PSO resumes fuel supply to Hubco, Kapco: Rs 12 billion released by Finance Ministry

The Pakistan State Oil (PSO) resumed furnace oil supply to Hubco and Kapco after Finance Ministry released Rs 12 billion to ease its financial woes, Business Recorder learnt on Saturday. "We have also received a commitment of Rs 24 billion, to be released next week," a PSO official said, adding that fuel supply was resumed to Hubco and Kapco on Saturday, after receiving these commitments.
Sources said that Finance Ministry would request the Water and Power Ministry to make payment from power sector to PSO for smooth supply of fuel. "Out of received money, amounting to Rs 12 billion, PSO will retire L/Cs on Monday on account of fuel supply from international suppliers," sources said, adding that some amount would be paid to Pakistan Refinery Limited (PRL). Due to non-payment of dues by power sector, PSO receivables against different clients had exceeded Rs 149 billion, which forced it to suspend fuel supply. PSO supplies 2500 tons furnace oil per day to Kapco and 5000 tons per day to Hubco to meet their daily requirements.