Amid low refinery run rates threatens to draw down Pakistan's already limited supplies, the country's oil marketing companies are likely to import more spot barrels of motor fuels soon as the recovery in domestic demand.
The Oil and Gas Regulatory Authority’s official reports revealed this expectation was sparked by concerns of a supply crunch after the OGRA in mid-June imposed a cumulative fine of around Pakistan rupees 40 million ($240,000) on six major oil marketing companies for holding insufficient motor fuel inventories.
Signs of an increased import appetite also emerged from a string of amendments Pakistan State Oil Corporation made to its recent buy tenders, seeking even prompter delivery of gasoline cargoes.
State-owned PSO said that the daily average sale and market share in both petrol and diesel have increased significantly in June 2020 compared to the last 11 months due to the shift in demand from other companies' outlets. PSO has issued a tender for 10,000 mt of jet fuel for delivery to Karachi over August 1-15.
