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