The Auditor General of Pakistan (AGP) has revealed massive financial irregularities amounting to over Rs669 billion in the Pakistan State Oil (PSO), raising serious concerns over the company’s financial management and recovery practices.
According to the AGP’s audit report for 2024-25, PSO failed to recover a staggering Rs467 billion from various departments and clients, including bulk consumers, cardholders, retailers, and the Southern Electric Power Company. The Pakistan National Shipping Corporation (PNSC) was also named among major defaulters.
The report highlighted that cardholders and retailers alone owe PSO around Rs439 billion, while the company could not recover Rs25 billion from retailers within just 25 days of billing.
Due to the weak recovery mechanism, PSO has remained heavily dependent on borrowing to maintain its operations. The audit further pointed out that the company’s financial expenditures surged by Rs12.55 billion in 2022-23, contributing to a cumulative increase of nearly Rs56 billion.
The AGP has termed the situation alarming and stressed the need for immediate reforms in PSO’s financial and recovery systems to prevent further losses to the national exchequer.
 has revealed massive financial irregularities amounting to over Rs669 billion in the Pakistan State Oil (PSO), raising serious concerns over the company’s financial management and recovery practices.){kind=link}