PSO receivables cross Rs755bn

Rising with each passing day, the receivables of Pakistan State Oil — the country’s largest firm by revenue — have crossed a record Rs755 billion by Monday or about 21pc of its annual revenue, virtually halting its strategic business expansion. In its latest report of its financials submitted to the federal government, the country’s largest fuel supplier reported that almost 90pc of its funds had been stuck up with the government entities led by Sui Northern Gas Pipelines Ltd (SNGPL) with a backlog of about Rs478bn. The state-run fuel supplier occupies more than 50pc market share in various petroleum products while about 49pc share is jointly held by more than five dozen oil marketing companies. Its market share has been rising in recent years because of volatile prices and reluctance by other companies to maintain required fuel stocks.