Companies

HPCL buys over 120,000 tonnes of gasoline for September-October delivery

Reuters Singapore | Updated on August 27, 2019 Published on August 27, 2019

File photo   -  The Hindu

HPCL's latest tender is for 30,000 tonnes of gasoline, which scheduled to arrive at Vizag from October 5 to 8

Hindustan Petroleum Corporation Ltd (HPCL) is seeking more gasoline after having purchased more than 120,000 tonnes of the fuel for September to early October delivery from the spot market. According to sources, the purchase was meant to plug a supply gap.

The state-owned refiner has been actively seeking gasoline from the spot market this year as Indian refiners undergo maintenance and upgradation to produce cleaner fuels.

HPCL recently bought the cargoes for September to early October arrival at Visakhapatnam (Vizag) and Mundra from BP, Emirates National Oil Co and Trafigura, but the premiums were not immediately available.

HPCL's latest tender is for 30,000 tonnes of gasoline, which scheduled to arrive at Vizag from October 5 to 8. The offers are to be submitted by August 28.

It is not the only Indian refiner looking to import gasoline. Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOC) have also been seeking the fuel.

This has pushed India's gasoline imports in July to the highest in at least 8 years, official data showed.

But India's gasoline exports were at a two-month high of 1.16 million tonnes in July, or about 16 per cent below May's export volumes when they were at a two-year high, the data showed.

Published on August 27, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.