PSO in dire financial straits

Pakistan State Oil (PSO) Managing Director Irfan Qureshi has maintained that petroleum products stock is depleting fast. He informed that diesel stocks are just enough for the next 10 to 11 days. During a special meeting of the Publics Account Committee Irfan said that Pakistan State Oil may default unless Rs 60 billion are injected into the company immediately. He warned that PSO is in dire financial straits, with its receivables crossing Rs116 billion and foreign liabilities exceeding Rs81 billion.As a result, the countrys largest fuel supplier was finding it difficult to honor its commitments while PEPCO continues making loss of Rs3 billion each month. Secretary Petroleum Kamran Lashari informed that the circular debt has crossed the figure of Rs 200 billion and the government must take concrete steps.