Pakistan State Oil Company (PSO) has started facing acute financial problems as its receivables have reached Rs137.65 billion as of September 12. A serious fuel shortage seems to be on the horizon if the government fails to immediately release at least Rs50 billion demanded by PSO. The international suppliers would stop oil supply to PSO leading to shortage of fuel in the country, sources said.
In case of non-payment of outstanding amounts of international suppliers, there will be a gap in demand and supply while rescheduling the supply of fuel after payment could also take many days that could possibly lead to a severe fuel crisis.
As the, the government is yet to make an urgent payment to the oil marketing company, the total receivables of the company have swelled to a huge amount of over Rs137 billion. The company has been demanding Rs50 billion out of the total outstanding dues. According to latest data sent to Ministry of Finance by PSO, the receivables from WAPDA, HUBCO, KAPCO, PIA, OGDCL, KESC and Pakistan Railways were recorded at Rs30.863 billion, Rs63.423 billion, Rs32.970 billion, Rs1.647 billion, Rs355 million, Rs7.307 billion, Rs1.087 respectively as of September 12 2011.
On the other hand the payables to the local refineries including PARCO, PRL, NRL, ARL, Bosicor and others are registered at Rs28.611 billion, Rs9.218 billion, Rs9.540billion, Rs15.072 billion, Rs7.209 billion and Rs416 million respectively as of Monday. Including the LC payment of Rs86.420 billion the total liabilities of the company have stood at Rs153.486 billion.
