Pakistan State Oil (PSO) has assured its stockholders that despite hundreds of billions of rupees pending recovery, the oil marketing firm will not let the issue hamper the supply of petroleum products in the country.
In a statement issued by PSO, the firm stated that it is the largest oil marketing company in the country, and despite what headlines of many news outlets suggest, the firm will ensure continuous supply of petroleum products across the country. The company has categorically rejected news suggesting fuel stocks in the country are not sufficient to meet the demand.
“PSO would like to confirm that neither there is, nor there will be any shortage of fuel in the country. The company has sufficient quantities of fuel and our depots are working round the clock to ensure an uninterrupted supply of products throughout the country,” PSO clarified in the statement.
Moreover, the oil marketing firm is managing its imports and refinery purchases in a smooth manner. Almost 170,000 metric tons of petroleum product imports are currently in the pipeline, while major proportion of this quantity will be made available in the next few days.
“We would therefore like to assure our customers that there will be no shortage of fuel at PSO outlets,” the statement further added.
The recent statement made by the company also highlighted some of the key liquidity problems that the company is facing. The statement said that despite all the hurdles on liquidity front, PSO is supplying more petrol compared to its current market share to ensure the uninterrupted supply of petroleum products across the country.
“Currently our collective receivables from the power sector, government for price differential claims, PIA and SNGPL stands at Rs 293.6 billion. We are constantly engaging with the Ministry of Energy, Ministry of Finance, PIA and SNGPL for the release of funds in this regard,” the statement added.