Advertisement
|18 February, 2019

Indian oil refiner BPCL buys gasoline cargo for March in rare move

Both sources said strong demand and low gasoline prices amid a glut of the fuel likely prompted the refiner to import.

SINGAPORE - India's Bharat Petroleum Corp Ltd has bought a gasoline cargo for first-half March arrival, two trade sources said on Monday.

BPCL bought late last week 35,000 tonnes of 91.5-octane gasoline at a low single-digit premium to Singapore quotes on a cost-and-freight (C&F) basis, said the sources.

Both sources said strong demand and low gasoline prices amid a glut of the fuel likely prompted the refiner to import.

Advertisement

BPCL does not typically comment on their tender purchases or sales.

Based on Reuters data, BPCL last imported a gasoline cargo for arrival in May last year at Kochi and Haldia. 

(Reporting by Seng Li Peng and Jessica Jaganathan; editing by Christian Schmollinger) ((lipeng.seng@thomsonreuters.com; +65 6870 3086; Reuters Messaging: lipeng.seng.thomsonreuters.com@reuters.net))

More From Markets