SINGAPORE: India’s Bharat Petroleum Corp Ltd has bought gasoline for Kandla in a rare move to meet demand and plug a supply gap after cancelling an earlier purchase tender, industry sources said on Tuesday. BPCL bought 20,000 tonnes of 91.2-octane grade gasoline at a premium of about $9 a barrel to Singapore quotes on a cost-and-freight (C&F) basis.
The fuel is of Euro IV-compliant grade and scheduled for July 18-22 arrival at Kandla port located in Gujarat state of western India. BPCL had previously cancelled a tender to buy 35,000 tonnes of gasoline for June 20-24 arrival at Mumbai but the reasons were unclear.
India is undergoing heavy refinery maintenance this year as the country prepares for cleaner fuels from April 2020. This is coming at a time when motorists in India are increasingly turning to gasoline-powered vehicles and away from diesel-driven automobiles. — Reuters
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