ISLAMABAD: Federal Minister for Petroleum Shahid Khaqan Abbasi said that it may take up to 10 days to bring the petrol supply situation to normalcy in the country as the Pakistan State Oil’s circular debt has crossed Rs200 billion mark.
Cited recent slash in petroleum prices and delay in a shipment as reasons for the shortage, the minister claimed that northern areas of the country were faceing with worst petrol shortage.
On the other hand, one can see long queues of vehicles at filling stations visible in different parts of the country, particularly in Punjab as the petrol has become a rare commodity.
Khaqan Abbasi said that the situation would improve as soon as shipment reached Pakistan.
Meanwhile source informed that due to financial restraints, the Pakistan State Oil has been unable to import petrol as it does not have enough reserves to buy petrol and the company’s circular debt has crossed Rs200 billion mark.
As per media reports, the state oil company is out of money to buy petrol while people are facing problems due to petrol shortage in Punjab. PSO had asked the government for Rs72 billion to pay the indigenous oil refineries. The government has not taken measures required to reduce the circular debt of PSO.
