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September 15, 2019
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Business Pakistan

PSO crisis: Govt asked to allocate funds

KARACHI: Ministry of petroleum has asked government to provide 75 billion rupees in a purpose to end Pakistan State Oil (PSO) crisis.

The ministry said that the crisis could be end by importing oil adding that the PSO 48 billion worth letter of credits has been defaulted.

The ministry also stated that providence of funds were necessary in ending the PSO crisis.

Sources said that 220 billion rupees of the PSO had due on the government departments, which was a only reason that the PSO is in crisis and now the PSO has been facing worst crisis financial crisis.

The PSO also has reduced supply of oil to organizations and cities.