The receivables of Pakistan State Oil have crossed Rs. 800 billion.
Overall receivables stood at a staggering Rs. 802 billion compared to Rs. 362 billion recorded in August 2021. The firm’s receivables from a public gas utility have surged to Rs. 519 billion, including Rs. 150.8 billion from power generation companies.
Also, Rs. 8.9 billion is outstanding against the government in price differential claims. Major power sector defaulters Hubco and Kapco owe Rs. 29.5 billion and Rs. 5 billion, respectively.
With liabilities piling up, PSO is grappling with the struggle to pay pending dues to oil refineries, with payables at unprecedented levels. In summary, PSO owes Rs. 48.8 billion to refineries.
It owes Rs. 26.6 billion to Pak-Arab Refinery Company (Parco), Rs. 8.4 billion to Pakistan Refinery Limited, Rs. 4.1 billion to National Refinery Limited, Rs. 6.9 billion to Attock Refinery Limited, Rs. 1.7 billion to Byco, and Rs. 1 billion to Enar.
These figures show that the country’s largest fuel supplier is facing a serious financial crunch.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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