Pakistan’s May base oils imports rise

Pakistan’s base oils imports rose to an eleven-month high in May even as the country’s domestic lube demand extended its fall.

Base oils imports of more than 28,300t in May rose from less than 21,500t the previous month and by 45pc from year-earlier levels, provisional customs data showed.

The year-on-year rise in imports was the second in three months and followed a sharp slowdown in shipments in the three months to February.

Imports from South Korea rose to an eleven-month high of more than 16,000t. A large portion of supplies from that market typically consist of heavy-grade base oils.

Imports of more than 7,000t from Singapore in June were the highest in six months.

Pakistan also continued to take delivery of a larger-than-usual and more frequent-than-usual volume of supplies from Japan.