Pakistan State Oil has been declared defaulter by the world market due to delay in payments against letters of credit (L/Cs). World market imposed heavy fines on Pakistan State Oil, threaten to suspend oil supplies. PSO needs Rs 30 billion for making payments in two days.
PSO owes Rs 145 billion to various international suppliers in addition to Rs 128 million to local refineries. Supply of petroleum products to Pakistan could be suspended for as long as one month if payments were not made in two days. Energy crisis in Pakistan could worsen in the wake of the suspension in the country's oil supply.
Comments
Comments are closed.