PSO payables, receivables swell to Rs 393.5bn

ABDUL RASHEED AZAD

ISLAMABAD: The total of payables and receivables of Pakistan State Oil (PSO) has swelled to Rs 393.5 billion. Of this, Rs 203.2 billion are payables and Rs 190.3 billion are receivables.

Official data available with Business Recorder shows that within a week the company’s receivables and payables increased by Rs 9 billion.

Power sector is the major defaulter of PSO with Rs 169.1 billion. The data shows that total liabilities of the company against power sector had increased by Rs 5.1 billion.

PSO’s payables to local refineries and international fuel suppliers have crossed Rs 203 billion mark. The company has to pay Rs 116 billion on account of Letter of Credit (LC) payments to Kuwait Petroleum Company (KPC), and owes Rs 87 billion to local refineries.

PSO receivables of Rs 190.3 billion include Rs 42.7 billion from Wapda, Rs 88.2 billion from Hubco), Rs 34 billion from Kapco, Rs 3.3 billion from PIA, Rs 273 million from OGDC, Rs 4.3 billion from KESC, Rs 421 million from NLC and Rs 1 billion from Railways.

At present PSO’s overdue amount has crossed Rs 155 billion.

The company 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. PSO’s payables to refineries have crossed Rs 87 billions mark at present including Rs 39.38 billion to Parco, Rs 14.1 billion to PRL, Rs 9.2 billion to NRL, Rs 21. billion to ARL, Rs 2.3 billion to Bosicor and Rs 793 million to others. If LC payment of Rs 116.2 billion, which it has to pay to Kuwait Petroleum Company (KPC) and other international fuel suppliers, are included in the total liabilities of the company which swelled to Rs 203.2 billion mark of which Rs 74.8 billion are overdue.