ISLAMABAD: Pakistan State Oil (PSO) is witnessing an acute financial crisis due to mounting receivables from different companies including Pakistan International Airlines (PIA).
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As per declaration from PSO, company is facing immense trouble in issuing payments to internal and external companies due to recovery of less financial receipts.
Since November 26, PSO has provided jet fuel worth Rs830 million to PIA but so far oil company has only managed to collect Rs430 million in payment.
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‘PIA is called upon to pay the outstanding amount, failing which PSO would be constrained to immediately suspend oil supplies,’ PSO said in statement.