Only one supplier responded to the Pakistan State Oil (PSO) tender for supplying 54,000 metric tons (MT) of gasoline during the last week of July. Due to letters of credit (LCs) issues, only one supplier participated in PSO Mogas Tender.
PSO had floated tenders for the supply of Petrol 92 RON and 95 RON on 29 and 31 July, but only one company, Idemitsu, responded. Foreign banks are not confirming local refineries or oil marketing companies’ letters of credit for importing crude oil and petroleum products.
Foreign companies are reluctant to reply to Pakistan’s refineries and OMCs tenders, a source close to PSO has told BBC Urdu. Two cargos carrying petroleum products from PSO had refused to offload due to the non-confirmation of LCs by the international banks.