The receivables of the Pakistan State Oil (PSO) have touched the highest level of Rs. 436 billion from its consumers belonging to various public and private entities, official sources told ProPakistani.
The figures show that the biggest energy importer giant is facing a serious financial crunch.
The PSO receivables from the Sui Northern Gas Supply Company (SNGPL) have surged to Rs. 230.1 billion, which is a matter of concern for the company.
A PSO official, when contacted, said the huge receivables from SNGPL were not a good omen, as they were hurting the company’s economic health. He added that the outstanding amount of SNGPL was a growing area of concern for PSO. The management is rigorously following up with the authorities concerned for an early settlement of outstanding receivables, he informed.
The power-producing organizations of the country are also unable to pay the outstanding amount of PSO due to low recoveries of bills. Sources said that the receivables of PSO from the country’s power sector had mounted to Rs. 167 billion.
On the other hand, the overall stocks of the circular debt touched heights and climbed to Rs 2,419 billion on account of flows and stocks till the end of October 2021 mainly due to technical losses, power theft and low bill recoveries. Around Rs. 38 billion is being added to the total stock of circular debt monthly basis, according to very recent estimates.
Pakistan International Airlines (PIA) has to make payments for fueling its airplanes as an advance to PSO. The sources told that the receivables from PIA have surged to Rs. 22.2 billion.
According to sources, the amount of price differential claims of the company had climbed to Rs. 9.7 billion. The amount is receivables from the federal government. The company’s claims of exchange rate differential have increased to Rs. 6.9 billion.
Source: Pro Pakistani