Pakistan State Oil (PSO) has received bids from international traders for two petrol cargoes, each weighing 55,000 metric tons with a 92 RON rating, amid tensions in the Strait of Hormuz. OQ Trading submitted the lowest bid with a Cost and Freight (CFR) premium of $17.8 per barrel for the first cargo, while Be Energy SA offered $22 per barrel. For the second cargo, OQ Trading bid $19.5 per barrel, and Be Energy SA offered $23.5 per barrel. However, the lowest bids for both cargoes are considered relatively high.
The PSO failed to receive bids for a high-speed diesel cargo due to excessively high premiums of around $80 per barrel. Diesel stocks are sufficient for 20 days, but demand is expected to rise with the harvesting season. Total Parco Pakistan Limited has arranged a Euro-II diesel cargo at $20 per barrel premium and is seeking government approval.
