KARACHI, Jan 5: Senate Standing Committee on Petroleum and Natural Resources has recommended to the government to clear the dues of Pakistan State Oil (PSO) as soon as possible so that it can buy and supply fuel to power generation companies.

This was stated by the chairman Senate’s committee Senator Syed Dilawar Abbas after presiding over a marathon meeting, which reviewed the performance of PSO and availability of petroleum products here on Monday. Senator Rukhsana Zuberi and MD PSO Kaleem Siddiqui were also present on the occasion.He said that the circular debt of premier oil marketing company has piled up to more than Rs73 billion and its banks’ borrowing touched Rs22 billion, affecting its profitability.

He said that payment of outstanding amount will enable PSO to buy petroleum products and ensure availability of petrol, diesel and furnace oil in the country and operate like an efficient corporate entity.

Senator Abbas said that the committee has also asked PSO to curtail expenses keeping in view the economic situation in the country and enhance its market share to improve its profitability.

He said that PSO has imported 25,000 tons of motor spirit to meet local demand as oil refineries ran under capacity due to financial crunch. PSO supplied 10,000 tons of motor spirit to other OMCs for distribution and marketed 15,000 tons through its own network, he added.—APP