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Summary Financial problems of the Pakistan State Oil (PSO) can create a new energy crisis in the country.
According to the accounts of the PSO, the volume of company’s receipts has crossed Rs 186 billion. Hubco’s arrears are Rs 80 billion, Pepco’s Rs 38 billion and Wapda’s Rs 28 billion. Due to delay in payments, it’s difficult for PSO to pay Rs 7.70 billion of taxes in the first quarter.It’s also facing problems to buy oil from international market while payments of already-purchased oil can also be delayed. PSO has sent SOS to the government in this regard but all in vain.
