SINGAPORE: Pakistan has received a record high offer for a prompt gasoline cargo it needed to plug a supply gap at $249.40 a tonne to Middle East naphtha quotes on a cost-and-freight (C&F) basis, traders said on Wednesday.

An ongoing strike at compressed natural gas (CNG) retail stations to protest against rising prices has forced motorists to turn to gasoline as an alternative fuel.

The offer from Vitol was the best offer made for the prompt 35,000-tonne 87-octane gasoline cargo for June 16-18 delivery to Karachi.

The deal has not been sealed as Pakistan State Oil (PSO) has not officially accepted the offer.

“PSO's tender is due later in afternoon, so they are still reviewing this sky-high offer,” said a trader.

“But PSO does not have much of a choice as supplies are affected and no one is certain when the strike will end. This is likely going to be a take it or leave it situation for them.”

Prompt cargoes are usually very costly as sellers are given very tight deadlines to charter vessels.

PSO had in early June bought 175,000 tonnes of gasoline for July-August delivery at $111.80-$119.28 a tonne from Total, Swiss Singapore and Gunvor.

It decided against buying a 35,000-tonne cargo for July-August delivery from Total due to high offers at $135 a tonne.