Oil market­ing compan­y’s receiv­ables have mounte­d to Rs355 billio­nISLAMABAD: The chairman of Pakistan State Oil (PSO) board of management has cautioned the government that oil supply to domestic and international airlines may come to a halt as the company is facing a financial crunch due to payments stuck in the energy chain. It seems PSO is heading towards a financial crisis which may bring to a halt oil supply to the airlines. The ECC was informed that PSO had so far suffered a net exchange loss of Rs28 billion on bank loans in the wake of rupee depreciation against the US dollar. In that respect, PSO had to date borne a net exchange loss of Rs28 billion because of rupee depreciation against the dollar. Responding to The Express Tribune‘s queries, PSO spokesperson said: “PSO is committed to supporting the economic wellbeing of Pakistan with consistent supply of petroleum products.

Source: The Express Tribune January 25, 2020 03:56 UTC