SINGAPORE: Pakistan State Oil is set to buy 1.17 million tonnes of oil products for delivery over May to July, its largest purchase of fuel in the spot market for this year, industry sources said on Monday.   
   
The majority of the potential purchase - 910,000 tonnes - is for fuel oil, which is used for power generation during the summer.   
   
PSO is also set to buy 210,000 tonnes of gasoline and 50,000 tonnes of jet fuel at firmer premiums than its previous purchase. The gasoline volume for the current tender is about 50 percent higher than April-May requirements because of higher demand from vehicle owners, the sources said.   
   
The tender closed on April 27 and is valid until May 5.    Of the high sulphur fuel oil cargoes, Middle East trader Bakri is set to supply seven cargoes, while Swiss-based traders Vitol SA and Trafigura AG had the lowest offers for the remaining three cargoes.    
   
The premiums range between $35.84 and $41.84 per tonne over Middle East quotes on a cost-and-freight (CFR) basis.   
   
For low sulphur fuel oil, Swiss-based trader Gunvor had the lowest offers for all four cargoes at $108.87 per tonne over Middle East quotes. For gasoline, Trafigura and Vitol are set to be awarded two cargoes each, while French major Total SA and PetroChina Co Ltd  are due to be awarded a cargo
each. The premiums range from $87.94 to $126.00 per tonne above Middle East naphtha quotes.    
   
The jet fuel cargoes are set to be awarded to Vitol and Total for delivery in May and June at premiums of $4.69 per barrel ($37.52 per tonne) and $4.32 per barrel ($34.56 per tonne) over Middle East quotes, respectively.    
       
    PRODUCT              DELIVERY PERIOD     SELLERS         PRICE*   
    Fuel Oil 180CST      May 18-31           Vitol           $38.90/tonne       
    (65KT each)                              Trafigura       $39.39/tonne    
                                             Bakri           $35.84/tonne   
                         June-July           Bakri           $36.84/tonne   
                         June-July           Bakri           $37.74/tonne   
                         June-July           Bakri           $37.74/tonne   
                         June-July           Bakri           $37.74/tonne   
                         May-July            Bakri           $37.74/tonne   
                         May-July            Vitol           $39.78/tonne   
                         May-July            Bakri           $41.84/tonne   
    Fuel Oil 170CST      May 20-31           Gunvor          $108.87/tonne   
    (65KT each)          May 20-31           Gunvor          $108.87/tonne   
                         June-July           Gunvor          $108.87/tonne   
                         June-July           Gunvor          $108.87/tonne   
    Gasoline 87RON       May 18-31           Total           $126.00/tonne   
    (35KT each)          June                Vitol           $107.93/tonne   
                         June                PetroChina      $108.00/tonne   
                         June                Trafigura       $116.00/tonne   
                         June-July           Vitol           $87.94/tonne   
                         June-July           Trafigura       $118.00/tonne   
    Jet A-1 fuel         May                 Vitol           $4.69/barrel   
                         June                Total           $4.32/barrel   
   
*prices are premiums to Middle East benchmark quotes. AGENCIES