In trouble: Pakistan gets record-high gasoline offer

SINGAPORE: Pakistan has received a record high offer of $249.40 a tonne to Middle East naphtha quotes on a cost-and-freight (C&F) basis for a prompt gasoline cargo it needed to plug a supply gap, traders said on Wednesday. An ongoing strike at compressed natural gas (CNG) retail stations to protest against rising prices has forced motorists to turn to gasoline as an alternative fuel. The offer came from Vitol and that was the best, or lowest offer given for the prompt 35,000 tonne 87 octane gasoline cargo for June 16-18 delivery to Karachi. The deal has not been sealed.

Published in The Express Tribune, June 14^th, 2012.