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PSO suspends fuel oil imports as Pakistan turns to LNG

04:52 PM | 6 Dec, 2017
PSO suspends fuel oil imports as Pakistan turns to LNG
ISLAMABAD - Pakistan State Oil (PSO) has suspended imports of fuel oil after an abrupt drop in domestic demand as the country has shifted its power sector to liquefied natural gas (LNG), according to officials.

Pakistan built its first LNG import terminal in 2015 and a second terminal started up last month. Two more LNG import projects are expected to become operational in 2018.

Reuters quoted PSO officials as saying that fuel oil imports “will have lower priority while LNG will be the main priority of the country.”

PSO’s fuel oil sales were down 9.4 percent in the third quarter of this year from the same period last year while its LNG sales grew by nearly 50 percent due to higher utilisation of LNG in the power sector, according to PSO’s financial results in October.

PSO, the largest oil marketing company with over 56% market share in Pakistan, had issued a tender last month to import 565,000 tonnes of fuel oil for late December to January delivery, which it later cancelled, said two fuel oil traders.

Deliveries of November and December fuel oil cargoes have also been deferred, according to Reuters sources.

This year, PSO imported about 400,000 to 650,000 tonnes of fuel oil a month, on average.

According to Prime Minister Shahid Khaqan Abbasi, the South Asian country could become one of the world’s top-five buyers of LNG with imports topping 30 million tonnes by 2022, up from just 4.5 million tonnes currently.

Daily Pakistan Global Web Desk


PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76


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