ARTICLE: “So what's the latest? Hedging is in or out."

“It was out a few weeks ago when at approval stage, Pakistan State Oil (PSO) pointed out to the wizards in the Petroleum Division and the Finance Division who did not deign to take its viewpoint on board…"

“Hey, protocol silly, a Finance or Petroleum Division official is a lot higher in the decision-making totem pole than a PSO executive…"

“OK, anyway these high ups on the totem pole came up with the good idea of hedging given the decline in the international price of oil however the entity that imports oil to meet the country's needs, namely PSO, has severe liquidity issues and this is known to both the stalwart divisions because PSO periodically, through the Petroleum Division seeks cash disbursements from the Finance Division to enable it to open a letter of credit to import oil…"

“Ha, ha, but anyway the hedging idea has been revived and need I add a body has been set up to work out oil hedging options by none other than the King of Setting up Committees Hafeez Sheikh…"

“Well, during Zardari sahib's tenure as the country's president, Hafeez Sheikh would set up a committee if he didn't want to do something so perhaps in his infinite wisdom…"

“Ah you reckon that setting up the committee is designed to kill the idea once and for all."

“If past precedence is anything to go by."

“Indeed it is to go by, anyway recent data shows that India, ruled by that King of Divisiveness Modi, is doing better than Pakistan in terms of controlling Corona cases and…"

“That's a treasonable statement. How dare you compare The Khan's smart lock down with Indian's not so smart lockdown?"

“The smartness here is a function of the people following the government's standard operating procedures (SOPs), and incidentally nowhere in the world including in the rich countries have people shown any smartness in terms of following such SOPs, penalties is what has gotten them to listen…"

“The Khan and his team have warned that if people continue to disobey SOPs a curfew like lockdown would be…"

“Wouldn't that be too late?"

“Better late than never is the motto of this government you know that."


Copyright Business Recorder, 2020