Financial Misery Mounts For PSO As Receivables Cross Rs. 850 Billion

The receivables of state-owned Pakistan State Oil (PSO) have crossed Rs. 850 billion worsening its liquidity crunch. Overall receivables stood at a staggering Rs. 853 billion compared to Rs. 802 billion recorded in December 2023 and Rs. 362 billion in August 2021. PSO’s receivables from Sui Northern Gas Pipeline Company Limited (SNGPL) have surged to Rs. 572 billion, including Rs. 187 billion from power generation companies. Meanwhile, Pakistan International Airlines has to pay Rs. 27 billion to the money-hungry state-owned oil marketing company. With liabilities piling up, PSO is struggling to pay pending dues to oil refineries, with payables at unprecedented levels. In summary, PSO owes Rs. 37.47 billion to refineries. Its payables include Rs. 21.73 billion to PARCO, Rs. 8.35 billion to PRL, Rs. 6.79 billion to ARL, Rs. 585 million to ENAR, and Rs. 104.49 billion for import of diesel from Kuwait Petroleum Company, and LNG imports from Qatar.