Pakistan State Oil’s (PSO) receivables from various public sector entities have grown to a colossal amount of Rs. 362 billion, making it difficult for the company to operate smoothly.
A spokesman at PSO stated that different corporations from the power sector owe an amount of Rs. 264 billion which has not been paid for the past many months.
Adding fuel to the fire, a burden of Rs. 16 billion was added with the import of LNG carried out by the Sui Northern Pipeline Gas Limited during the last month. It already owed a whopping Rs. 50 billion under outstanding payables to the state-owned oil marketing company.
The spokesman alleged that the payment cycle of SNGPL to PSO is irregular, which has resulted in heavy dues of the former over the oil marketing company.
He urged the government to take notice of the public sector entities for the non-payment of dues that severely cripple the financial health of PSO.