PSO receivables surge to Rs 185.52 billion

The total of receivables and payables of Pakistan State Oil (PSO) has swelled to over Rs 358.45 billions, out of which Rs 185.52 billion are receivables and Rs 172.93 billion payables. According to official documents, PSO receivables from power sector increased by Rs 5.3 billion in a week.
Similarly, its payables to local fuel supplying companies and international fuel supplying companies also soared by Rs 8.22 billion. The power sector is the leading debtor of PSO with Rs 164.633 billion outstanding against it. Hub Power (Hubco) is the leading defaulter of PSO with Rs 83.3 billion, followed by Wapda Rs 40.17 billion, Kapco Rs 36.642 billion, KESC Rs 4.548 billion, PIA Rs 3.254 billion, Pakistan Railways Rs 1.134 billion and OGDC Rs 257 million.
Currently, NLC has also entered the list of PSO's defaulters' list with Rs 351 million. Within a week PSO's outstanding dues against Wapda increased by Rs 1 billion, against Hubco by Rs 3.3 billion and against Kapco by Rs 1 billion. A PSO official told Business Recorder that previously the company was supplying on average Rs 32 billion worth of fuel to the power sector per month, but now it has reduced supply to Rs 16 billion per month due to continuous defaults by the power sector.
The PSO is to receive Rs 1.4 billion on account of audited price differential claim of 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 8.6 billion price differential under GLMP. It has also to receive Rs 1.15 billion from PIA on account of financial charges.
PSO's payables to local refineries crossed Rs 84.1 billion. The payables to local refineries include Rs 39.38 billion to Pak-Arab Refinery, Rs 12.084 billion to Pakistan Refinery, Rs 9.37 billion to National Refinery, Rs 20.17 billion to Attock Oil Refinery, Rs 2.3 billion to Bosicor and Rs 775 million to others. PSO's LC payments to Kuwait Petroleum Company (KPC) and other international fuel supplying companies have swelled to Rs 89 billion.