Now that he is free from his important private trip to Saudia Arabia, the Prime Minister Nawaz Sharif has directed the Finance Minister, Ishaq Dar to arrange for PKR 40 billion for PSO to import additional shipments of petrol and furnace oil. Officials reported that PKR 15 billion had been released within the last few days for PSO to clear its future letter of credit payments by the National Bank of Pakistan. This has enabled PSO to arrange for two shipments of petrol to reach Karachi within the next several days.
During the meeting chaired by the Prime Minister on Thursday, it was revealed that barring Karachi, the country is facing 5,000-6,000 MW of electricity shortage due to unavailability of furnace oil and closure of canals and dams. Due to this load shedding and power black outs are taking place of up to 12 hours in urban centers and 20 hours in rural areas.
The situation is expected to worsen if no solid measures are taken to resolve the ongoing circular debt and electricity theft in power distribution companies.