Pakistan State Oil (PSO) has received bids from international traders to supply two petrol cargoes as the country works to secure fuel imports amid tensions around the Strait of Hormuz and volatility in global energy markets.
The state-owned fuel importer invited offers for two gasoline cargoes of 55,000 metric tons each with a 92 Research Octane Number (RON), according to officials familiar with the process.
For the first cargo, OQ Trading submitted the lowest bid with a cost-and-freight premium of $17.8 per barrel. Be Energy SA offered a premium of $22 per barrel, while Vitol Bahrain E.C. quoted the highest premium at $39 per barrel.
For the second cargo of the same size, only two companies submitted bids. OQ Trading again offered the lowest price with a premium of $19.5 per barrel, while Be Energy SA proposed a premium of $23.5 per barrel. Officials noted that even the lowest bids remain higher than usual market levels.
The bids were submitted under rules set by Pakistan’s Public Procurement Regulatory Authority (PPRA), which oversees public-sector procurement. Officials said the strict tendering process can sometimes result in higher costs, especially during periods of instability in global fuel markets.
PSO is required to decide on the offers before March 13, when the bids will expire.
Meanwhile, the company did not receive any acceptable bids for a planned high-speed diesel cargo after traders quoted a cost-and-freight premium of around $80 per barrel, which officials considered too high. Market sources said suppliers were hesitant to offer competitive prices due to rapid fluctuations in global petroleum markets.
Separately, Total Parco Pakistan Limited has arranged a cargo of Euro-II grade diesel at a premium of $20 per barrel and has requested government approval for the import. PSO usually imports Euro-V diesel, which meets stricter environmental standards.
Officials said Pakistan currently has diesel stocks sufficient for about 20 days. However, demand is expected to increase next month with the start of the harvesting season, when agricultural machinery significantly raises fuel consumption.
