Islamabad: Pakistan State Oil (PSO) has reduced its fuel oil imports for power generation, according to a news report. This has happened because monsoon rains have lowered the demand for electricity in the country. Since May, as much as 695,000 tonnes of fuel oil was being imported last month.
The increased demand in the earlier months of summer have pushed fuel oil premiums higher as this occurred at the same time supplies typically become tighter, globally. A trader at the company has said that the country has enough stock and local oil production and monsoon has significantly brought down temperatures in the country as well.
