The government has released Rs 10 billion to cash-starved Pakistan State Oil (PSO) out of Rs 227.082 billion outstanding dues against power sector, it is learnt. According to an official of the national fuel supplying company, PSO's total receivables and payables have surged to Rs 415.7 billion out of which Rs 243.35 are receivables and Rs 172.26 are payables.
He revealed that the circular debt has crippled the entire economy of the country, adding that if the government did not take immediate steps for resolving the circular debt issue of the leading fuel supplier of Pakistan the company will default. The PSO is supplying over Rs 32 billion monthly fuel to the power sector, while the sector is paying back only around Rs 15-16 billion per month due to which PSO's outstanding dues are continually increasing, a PSO official told Business Recorder.
Official data available with Business Recorder revealed that within two weeks, the PSO's receivables have reduced by over Rs 1 billion. Power sector is the major defaulter of PSO with Rs 227.082 billion outstanding dues against the sector. According to official data, the oil giant's total payables to local refineries and international fuel suppliers have reached Rs 172.258 billion, while its total receivables from power sector and other sectors including Pakistan Railways (PR) and Pakistan International Airlines (PIA) stand at Rs 243.082 billions.
The Hub Power Company Limited (HUBCO) is the leading defaulter of PSO with Rs 108.352 billions outstanding dues followed by Water and Power Development Authority (WAPDA) with Rs 62.313 billion, Kot Addu Power Company (KAPCO) with Rs 38.596 billion, Karachi Electric Supply Company (KESC) Rs 11.586 billion and Independent Power Plants (IPPs) Rs 6.235 billion. The company has to receive Rs 2.537 billion from Pakistan International Airline (PIA), Rs 532 million from Oil and Gas Development Company Limited (OGDCL), Rs 381 million from National Logistic Cell (NLC) and Rs 1.4 billion from Pakistan Railways.
The company is to receive Rs 1.62 billion on account of audited price differential claim of High Speed Diesel (HSD), Rs 3.407 billion on account of price differential on Low Sulphur Fuel Oil & High Sulphur Fuel Oil (LSFO/HSFO), Rs 1.35 billion on account of price differential on imported PMG and Rs 3.909 billion price differential under GLMP and Rs 1.92 billion on account of financial charges on PIA.
At present, PSO has to payback Rs 87.431 billion of local refineries out of which Rs 24.91 billion is due to Pak Arab Refinery Limited (PARCO), Rs 18.830 billion to Pakistan Refinery Limited (PRL), Rs 10.026 billion to National Refinery Limited (NRL), Rs 30.23 billion to ARL, Rs 2.58 billion to Bosicor and Rs 849 million to others. The national fuel supplying company has to payback Rs 84.83 to Kuwait Petroleum Company Limited and other international fuel suppliers on account of Letter of Credit (LC) payments.
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