KARACHI: The largest oil marketing firm of country Pakistan State Oil is facing severe financial crunch as its circular debt topped Rs200 billion forcing the firm to stop imports amid depleting oil stocks. Total receivables of the company have reached Rs214 billion.
The company has requested the federal government to immediately pay Rs78 billion that would allow it to import petroleum products.
Sources said that PSO has left with only seven to ten days of stocks of various petroleum products including the furnace oil.
Due to depleting stocks supply of furnace oil to power producers has been curtailed that might aggravate power crisis in the country.
Diesel price cut by Rs134.81, petrol down Rs11.83
ISLAMABAD: In a major relief for inflation-hit consumers, the government has reduced petroleum prices, slashing petrol by Rs11.83 per litre...
