Pakistan has decided to sell 40,000 tonnes of February high sulphur fuel oil domestically rather than overseas, scuppering what would have been its first fuel oil export in 20 years, sources in Pakistan said on Wednesday.
"They may export a cargo at the end of March, or in the first week of April. At present, there is enough demand in the domestic market," they said.
Reduced hydropower was increasing demand for fuel oil, sources said.
The 180-centistoke HSFO cargo tendered by National Refinery Ltd was originally slated to load February 10-12 from Port Qasim on a fob basis.
Refiners in Pakistan have started to consider exports as more domestic power plants switch from fuel oil to cheaper natural gas.
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