Pakistan State Oil (PSO) has agreed to buy a total 100,000 tonnes of 0.5 percent gas oil for delivery between August to October from Middle East trading firm FAL Oil, industry sources said on Friday. The first parcel of 50,000 tonnes, scheduled for delivery this month, was transacted at nearly $4.60 a barrel above Middle East spot quotes, cost and freight (C&F) basis, traders said.
"The price was aggressive because this is a fairly prompt delivery cargo," a Middle East based trader said. "Pakistan, as you know, is short of fuel for power generation so they are extremely aggressive on the market." The second parcel which is scheduled to be delivered in early September was purchased at around $4.13 a barrel premium, C&F, traders said.
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