Pakistan State Oil (PSO) is seeking up to 845,000 tons of oil products for delivery from November 2012 to February 2013, about 50% more than it bought for September to December delivery, a tender document showed on Tuesday.
The state-owned firm is looking for 455,000 tons of high sulphur fuel oil, 110,000 tons of low sulphur fuel oil and 280,000 tons of motor gasoline, the document showed.
PSO bought less than half its total requirements for September to December delivery, skipping gasoil and low sulphur fuel oil purchases because of a dip in demand. Gasoil appetite has dropped in the country due to increased rainfall, which has boosted hydropower generation, traders have said.
The company last bought 260,000 tons of high sulphur fuel oil from Bakri Trading and Vitol at premiums of about $25 to $26 a ton above Middle East quotes.
Published in The Express Tribune, October 10th, 2012.
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