Pakistan State Oil (PSO) receivables against different clients have reached Rs 156.4 billion mark, it is learnt. According to reliable sources, the national fuel utility payables have also reached Rs 119.14 billion mark, adding that PSO has to retire over Rs 14.7 billion on account of international Letter of Credit (LC) payments during the current month, while the Ministry of Water and Power has time and again failed in timely releasing the payments.
Pakistan State Oil on a daily basis was supplying 16,000 ton of fuel to power sector, while different power distribution companies were unable to recover full payments from their costumers as a result PSO liabilities against power and other sectors were piling up with each passing day.
All sectors including defence, power, transportation, PIA and industry are relying on PSO and once it internationally defaulted, it will create serious problems for the country. Power sector is the leading defaulter of PSO which at present owes Rs 142.85 billion.
At present, total receivables of PSO from power and other sectors stood at Rs 156.4 billion of which Rs 53.23 billion from Wapda, Rs 56.3 billion from the Hub Power Company (Hubco), Rs 17.79 billion from Kot Addu Power Company (Kapco), Rs 1.4 billion from PIA, Rs 359 million from Oil and Gas Development Company Limited (OGDCL), Rs 12.55 billion from Karachi Electric Supply Company (KESC), Rs 257 million from National Logistic Cell (NLC), Rs 3 billion from Independent Power Plants (IPPs) and Rs 1.35 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 3.4 billion on account of price differential on Low Sulphur Fuel Oil & High Sulphur Fuel Oil (LSFO/HSFO), Rs 1.36 billion on account of price differential on imported PMG and Rs 3.91 billion price differential under GLMP.
Pakistan State Oil payables to local refineries stand at Rs 29.35 billions - Rs 17.7 billion to Pak-Arab Refinery Limited (Parco), Rs 839 billion to Pakistan Refinery Limited (PRL), Rs 1.67 billion to National Refinery Limited (NRL), Rs 3.7 billion to Attock Oil Refinery Limited (ARL), Rs 3.07 billion to Byco and Rs 1.38 billions to others. Pakistan State Oil has to pay Rs 89.79 billion to Kuwait Petroleum Company (KPC) and other international fuel companies within coming months.