ISLAMABAD - The oil supply throughout the country may face disruption during the next couple of days as the Pakistan State Oil (PSO) has come closer to almost default as it has no cash for payment on account of Letter of Credits (L/Cs) in oil import, sources said on Monday. The PSO with receivables accumulated to over Rs 150 billion has requested the Ministry of Finance for the immediate release of Rs 40 billion to make payment on account of Letter of Credits (L/Cs) in oil import. The sources informed The Nation that as on February 7, 2011, PSO receivables against different clients were as follow: WAPDA Rs 46.79 billion, Hubco Rs 64.2 billion, Kapco Rs 24.8 billion, PIA Rs 1.14 million, OGDC Rs 337 million, KESC Rs 1.91 billion, financial charges from PIA Rs 960 million, price differential claims (PDC) on High Speed Diesel (HSD) Rs 1.38 billion and PDC on imported PMG Rs 5.35 billion. The PSO is to pay Rs 134.92 billion dues to local as well as international fuel suppliers. This detail is as follows: Parco Rs 30.9 billion, PRL Rs 10.8 billion, NRL Rs 9.2 billion, ARL Rs 32.06 billion and Bosicor Rs 4.6 billion. A letter available with The Nation revealed that PSO in SOS call sent to the Ministry of Finance, Water and Petroleum Ministries on January 24, 2011 had requested to immediately release Rs 40 billion to save L/Cs that were near to default due to non-payment of dues by power sector. In the letter, PSO Managing Director PSO Irfan Qureshi requested, in order to avoid an imminent L/C default and to make payment to local refineries, we request your help for an immediate release of Rs 40 billion to PSO. Your timely and kind intervention will help avert major crisis in the oil and power sector of the country. We wish to draw your urgent attention to the liquidity crisis of PSO which is badly hampering our ability to ensure uninterrupted supply of oil to power sector, the letter adds. Such consistent default on payment has forced these refineries to reduce their supplies to PSO. Consequently; we have to rely heavily on imported product resulting in drain of countrys foreign exchange, says the letter. The MD said that PSOs payables to international supplies had accumulated to Rs 35 billion out of which more than Rs 16 billion were payable within the next seven days.