Inside Financial Markets

PSO seeks 905,000 tonnes of oil products for September

Pakistan State Oil is seeking 905,000 tonnes of gasoline and fuel oil for September, three tender documents showed on Wednesday. The state-owned company is seeking 10 cargoes of 65,000 tonnes each of 180-cst high sulphur fuel oil for September loading on a free-on-board (FOB) basis. It is also looking for 55,000 tonnes of low sulphur fuel oil for September delivery into Kaemari or Port Qasim in Karachi on a cost and freight (C&F) basis.

For gasoline, PSO is seeking four cargoes of 50,000 tonnes each of 92-octane gasoline on a C&F Keamari basis. The tenders close on July 24, remaining valid until August 7 PSO typically uses fuel oil for power generation and gasoline in road transport. Its gasoline imports are slightly higher than usual this month due to increased demand during the school holidays, a source close to the matter said.

But this may fall once monsoon season kicks in and curbs transportation, the source added. Monsoon rains are also curbing demand for gasoil in the agriculture sector, the source said. PSO has a high inventory of gasoil and jet fuel and does not need to import the fuels for September as of now, the source added. The company has resumed jet fuel shipments to Afghanistan, after they were halted in June amid a border dispute, the source said.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)