Pakistan State Oil (PSO) is on verge of collapse and may go bankrupt in case the government fails to pay the outstanding dues of Rs 226 billion to the oil agency. According to official data PSO receivables and payables have been increased to Rs403 billion in which receivables have been increased to Rs 226 billion while its payables to local and international refineries have touched Rs 176 billion. Power sector is still at the top of the chart with Rs 197 billion liabilities to PSO in which Water and Power Development Authority (WAPDA) owes Rs 60,876m, HUBCO owes Rs 103,626m, KAPCO owes Rs 32,746 million. Karachi Electricity Company (KESC) and Independent Power producers (IPPs) have to pay Rs 9.985m and Rs3,301m respectively. Official documents further revealed that PSO has to collect Rs 1,374m from Pakistan Railways, Rs 1,622m on audited price differential claims-HSD, Rs 3,407m on price differential on LSFO/HSFO. It is also said that Rs 1,351m liabilities on price differential on imported PMG and Rs 3,909m are on price differential under GLAMP and NTDC –KESC. According to the official data of PSO, state oil agency has the liabilities of 176 billion to national and international oil refineries in which company has to pay Rs 29,970m to Pak-Arab oil refinery company (PARCO), Rs 16,348 to Pakistan Refinery Limited (PRL) Rs, 9.523m to NRL and Rs 30,752m to Attock Oil Refinery (ARL). LC payments to KPC and Fuel oil suppliers have been increased to Rs 86,618m.
