Updated on
Summary Pakistan State Oil receivables have been reached to more than 185 billion.
Pakistan State Oil (PSO) is likely to face financial crunch if the government failures continue to pay outstanding dues of PSO that have been increased to more than Rs 185 billion.Pakistan State Oil receivables have been reached to more than 185 billion while PSO has to pay 199 billion to local and international refineries.A senior official of PSO told this agency that receivables and payables of PSO have been reached to 384 billion while 185 billion are receivables and 199 billion are payables.Officials told that power sector is the major defaulter of PSO, which owes total amount of Rs 159 billion of which WAPDA owes Rs 40 billion, HUBCO owes more than Rs 85 billion whereas KAPCO owes Rs 33 billion while KESC Rs 4 billion said the official.PSO receivables include Rs 40 billion from Water and Power Development Authority (WAPDA) Rs 85 billion from Hub Power company (HUBCO), Rs 33 billion from Kot addu Power Company (KAPCO), Rs 3.2 billion from Pakistan International Airline (PIA), Rs 215 million from Oil and Gas Development Company (OGDCL), Rs 4 billion from KESC and Rs 973 billion from Pakistan Railway.The national fuel supply company has to receive Rs 1.3 billion on account of audited price differential claim of High Speed Diesel (HSD) Rs 3 billion on account of price differential on Low Sulpher Fuel Oil and High Sulpher Oil (LSO,HSO) , rupees one billion on account of price differential on imported PMG and Rs 8 billion under GLAMP.Financial charges on PIA have been reached to one billion.Officials further told Online that PSO total payables to local oil refineries have been reached to 199 billion of which Rs 38 billion owes to Pak Arab Refinery Limited (PARCO), Rs 13 billion owes to Pakistan Refinery Limited (PRL), Rs 9 billion owes to National Refinery Limited (NRL), Rs 20 billion to Attock Oil Refinery (ARL).Officials told Online that PSO owes Rs 2 billion to Bosicor and Rs 793 millions to others.Talking about the current fiscal situation officials said that receivables have crossed to Rs 185 billion which is matter of grave concern. Officials said that this huge outstanding is adversely affecting PSO liquidity and it may lead to inevitable breakdown in the supply chain, resulting in fuel shortage in the country, which would lead to PSO default.
