KARACHI: The Pakistan State Oil (PSO) has posted a profit of Rs4.2 billion for the first half of the fiscal year 2018-19, ARY News reported.
A spokesperson for the country’s largest oil supplier said it dominated the oil market with the cumulative 40.9 shares.
He said economic slowdown, the depreciation of the rupee against the US dollar, other factors, including inventory losses affected the PSO’s earnings.
Furthermore, the spokesman added the demand for black oil saw a decline owing to power plants having been switched to liquid petroleum gas (LPG).
The PSO imported 48 per cent of the total oil while it acquired 36 per cent of the total oil production by local oil refineries.
Though the power sector, the Pakistan International Airlines (PIA), Sui Northern Gas Pipeline Limited (SNGPL) owed the oil company Rs325 billions until Dec 31 yet it didn’t disrupt oil supply to them.