Prime Comment #43

PSO’s Liquidity Crunch: When Circular Debt Meets Geopolitical Risk

Pakistan’s State Oil (PSO) receivables have totalled Rs 909 billion as of July 2026. SNGPL alone owes Rs 536 billion, with Rs 253 billion in late payment surcharge, reflecting persistent delays in settling principal dues. The power sector contributes Rs 168 billion, with some unpaid since FY2018-2019. This is seven years of cumulative institutional default disguised as a receivable issue....