The Dawn reported that Pakistan State Oil is expected to award its latest import tender for 70,000 tonnes of gasoline at lower prices than its previous purchase.

Traders said that Switzerland based trader Glencore had the lowest offer for both cargoes of 35,000 tonnes each of 87 octane gasoline, to be delivered over mid July to end of August.

They said that the company placed an offer of USD 3.95 per barrel to 92 octane gasoline Singapore quotes for one of the cargoes and a premium of USD 127.999 per tonne to Middle East naphtha quotes for the second cargo. Both premiums are on a cost and freight basis.

The tender closed on July 3rd 2012 with offers to remain valid until July 7th 2012. Premiums have slipped from a previous tender where Vitol put in an offer of USD 249.40 per tonne to Middle East naphtha quotes for June 16th to 18th cargo.

PSO had in early June bought 175,000 tonnes of gasoline for July to August delivery at USD 111.80 per tonne to USD 119.28 per tonne from Total, Swiss Singapore and Gunvor. It decided against buying a 35,000 tonne cargo for July to August delivery from Total due to high offers at USD 135 per tonne.

Source - Dawn.com

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