The public sector oil marketing company – Pakistan State Oil (PSO) – is grappling with financial problems with whopping receivables of over Rs 126 billion from various entities, necessitating solid steps by the government to resolve the issue.
The company spokesman said the PSO that played a crucial role in maintaining smooth fuel supply across the country was facing liquidity problems because of the circular debt, however, the official added it is going ahead successfully with its goals. The official said despite receivables of over Rs 126.803 billion against various entities, the PSO had ensured uninterrupted fuel supply with adequate fuel stocks. The spokesperson said the PSO’s receivables as on April 09, among others included Rs 46.347 billion from WAPDA, Rs 53.093 billion from HUBCO, Rs 10.670 billion from KAPCO, Rs 1.552 billion from PIA, Rs 12.064 billion from KESC, Rs 1.146 from IPP and Rs 1.303 billion from the Pakistan Railways. According to experts, delay or non-payment of these dues might mount pressure and give tough time to the PSO to pay Rs 34.837 billion to the refineries and Rs 73.518 billion to the international suppliers.
