According to sources in Pakistan’s leading fuel supplying company, PSO has requested the Ministry of Finance for the release of Rs 50 billion on a immediate basis, enabling it to pay outstanding liabilities against it which at present stand at Rs 188 billion.
The total payables and receivables of PSO after paying Rs 15 billion to Kuwait Petroleum Company (KPC) have declined to Rs 378.35 billion which, on January 14, stood at Rs 393.5 billion.
The PSO’s total receivables of Rs 190.3 billion include Rs 42.24 billion from Wapda, Rs 88.78 billion from the Hub Power Company (Hubco), Rs 33.96 billion from Kot Addu Power Company (Kapco), Rs 3.24 billion from Pakistan International Airline (PIA), Rs 352 million from Oil and Gas Development Company Limited (OGDCL), Rs 4.26 billion from Karachi Electric Supply Company (KESC), Rs 366 million from National Logistic Cell (NLC) and Rs 932 million from Pakistan Railways.
At present, Pakistan’s leading fuel supplying company’s overdue amount has reached Rs 155.7 billion. The company is to receive Rs 1.4 billion on account of audited price differential claim of High Speed Diesel (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 total payables to local refineries stand at Rs 86.66 billion at present including Rs 39.99 billion to Pak-Arab Refinery Limited (PARCO), Rs 13.848 billion to Pakistan Refinery Limited (PRL), Rs 9.5 billion to National Refinery Limited (NRL), Rs 21.11 billion to Attock Oil Refinery Limited (ARL), Rs 2.3 billion to Bosicor and Rs 973 millions to others.
Overdue payments of the local oil refineries against the company have soared to Rs 76.2 billion. Sources said the local oil refineries are unable to operate at full capacity due to non-payments by the government.
If LC payment of Rs 101.37 billion, which it has to pay to Kuwait Petroleum Company (KPC) and other international fuel supplying companies, are included total liabilities of the company swell to Rs 378.3 billion out of which Rs 76.218 billion are overdue.
