PSO circular debt reaches Rs 75 billion

Pakistan State Oil (PSO) circular debt reached at 75 billion rupees due to non-payment of arrears by the government. Ministry of Petroleum sources told that almost 1.5 billion rupees are being added in the circular debt of PSO. PSOs debts include WAPDAs 31 billion rupees, Hubco Rs 22 billion, Capco Rs 10 billion and PIA Rs 3 billion. On the other hand, PCO has to pay Rs 53 billion to oil refineries and other companies. The government paid Rs 14 billion to PSO in start of September; however, no payment has been given in two months. PSO sources told that petroleum products supply can be affected if government does not pay arrears as soon as possible.