No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
No Result
View All Result
No Result
View All Result

PSO on verge of default, ECC approves Rs 30 billion to counter financial crisis

Zain Aijaz by Zain Aijaz
August 1, 2022
in Business, Featured, Latest News, National, News, Top News
Reading Time: 1 min read
PSO on verge of default, ECC approves Rs 30 billion to counter financial crisis
Share on FacebookShare on Twitter

Islamabad: On Sunday, the Economic Coordination Committee (ECC) passed a Rs30 billion bailout to steer Pakistan State Oil (PSO) away from the brink of default. PSO has been facing a financial crisis as its receivables have surged to Rs 605 billion. The Rs 30 billion would be generated by imposing additional taxes on the public. ECC has asked the Federal Board of Revenue (FBR) and the finance division to provide a plan to collect Rs 30 billion with the help of taxes in one week.

According to the petroleum division, the sales of PSO high-speed diesel have dropped by 28 per cent while sales of petrol declined by 32 per cent. On the other hand, the devaluation of the rupee has further hiked the procurement cost of petroleum products. The Power Divison has been directed to clear the outstanding payments by August 4, 2022. PSO owes Rs408 billion to Qatar and Kuwait Petroleum Company.

PSO has been facing delays in receiving payments from notable companies. The Sui Northern Gas Pipeline Limited (SNGPL) has to pay Rs 605 billion to PSO, and Pakistan International Airlines has dues of Rs 337 billion. The domestic sector has not transferred payments to SNGPL in the last four winter seasons. SNGPL could not recover the LNG cost as there was no legal framework. Subsequently, the gas company was not able to clear PSO’s payment.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

Related Posts

Pakistan pulls off first ODI against Netherlands by 16 runs
Latest News

Pakistan pulls off first ODI against Netherlands by 16 runs

August 17, 2022
Pakistan reports 526 new Covid-19 cases
Featured

Pakistan reports 526 new Covid-19 cases

August 17, 2022
Government increases petrol prices by Rs6.72 per litre
Business

Government increases petrol prices by Rs6.72 per litre

August 16, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

Pakistan pulls off first ODI against Netherlands by 16 runs

Pakistan pulls off first ODI against Netherlands by 16 runs

by News Desk
August 17, 2022

Rotterdam: Despite a praiseworthy effort from the Netherlands, the men in green pulled off a close win against the dutch...

Pakistan reports 526 new Covid-19 cases

Pakistan reports 526 new Covid-19 cases

by Zain Aijaz
August 17, 2022

Islamabad: During the last 24 hours, 526 people tested positive for Covid-19. The National Institute of Health (NIH) tweeted the...

Government increases petrol prices by Rs6.72 per litre

Government increases petrol prices by Rs6.72 per litre

by Zain Aijaz
August 16, 2022

Islamabad: On Monday, the federal government increased petroleum prices by Rs 6.72 per litre. The Finance Ministry issued the notification...

Nawaz Sharif will return to Pakistan in September

Nawaz Sharif will return to Pakistan in September, says Javed Latif

by Zain Aijaz
August 15, 2022

According to Federal Minister Javed Latif, the leader of the Pakistan Muslim League-N (PML-N), Nawaz Sharif will return to Pakistan...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories

Copyright © 2022 The Upcut. All rights reserved.