PSO receivable escalates to Rs 180.3 billion

PSO receivable escalates to Rs 180.3 billion

Islamabad (December 17), Pakistan State Oil’s receivable and payables have risen to a huge sum of Rs 180.3 billion. The total receivable and payables stand at an escalating Rs 352 billion with payable sum reaching to Rs. 172.15
billion.

According to official data available, the national fuel supply company’s receivables from power sector increased by over Rs 6 billion in a week. PSO receivables from Water and Power Regulatory Authority increased by Rs 2.5 billion,
Rs 3 billion from Hubco, and Rs 1.5 billion from Kapco.

During the week, PSO’s outstanding dues against Water and Power Development Authority (WAPDA) increased by Rs 2.5 billion, against Hub Power Company by Rs 3.2 billion and against Kot Addu Power Company by Rs 1.57 billion.

A PSO official said that this month power sector has only paid Rs 2.7 billion to PSO out of Rs 140 billion overdue payments.

He said that the company continues to face serious financial problems and periodic small bailout packages extended by the government are only sufficient to meet its very short-term liquidity needs. The company’s receivables from
power sector have now reached Rs 151.84 billion. He said that the company was supplying an average of Rs 32 billion worth fuel to the power sector on monthly basis, while the power sector continuously defaults on payment obligations.

Current PSO receivables include Rs 39.2 billion from Wapda, Rs 80 billion from Hubco, Rs 35.7 billion from Kapco, Rs 3.38 billion from PIA, Rs 242 million from OGDC, Rs 4.55 billion from KESC and Rs 1.2 billion from Pakistan Railways.
Currently, another leading company, National Logistic Cell, has also entered the list of the national fuel supplying company’s defaulter list with Rs 355 million payable to PSO.

PSO is to receive Rs 1.4 billion on account of audited price differential claim of high speed diesel (HSD), Rs 3.4 billion on account of price differential on low Sulphur fuel oil & high sulphur fuel oil (LSFO/HSFO), Rs 1.36 billion
on account of price differential on imported PMG and Rs 8.6 billion price differential under GLMP. It has also to receive Rs 1.15 billion from PIA on account of financial charges.

Short URL: https://www.newspakistan.pk/?p=6491

Posted by Fayyaz Yaseen on Dec 17 2011. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry