The outstanding receivables of Pakistan State Oil (PSO) have surged past Rs. 900 billion, underscoring the worsening circular debt crisis and mounting liquidity pressures on the country’s largest oil marketing company, according to the company’s receivables and payables position as of June 30, 2026.
The document shows PSO’s total major receivables at Rs. 915.67 billion, compared with major payables of Rs. 105.66 billion, leaving the state-owned firm heavily exposed to delayed recoveries from the power sector and government entities.
The largest component of receivables remains Sui Northern Gas Pipelines Ltd. (SNGPL), which owes PSO Rs. 542.31 billion for re-gasified liquefied natural gas (RLNG) supplies made between 2017 and 2025. The amount includes principal, late payment surcharge (LPS) and accrued LPS.
Receivables from the power sector totaled Rs. 167.75 billion, mainly from GENCOs and the Central Power Purchasing Agency (CPPA) for furnace oil supplies. The amount also includes receivables from Kot Addu Power Company (KAPCO).
PSO’s receivables from Pakistan International Airlines (PIA) and the federal government reached Rs. 127.13 billion. These include Rs. 30.73 billion owed by PIA for jet fuel supplies, Rs. 60.99 billion related to exchange rate differential on the FE-25 loan, legacy petroleum differential claims, and new claims arising from petroleum price differential and import differential costs during 2026.
The company is also awaiting Rs. 73.10 billion in sales tax refunds from the Federal Board of Revenue (FBR), while Pakistan Railways owes Rs. 5.39 billion for high-speed diesel and lubricant supplies.
On the liabilities side, PSO’s major payables amounted to Rs. 105.66 billion, comprising Rs. 70.42 billion payable to domestic refineries and Rs. 35.24 billion related to LNG payments, including letters of credit, Karachi Port charges and standby letters of credit.
The figures highlight the persistent build-up of receivables across the energy chain, with delayed payments from gas utilities, power producers and government entities continuing to constrain PSO’s cash flows and working capital despite its comparatively lower outstanding obligations to suppliers.