PIA suffers despite not among major defaulters of Pakistan State Oil

The percentage of PIA’s payables to the Pakistan State Oil is relatively quite less when compared to the percentage of total outstanding dues of other entities to the state oil company, reported 24NewsHD TV channel on Friday.

According to sources, the PSO receivables from the power sector and other institutions have exceeded Rs765 billion. While its outstanding dues from the cash-strapped PIA amount to a meagre Rs26.80 billion.

The Sui Northern Gas Pipeline Limited owns the largest liabilities totaling Rs487 billion to the PSO under the head of RLNG dues. While the power sector’s liabilities amount to Rs184 billion.

It’s strange that despite such a huge debt of the SNGPL and power sector, the PSO did not suspend fuel supply to these entities.

On the other hand, the state oil company has suspended fuel supply to the PIA which has paid Rs1.04 billion to the company in the last 10 days.

Sources said that the PIA payables to the PSO amount to Rs26.80 billion.

They said that the total payment the PIA has to make to the PSO stands at Rs14.74 billion in outstanding dues and Rs11.93 billion in late payment surcharge.  

If the PIA dues are deducted from the PSO receivables, then the total amount of the PSO receivables will be a whopping Rs669 billion.

The percentage of PIA's outstanding dues is much smaller than the PSO's total receivables.

Notwithstanding the PIA's payments to the PSO on daily basis and despite the fact that its liabilities constitute just a minor part of the total debt, the suspension of fuel supply by the oil company has raised many an eyebrow, sources concluded.

 

Reporter Ashraf Khan