Petrol hike pumps hope for India
Raising prices at petrol pumps is never likely to be popular. India's brave decision will also prove meaningless unless it is followed by bolder action to cut the more generous diesel subsidies. But the direction of travel is right and if the journey continues India could just turn a corner, writes Jeff Glekin. Full Article
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Asia Naphtha-India Reliance sells 2 cargoes in a wk
SINGAPORE, March 25 |
SINGAPORE, March 25 (Reuters) - India's Reliance has sold two naphtha parcels for April loading within a week despite weakening sentiment, traders said on Thursday.
It sold a 50,000-55,000-tonne spot parcel for first-half April loading to an oil major at premiums above $20.00 a tonne to Middle East spot quotes on a free-on-board (FOB) basis.
It had also sold via tender 50,000-55,000 tonnes for April 4-8 loading from Sikka port to Glencore at a premium of around $21.50 a tonne to Middle East quotes on a free-on-board (FOB) basis. [ID:nSGE62N063]
Traders are expecting India's exports to stay high at more than 800,000 tonnes in April versus around 900,000 tonnes in March despite falling sentiment.
Another private refiner Essar Oil sold via tender 15,000-17,000 tonnes for April 7-11 loading to an undisclosed buyer at a premium of $17.00-$18.00 a tonne, FOB.
Cracks, the premiums/losses obtained from refining Brent crude into naphtha, were around a month-low on Thursday at $124.85 a tonne. (Reporting by Seng Li Peng; Editing by Ramthan Hussain)
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