ISLAMABAD: Pakistan has moved to secure petrol supplies in the international market as geopolitical tensions around the Strait of Hormuz continue to unsettle global energy trade. Pakistan State Oil has received bids from international fuel traders for two cargoes of petrol, each carrying 55,000 metric tons of 92 RON gasoline, amid concerns over volatile prices and potential supply disruptions.
Official sources said several global trading companies participated in the tender process. For the first petrol cargo, OQ Trading submitted the lowest bid with a cost and freight premium of 17.8 dollars per barrel. Be Energy SA offered a premium of 22 dollars per barrel, while Vitol Bahrain EC quoted the highest premium at 39 dollars per barrel, reflecting the growing uncertainty in international fuel markets.
For the second cargo of the same quantity, only two bidders took part in the process. OQ Trading again emerged as the lowest bidder with a premium of 19.5 dollars per barrel, while Be Energy SA submitted a bid of 23.5 dollars per barrel. Despite OQ Trading offering the most competitive prices, officials said the premiums remain higher than usual due to the current volatility in shipping and insurance costs.
The bids were received under the Public Procurement Regulatory Authority rules, which govern procurement by public sector entities. Officials noted that while the transparent tendering framework ensures fair competition, it can sometimes lead to higher procurement costs during periods of instability in global oil and shipping markets.
The validity of the bids will expire on March 13, requiring Pakistan State Oil to evaluate the offers and finalise its decision before the deadline. Energy officials said the company is carefully assessing market conditions before confirming the imports.
Meanwhile, Pakistan State Oil failed to attract bids for a high speed diesel cargo as traders quoted premiums as high as 80 dollars per barrel, which authorities considered unreasonably expensive. Industry sources said Pakistan currently holds diesel stocks sufficient for about 20 days, but demand is expected to surge next month with the start of the harvesting season, increasing pressure on authorities to secure affordable supplies for the agriculture sector.
