Sir: As a shareholder of the Pakistan State Oil (PSO), I am writing this piece to express my concerns regarding the company’s sales practices. Over the past few years, the PSO has been supplying furnace oil to the power sector on credit. These supplies are not paid for, leading to major cash flow problems for the company. This non-payment has resulted in the crisis of funds to procure other products like petrol and led to breakdowns in the supply chain. Due to this irregularity, the nation has already experienced a massive petrol crisis in January. Why are these supplies being made without receiving any payment? Who has authorized them? Can they not see the adverse impact these credit sales are having on the company’s financial status? We are the company’s shareholders and have a right to know why our hard earned money is being wasted. The company and the concerned officials need to take a stand on this matter and provide substantial justification for these credit sales. The company also needs to ensure that those who are buying the fuel should make full payment for the supplies in a timely manner.
ALI JAMAL JAFRI
Karachi
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