PSO booked exchange gains of Rs4.37 billion
Aftab Ahmed
Islamabad: Pakistan State Oil Company Limited has booked an exchange gain of Rs4.37 billion recently on payment of LNG imports and charged it to Sui Northern Gas Pipelines Limited as agreed in the contract. This 4.37 billion will be recognized as income in PSO this quarterly financial statements, a person familiar with the matter said.
Pakistan State Oil Company Limited receivables from Sui Northern Gas Pipelines Limited currently stand at Rs103.3 billion and Rs23.1 billion another receivable on account of Late Payment Surcharge after recognition of Rs4.37 billion exchange gain PSO receivables increased to 127.79billion.
PSO’s total receivables are still high, at Rs 340 billion.
More Read: PSO proposes shares’ transfer to Mari, OGDCL, PPL
Power Sector
The power sector is a major defaulter that is to pay Rs 178.8 billion to PSO. Gencos are to pay Rs 136 billion on account of fuel supply.
Hubco is to pay Rs 34.2 billion and Kapco Rs 8.9 billion. It has received Rs 21.3 billion from the Pakistan International Airline (PIA) on account of jet fuel supply.
It has to receive Rs 9.2 billion in price differential claims from the government. However, it has to pay Rs 15.9 billion to oil refineries on account of the supply of petroleum products.
PSO sale
Pakistan State Oil (PSO) sales increased by 14% in May 2021 to 1.9 million tons as compared to 1.7mn tons in May 2020.
Pakistan State Oil maintained its leadership position with total sales of 758,269 tons in May 2021 with a market share of 44.8%. PSO product-wise MS/HSD/FO/JP-1 arrived at 311,276/373,100/53,047/12,889 tons with market share of 42.6/49.0/31.5/91.7% in May 2021.
It is worth noting that in May 2021, Gas & Oil Pakistan Ltd (Go Petroleum) became Pakistan’s third-largest OMC, with a 9.1% market share. On May 21, the company sold a total of 153,786 tons of petroleum products. Go product sales include MS/HSD 74,515/78,467 tons with a market share of 10.2% in MS and 10.3% in HSD.
Attock Petroleum Limited’s market share remained at 8.5% in May 2021 with total sales of 143,216 tons. APL product-wise sales included MS/HSD/FO of 49,289/54,038/26,224 with a market share of 6.7/7.1/21.5% in May 2021.
