Pakistan State Oil (PSO) has requested the Petroleum Division to pay $220 million to Kuwait Petroleum Corporation for High-Speed Diesel (HSD) and jet fuel.
Here’s what happened:
PSO will soon be compelled to make a direct remittance to KPC on the 30th day after the B/L date.
The foreign exchange reserves:
Considering that Pakistan’s foreign exchange reserves are under a lot of pressure, arrangements have been made with the Government of Kuwait. Pakistan has been facing difficulties establishing certain LCs for the import of lubricants and mogas. This is due to the restricted USD availability,
What you need to know:
SBP has given banks instructions to restrict the opening of letters of credit (LCs) to just necessary items. This is because of the rapidly dwindling foreign exchange reserves and the problem of dollar availability with banks. PSO has asked for the issue to be brought up urgently with the ministry of finance and the national bank.
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