There are chances that PSO (Pakistan State Oil) might stop the fuel supply to many airlines domestic and international due to a new high in its financial crisis.
As per the shared details, a lot of PSO’s money has been stuck in the energy market which has forced the company to take such a drastic step.
The government has been involved in this matter by the chairman of the board of management of PSO.
A letter sent to the finance ministry stated that the oil company has Rs.335 billion in receivables from the energy chain which can cause financial crises. And if the situation remains constantly like this than the oil company will fail to supply oil to the domestic and international airlines.
This issue was discussed by the ECC (Economic Coordination Committee) at a meeting held recently which informed the committee about the losses worth Rs.28 billion which PSO faced on net loans because of the devaluation against the US dollar.
The committee was also informed that there are cash crises arising in the petroleum corporation because of the impending of Rs.335.7 billion from the Sui Nothern Gas Pipelines Limited (SNGPL), PIA (Pakistan International Airlines) and the government.
This financial crunch is affecting fuel supply to many sectors that there are high chances of default on local and international payments. And if it continues to happen then the company will have to stop the fuel supply to the domestic and international airlines.