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Summary PSO is on brink of bankruptcy due to non-payment of dues and lack of federal governments interest.
The Pakistan State Oil (PSO) has to pay Rs 25 billion on imported oil. According to sources, the PSO has converted its LoC to loans from banks and it would have to pay Rs 32 billion to firms in next month. The sources disclosed that if firms would not pay next month, the PSO can default. The sources said that the company had informed the government about the situation, but the government did not take any step to save the PSO. The PSO’s recovery volume was Rs 152 billion, out of which Rs 120 billion has not been paid on the fixed date.
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