The company plans to buy 55,000 tons 180 centistoke high-sulphur fuel oil from January 17 to January 19, the statement of the company said. The company wants to buy 55,000 tons each as optional cargo to be delivered between January and February period.
Offers to supply the fuel oil must be submitted by January 5 and must be valid until January 6. According to market sources, since July the company has bought 385,000 tons fuel oil.
Pakistan's cost of importing oil in the last fiscal year rose 21 percent, to $3.81 billion, after fuel oil demand by electricity producers and factories increased. Pakistan's imports about 85 percent of the oil it uses.