National Refinery Stops Supplying Fuel to PSO After Payment Issues

Newstoday: As Pakistan State Oil (PSO) stopped paying the refinery, the National Refinery Limited (NRL) decided to stop selling fuel to the corporation. PSO has been in a serious financial dilemma due to a shortage of payments from many industries as a result of the delivery of petroleum products. It owes NRL Rs. 3.469 billion at the moment. According to a national daily, NRL has chosen to discontinue delivery to PSO following the payment halt and has notified the OMC in writing. PSO just ceased payments to refineries, which is timely.These refineries serve the state-owned corporation with diesel, gasoline, aviation fuel, furnace oil, and other petroleum products. It owes the state-owned OMC Rs. 492.102 billion as of March 8, 2023. In this context, the cabinet's Economic Coordination Committee approved a sovereign guarantee in favour of SNGPL for a commercial borrowing of Rs. 50 billion on an urgent basis to meet PSO's financial needs. Power continues to be a problem for the state-owned oil marketing firm, which is due Rs. 178 billion, followed by (PIA) and the government of Pakistan, all of whom owe PSO Rs. 92.5 billion.