SINGAPORE: Pakistan State Oil is expected to award its latest import tender for 70,000 tonnes of gasoline at lower prices than its previous purchase, traders said on Wednesday.

Switzerland-based trader Glencore had the lowest offer for both cargoes of 35,000 tonnes each of 87-octane gasoline, to be delivered over mid-July to end of August, they said.

The company placed an offer of $3.95 a barrel to 92-octane gasoline Singapore quotes for one of the cargoes, and a premium of $127.999 per tonne to Middle East naphtha quotes for the second cargo.

Both premiums are on a cost-and-freight basis.

The tender closed on July 3, with offers to remain valid until July 7.  Premiums have slipped from a previous tender where Vitol put in an offer of $249.40 a tonne to Middle East naphtha quotes for a June 16-18 cargo.

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.