Pakistan State Oil's retail outlet. - File Photo.

SINGAPORE: Pakistan State Oil (PSO) bought about 900,000 tonnes of fuel oil for February-March delivery via tender at higher price levels for high-sulphur cargoes, amid a tight market that has seen premiums at double-digit levels for 3-4 months, traders said on Wednesday.

It bought six parcels of 180-centistoke (cst) at premiums of $44.00-$46.00 a tonne and four 125-cst lots at $51.00-$53.00, all to Middle East spot quotes on a cost-and-freight (C&F) Karachi basis, from Bakri, Trafigura and Vitol, up from $46.00-$50.00 previously.

It also bought another four low-sulphur fuel oil (LSFO) parcels from Gunvor at premiums of $106.00-$108.00 a tonne to Middle East spot quotes, C&F, down from $114.00-$126.00 previously.