By Jawad Hussain
Power sector’s circular debt has once gained swelled to
anextreme level, Pakistan State Oil (PSO) outstanding amount have reached Rs121
billion, ARY News reported.
According to spokesman of PSO, that among the fuel
defaulters WAPDA stood on top with Rs80 billion worth of payables.
He further said that circular debt had chocked oil
supplies of the company.
“We have no more capacity to arrange fuel due to circular
debt issue,” he added.
Giving details, he said power sector was to pay Rs228.7
billion while PSO had to pay Rs93.3 billion to refineries.
“PSO is facing net deficit of Rs149.9 billion”, he said
and disclosed that PSO had exhausted its credit limit and banks were not
willing to extend more financing.
Other defaulters include Pakistan Steel Mills and
Pakistan International Airline (PIA) with their stood up amount of Rs.21
billion and Rs.5.23 billion.
The circular debt that once again increased rapidly might
increase the energy shortfall thus making the situation worse for the
consumers.
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