Tender: PSO to pay more for petrol purchase

Lowest bidder offers cargo for minimum $89 per ton against previous $77 per ton.

SINGAPORE:

State-owned Pakistan State Oil is tipped to buy 210,000 tons of petrol at premiums higher than its last purchase for February and March delivery, a source said Wednesday, platts.com reported.

The country’s largest oil marketing company has sought two cargoes each 35,000 tons for February and four cargoes for March delivery into Keamari terminal, Karachi, through a tender that closed January 3.

The lowest offers into the tender came from Western traders Vitol and Trafigura, with Vitol offering one cargo each for February and March at premiums of $91 per ton and $89 per ton, respectively, higher than Mean of Platts Arab Gulf naphtha assessments.

Trafigura’s offers on the other four cargoes were at assessments plus $77 per ton for February and plus $75 per ton for March.

PSO last bought 140,000 ton of 87 RON gasoline, in four equal cargoes, for January- February delivery from Trafigura and Gunvor at MOPAG naphtha assessments plus $72 to 74 per ton, CFR Karachi basis.

Published in The Express Tribune, January 5^th, 2012.