Audit shows inconsistency of Rs307 billion in PSO

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ISLAMABAD: The Auditor General of Pakistan (AGP) has found inconsistencies amounting to Rs307.57 billion in the financial affairs of the Pakistan State Oil (PSO), reported The Express Tribune.

In its report, the AGP has pointed out the loss to the national exchequer caused by the PSO’s financial irregularities and listed details of its profit last year.

According to the audit report, PSO posted a profit of Rs15.46 billion in the fiscal year 2017-18. In comparison, its profit in 2016-17 stood at Rs18.22 billion.

According to the audit report, because of its mismanagement, PSO was unable to recover its dues from government and private institutions, resulting in a loss of Rs224.47 billion. The AGP noted that delay in the payments of these dues could result in a massive debt pile-up.

According to the audit report, PSO was also unable to recover the accumulated interest from defaulting institutions, resulting in a loss of Rs82.80 billion. These institutions include the Water and Power Development Authority (Wapda), the Hub Power Company (Hubco), Kot Addu Power Company (Kapco), PIA, and the Pakistan Railways.

The AGP in its report has also stressed the need for finding a permanent solution to the problem.

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