PSO demands Rs100 billion as defaults looms

ISLAMABAD: The country’s largest oil supplier Pakistan State Oil (PSO) has warned the government of its looming international defaults and has sought over Rs 100 billion, a local newspaper reported.

In its summary forwarded to the Economic Coordination Committee, the Petroleum Division stated that  the oil industry has been severely affected badly due to cut in demand in the wake of lockdown in the country due to the coronavirus pandemic. 

With Pakistan State Oil’s (PSO) receivables touching about Rs370 billion, the PSO was already facing liquidity crunch and economic circumstances after the pandemic further worsened the situation.