in the demand and consumption of oil worldwide owing to lockdowns in major economies of the world.

Prices of oil hence fell worldwide and government decided to shift thetrickledown effect of this relief to the masses. However, the mafias involved in the business seemed unmoved.

Oil was nowhere to be found apart from Pakistan State Oil outlets. Government kept on promising that the mafia would be dealt with strongly but to no avail.

Finally, the prices of oil were increased to an unprecedented extent. The hike made overnight without following proper channel is between 27 to 66 percent depending on the product.

There was no summary moved from Oil and Gas Regulatory Authority (OGRA) and within minutes the mafia stepped in to boom and mint money of the opportunity. It is learnt that the government is now charging aboutRs.

47 perlitretaxes on petrol and high speed diesel. Moreover, the General Sales Tax on the petroleum products was already increased to a standard rate of 17 percent across the board with a view to generate additional revenue.

It may be mentioned here the GST on petroleum products until January was as follows: 0.5 percent on light diesel, 2pc onkerosene, 8 percent on petrol and 13 percent on high speed diesel.

The increase of taxes on oil product has double negative impact on the masses. On the one hand, it empties their pockets and overburdens theirfragile source of incomeon the other hand it increases the prices of other products which are dependent on petroleum combustion vehicles for transportation.

The end result is high inflation and low purchasingcap city.The global pandemic Covid-19 has alreadycrippledeconomy and has caused millions of job losses across the country.

Many industries have refused to pay salaries to their employees while others have fired the contract employees, citing the Covid-19 and its impacts over the size of their income and ability to maintain the workforce. With all these natural and made induced hardships for the people in Pakistan, the PakistanTehriek-e-Insaaf(PTI) Government has made life all the more difficult for common man in Pakistan.

The promise of change, it seems, has lost its effectiveness as it is actions not the words that matter in the practical statesmanship. The ability of a leader is to make a decision and have it implemented across the board,no matter what.

Bowing down before strong mafias means the leadership is not strong enough to resist the pressure from those quarters. Explanations on television willdono good and a single step can add to the unpopularity of government beyond imagination.

If Imran Khan wants to remain a popular leader and wants to be remembered one in the true sense of the word in the echelons of history, he has to be strong. Otherwise, quitting is a better option!

© Pakistan Press International, source Asianet-Pakistan

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Financials
Sales 2021 1 217 B 7 491 M 7 491 M
Net income 2021 22 631 M 139 M 139 M
Net Debt 2021 - - -
P/E ratio 2021 4,32x
Yield 2021 6,02%
Capitalization 103 B 639 M 636 M
Capi. / Sales 2021 0,08x
Capi. / Sales 2022 0,07x
Nbr of Employees 2 789
Free-Float 100%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 220,09 PKR
Average target price 295,39 PKR
Spread / Average Target 34,2%
EPS Revisions
Managers and Directors
Syed Muhammad Taha Chief Executive Officer, Director & MD
Gulzar Khoja Chief Financial Officer
Zafar I Usmani Chairman
Tara Uzra Dawood Independent Director
Mohammad Shahid Khan Independent Director