Oil Marketing Companies (OMCs) have demanded that they are paid interest on withheld payments of differential in prices equivalent to commercial banks' rates. Sources said Oil Companies Advisory Committee (OCAC) has sent details of outstanding amounts accumulating for the last six months to the government.
In a letter, OCAC informed the Ministry of Petroleum (MoP) that delay in the payment of dues is adding to OMCs financial woes. It added that the interest amount would help OMCs reduce losses to some extent.
According to the OCAC, OMCs outstanding amount on differential in prices has been accumulating for the last many months, making it difficult for them to carry on oil supply operations.
The company-wise details indicate that Pakistan State Oil (PSO) is the worst sufferer because of delay in payments to OMCs as the government owed to it 10 billion in differential in prices as on July 1. As on July 1, OMCs' outstanding payments in the head of price differential stood at Rs 23 billion and the unchanged rates in the next 15 days would be adding another 3 to 4 billion to outstanding payments by July 15.
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