Mustafa Ramday appointed PSO chairman for three years, says he will take no fees or expenses

The government has reconstituted the Board of Management of Pakistan State Oil Company Limited (PSO) and appointed Mustafa Ramday as chairman and independent director for a three-year term, with immediate effect. The statement was issued on Friday, 6 November, and reported by Business Recorder.

Who he is

Ramday is an Advocate of the Supreme Court of Pakistan and a former Advocate General of Punjab. The statement credits him with more than 28 years of experience in constitutional, commercial and energy-sector law, including advice on the legal framework for the China-Pakistan Economic Corridor (CPEC), power generation and clean-energy projects, and representation of oil, gas and power-sector entities in international arbitration. It says Chambers & Partners ranks him in its top tier for dispute resolution and litigation in Pakistan.

No fees, no expenses

On taking office, Ramday said he would serve PSO in an honorary capacity. In his words, as quoted in the statement, he will not charge PSO any directors' fees, or any travel, boarding, lodging or other costs he would be entitled to for PSO work, inside or outside Pakistan.

Why PSO matters

PSO is Pakistan's largest oil marketing company and holds the biggest market share in the sector. According to the statement it sells motor gasoline, high-speed diesel, furnace oil, jet fuel, kerosene, CNG, LPG, petrochemicals and lubricants, and also imports key products to meet domestic demand. Its network includes:

• 3,649 retail outlets
• 9 major installations
• 19 depots
• aviation refuelling facilities at 15 airports

The Government of Pakistan is the largest shareholder, with 22.47%.

What it means for drivers

A change of chairman does not move pump prices. Retail petrol and diesel prices are notified by the government on the basis of OGRA's calculations, and the site's petrol price page and diesel price page track PSO's ex-depot Karachi price, which is read from PSO's own website. To work out what a tank costs at the notified retail price, use the fuel cost calculator.

The statement did not name the other members of the reconstituted board.