A cascading liquidity crisis, fueled by unpaid bills across the gas and power sectors, is threatening the stability of Pakistan's national energy supply chain. Independent data reveals that overdue liabilities have reached critical levels, with the country's main gas supplier bearing the heaviest burden. Main Developments Sui Northern Gas Pipelines Limited (SNGPL) faces Rs536 billion in overdue liabilities as of July 23, 2026, according to industry figures. This sum comprises Rs274 billion in principal dues and Rs253 billion in late payment surcharges. Recoveries from SNGPL are not keeping pace with the cost of imported LNG shipments, creating a persistent cash flow shortfall. Meanwhile, power sector receivables have climbed to Rs168 billion, with a substantial portion unpaid since the 2019 fiscal year. Read also: 3 Key Reasons Pakistan's Fuel Prices Stayed Flat for Two Days Background The mounting unpaid dues have created an operational bottleneck affecting the entire fuel supply chain, from local refineries to foreign fuel shipments. Delayed payments have forced heavy reliance on short-term bank financing, increasing debt-servicing costs and exhausting available credit lines. Cash constraints have directly impaired the timely settlement of obligations to international suppliers and domestic refiners. The problem has persisted for years, with power sector arrears dating back to FY19. Why It Matters Without a structured settlement plan from relevant authorities, the liquidity crunch could jeopardize fuel procurement schedules nationwide. The strain on the energy supplier's operational liquidity raises fresh warnings about the stability of the national energy supply chain. What's Next Industry analysts have called for immediate intervention to implement a structured settlement plan. The pace of recoveries versus LNG shipments will remain a key indicator of whether the cash flow shortfall deepens or stabilizes.