July 16, 2019 / 8:04 AM / a month ago

BPCL buys gasoline for Kandla in rare move

A Bharat Petroleum oil pump station displays the price of unleaded petrol (0.89$) and diesel (0.66$) as pedestrians walk past in New Delhi, February 3, 2016. REUTERS/Adnan Abidi/Files

SINGAPORE (Reuters) - 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.

Reporting by Seng Li Peng; editing by Uttaresh.V

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