PSO facing Rs86b circular debt

The oil refineries have warned to suspend the furnace oil supply due to non-payment.According to the Petroleum Ministry, the PSO is facing a circular debt of Rs86billion, while PSO is to pay around Rs 56billion to the oil refineries. PSO has to pay around Rs10billion and under Rs16biillion under the letter of credit. On the other hand, the power sector needed to pay Rs72billion to PSO.Wapda is indebted of Rs32billion to PSO, Hubco Rs24billion, Qesco Rs12billion and Lal Pir Plant of KESC Rs1billion, sources said.