SINGAPORE: Pakistan State Oil (PSO) has purchased less gasoline spot volumes than what it had tendered for due to high prices, industry sources said on Monday.
The company bought only five out of the six 35,000-tonne 87-octane gasoline cargoes it was seeking for delivery in July and August, one of the sources familiar with the matter said.
It skipped buying a July-August delivery cargo, for which Total had the best offer at a premium of $135 a tonne to Middle East naphtha quotes.
"The premium was not in line with those for the other cargoes," the source added.
The company might instead procure more spot gasoline cargoes next month instead.
PSO bought five of the six gasoline cargoes from Total, Swiss Singapore and Gunvor at premiums ranging from $111.80 to $119.28 a tonne over Middle East naphtha quotes, traders said.
It also bought two 0.5 percent sulphur gasoil cargoes for delivery over June 14-16 and June-July from Vitol and Glencore at premiums of $5.69 and $4.88 a barrel respectively to Middle East gasoil quotes.
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