Inside Financial Markets

New convenience retail identity for PSO stations inaugurated

Pakistan State Oil Company (PSO) sets in motion its “New Convenience Retail Identity” for its fuel stations, as part of its recent initiatives towards continuous improvement and transformation. After taking the lead in introducing high quality performance fuels, Altron Premium, Altron X and Action+diesel (Euro II), PSO continues the journey of its Retail business transformation by rebranding its convenience retail identity “Shop Stop” to broaden customer service scope.

The Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi inaugurated the first remodeled facility at PSO’s site, Al Askar PSO Fuel Station, Karachi. Commenting at the launch, Shahid Khaqan Abbasi said that the initiative is reflective of government’s policies aimed at bettering the lives of Pakistanis through the provision of quality products at competitive prices by deregulating the market and increasing competitive environment. In this scenario PSO has played the role of extra ordinary leadership. It is now continuously modernising its offerings and customer service facilities in a highly competitive environment. This is being accomplished despite the challenge of circular debt, more over PSO is delivering extraordinary growth in profit. PSO’s profit after tax has grown by 208 percent compared to last year. He said that the ministry of petroleum and natural resources is actively working with the ministry of water and power and the ministry of finance to resolve the issue of power sector outstanding of PSO so that it can expeditiously embark on its much needed investment program to improve the supply chain infrastructure and enhance its role in the mid-stream sector.

Sheikh Imran-ul-Haque, Managing Director of PSO said the inauguration of this new identity of convenience store is a part of the company’s plans to excel not only in the fuelling business but also to diversify its non-fuel ventures. He said this launch will be followed by more shops at other outlets in July with the number increasing every month thereafter. This is one of the many steps that contribute to the transformation of PSO’s retail business. “It is also our endeavour to ensure that during all these changes PSO remains true to the foundations – to deliver products and services that are unparalleled in quality and accessible to all Pakistanis at its 3600 + retail outlets”, he added.

Head of New Initiatives, Murtaza Shaikh said new products and services at PSO’s fuelling stations will be introduced nationwide including remodelled Shop Stops , automated vending machines, quick-service-restaurants, financial solutions/services such as branchless banking and micro-insurance all under one roof. These all are part of the company’s drive towards better serving the ever increasing needs and demands of customers.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)