The Pakistan State Oil’s receivables and payables rose to Rs. 400.8 billion of which Rs. 215.964 billion are receivables and Rs. 184.83 billion are payables to international and local fuel suppliers.
According to official data, the oil giant’s total payables to local refineries and international fuel suppliers have touched Rs. 184.83 billion mark, while receivables from power sector and other sectors including Pakistan Railways and Pakistan International Airlines (PIA) stand at Rs. 215.964 billion.
Sources in PSO said that the company is supplying furnace oil worth Rs. 32 billion to power sector monthly, while the sector is unable to pay back full dues, as its monthly payback is around Rs. 12 billion due to which PSO’s outstanding dues are increasing constantly.
PSO officials said the circular debt has crippled the national economy and some of the local refineries have partially stooped providing petroleum products to PSO.
The Hub Power Company Limited (Hubco) is the leading defaulter of PSO with Rs. 101.946 billion outstanding followed by Water and Power Development Authority (Wapda) with Rs. 54.85 billion and Kot Addu Power Company (Kapco) with Rs. 30.971 billion. The company has to receive Rs. 2.632 billion from Pakistan International Airline (PIA), Rs. 314 million from Oil and Gas Development Company Limited (OGDCL), over Rs. 6 billion from Karachi Electric Supply Company (KESC), Rs. 534 million from National Logistic Cell (NLC) and Rs. 1.4 billion from Pakistan Railways.
The national fuel supplying company has to receive Rs. 1.264 billion from small Independent Power Producers (IPPs).
The company is to receive Rs. 1.4 billion on account of audited price differential claim of High Speed Diesel (HSD), over Rs. 3.407 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. 8.612 billion price differential under GLMP and Rs. 1.419 billion on account of financial charges on PIA.
At present, PSO has to pay back Rs. 94.386 billion to local refineries of which Rs. 31.084 billion to Pak Arab Refinery Limited (Parco), Rs. 17.970 billion to Pakistan Refinery Limited (PRL), Rs. 9.396 billion to National Refinery Limited (NRL), Rs. 32.713 billion to ARL, Rs. 2.60 billion to Bosicor and Rs. 617 million to others.
The PSO has to payback Rs. 90.44 to Kuwait Petroleum Company Limited and other international fuel suppliers on account of Letter of Credit payments. PSO’s total payables to local and international fuel suppliers stand at Rs. 182.46 billions out of which Rs. 82.350 billion is overdue. – Copyrights Business Recorder –