Bill clearanc: power sector now owes Rs 192 billion to PSO

Pakistan State Oil's (PSO) receivables have surged to Rs192 billion after its outstanding dues against the power sector increased by Rs6 billion in just one week. According to official data available with Business Recorder, PSO's total liabilities were Rs185.94 billion a week ago.
PSO is learnt to have requested the government for the release of Rs50 billion on an emergent basis so that it could clear its outstanding liabilities, which currently stand at about Rs170 billion. Of the total, over Rs83.7 billion is payable to local refineries and around Rs86.3 billion to Kuwait Petroleum Company (KPC) and other international fuel supplying companies.
Sources said that local oil refineries were still unable to operate at full capacity because of distribution and generation companies' failure to clear bills, adding that if dues were not cleared, local refineries would default.
Total PSO receivables are estimated at Rs192.007 billion, which include: Rs 53.059 billion from Wapda, Rs93.4 billion from the Hub Power Company (Hubco), Rs18.601 billion from Kot Addu Power Company (Kapco), Rs3.57 billion from Pakistan International Airline (PIA), Rs289 million from Oil and Gas Development Company Limited (OGDCL), Rs5.18 billion from Karachi Electric Supply Company (KESC), Rs488 million from National Logistic Cell (NLC) and Rs1.36 billion from Pakistan Railways.
PSO is owed Rs1.4 billion on account of audited price differential claim of High Speed Diesel (HSD), Rs3.4 billion on account of price differential on Low Sulphur Fuel Oil & High Sulphur Fuel Oil (LSFO/HSFO), Rs1.35 billion on account of price differential on imported PMG and Rs8.61 billion price differential under GLMP.
PSO total payables to local refineries stands at Rs83.7 billion at present, including Rs28.629 billion to Pak-Arab Refinery Limited (PARCO), Rs15 billion to Pakistan Refinery Limited (PRL), Rs9.26 billion to National Refinery Limited (NRL), Rs27.25 billion to Attock Oil Refinery Limited (ARL), Rs2.64 billion to Bosicor and Rs952 millions to others.
Overdue payments of local oil refineries against PSO are also said to have soared to Rs79.2 billion.
If LC payment of Rs86.3 billion, which PSO has to pay to Kuwait Petroleum Company (KPC) and other international fuel supplying companies, is included, total liabilities of the company swell to Rs362 billion, out of which Rs79.22 billion is overdue.