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BUZZ-India's BPCL sells June naphtha using new price formula
May 17, 2017 / 4:32 AM / 4 months ago

BUZZ-India's BPCL sells June naphtha using new price formula

** Bharat Petroleum Corp Ltd sells 88,000 tonnes of naphtha for June loading using a formula, which includes prices from Argus Media and not just S&P Global Platts for the first time

** BPCL sells the cargoes lifting from Mumbai and Kochi to Gunvor at premiums of $12 and $17 a tonne respectively to the new formula on a free-on-board (FOB) basis

** BPCL may extend the new formula of using a mean of Platts and Argus prices to fuel oil

** Previously, it sold May cargoes at $15 to $18 a tonne above the means of Platts (Reuters Messaging: lipeng.seng.thomsonreuters.com@reuters.net)

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