June 15, 2020

POL supply crisis exposes PSO to losses of Rs17 bn

ISLAMABAD: The state owned oil marketing company -- Pakistan State Oil -- suffered the loss of Rs16-17 billion in the ongoing POL availability crisis in the country because of refusal by other oil marketing company to share the losses. The OMCs denied bringing the POL products in the market to avoid the inventory losses when ECC refused to maintain the POL prices and instead reduce the price triggering the availability crisis in the country.Resultantly, the burden of loss got shifted to...