PSO receives Rs155m debt payment from PIAC, supplies Rs195m worth fuel

MG News | October 19, 2023 at 06:47 PM GMT+05:00

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October 19, 2023 (MLN): Pakistan State Oil Company Limited (PSX: PSO) is making progress in recovering its outstanding dues from Pakistan International Airlines (PIAC), having received a payment of Rs155 million today.

Along with receiving the debt payment, PSO has supplied fuel worth Rs195m today to the national carrier.

This comes in addition to Rs3.45bn worth fuel supplied to PIAC from October 01 to October 18, 2023.

It is important to mention that this inflow follows the recovery of Rs950m last week, Rs100m on Monday and an additional Rs150m yesterday.

However, PIAC still has a substantial outstanding debt to PSO, a crucial factor in maintaining a steady supply of jet fuel for its operations.

So far this month, the national carrier has made payments worth Rs2.672bn.

To recall, PSO had suspended the fuel supply amid PIAC’s inability to settle its dues, which, in turn, resulted in the cancelation of several PIA flights.

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