PSO dues soar to more than Rs740 billion

KARACHI: Pressing another challenge to the caretaker government of Pakistan, the outstanding dues of Pakistan State Oil (PSO) from various sectors have now surged past a staggering Rs 740 billion, ARY News reported, citing sources.

Among the substantial dues, imported Re-Gasified Liquefied Natural Gas (RLNG) accounts for over Rs 451 billion. This significant debt pertains to transactions involving the supply of RLNG to the Sui Northern Gas Company.

In addition, the power sector is burdened with a substantial debt of Rs 182 billion owed to PSO. Furthermore, Pakistan International Airlines (PIA) and the Government of Pakistan have together accumulated an additional Rs 108 billion in dues to PSO, contributing to the company’s financial woes.

On the other hand, PSO itself carries substantial financial responsibilities, owing a total of Rs 36.40 billion to local refiners, as well as responsible to pay Rs Rs 154 billion for imported Liquefied Natural Gas (LNG).

Moreover, the persistent depreciation of the Pakistani rupee against foreign currencies remains a looming threat.