PSO receives Rs10.5 billion for furnace oil


Ministry of Finance has released Rs 10.5 billion to Pakistan State Oil (PSO), a private TV channel reported.

Reports said that the PSO has now increased the furnace oil supply from 8,000 tons to 13,000 tons, adding that the supply would be made to only those companies that pay on time.

It may be noted here that PSO is to pay a total of Rs56 billion to international fuel suppliers from February 19 to 28, 2013.

Last week, the PSO had urged the federal government to release Rs15 billion so that it could save itself from defaulting on its LC payments and square with its creditors.

Various departments including ministry of water and power are indebted of Rs150 billion to PSO collectively.