ISLAMABAD: The receivables and payable of Pakistan State Oil (PSO) have reached Rs508.3 billion as several clients failed to pay their bills for fuel supplies. In first nine months of the financial year 2021-22, the receivable and payable of PSO increased by Rs151.3 billion or 42 percent, according to documents available with Business Recorder.
The amount was Rs357 billion in July 2022.
The PSO mainly supplies oil to different clients across the country and besides this area, circular debt has also emerged in the supply of imported liquefied natural gas (LNG) which contributed in circular debt by adding Rs277.8 billion.
The company has posted the highest-ever after-tax profit of Rs29.1 billion for financial year 2020-21, its financial health is deteriorating because of the continuous circular debt build-up.
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Responding to a question regarding shortage of diesel next month amid the harvesting season as its stocks are plummeting, the PSO official says in view of the increasing demand of diesel, mainly due to harvesting season and limited product availability/imports by other market players, PSO has arranged four additional HSD cargoes in the months of March and April 2022.
These cargoes are in addition to the PSO’s planned imports in accordance with its usual market share. Furthermore, the PSO has floated tenders for cargoes deliveries in May and June 2022, award of which will depend on demand, stocks situation and bid participation from suppliers.
Copyright Business Recorder, 2022
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