India’s BPCL offers first gasoil cargo in over a year – sources

SINGAPORE (Reuters) – India’s Bharat Petroleum Corp has offered its first spot gasoil cargo, via a sales tender, in more than a year, three industry sources familiar with the matter said on Monday.

BPCL is seeking to sell at least 40,000 metric tons of 10ppm sulphur gasoil loading Oct. 26-27 from Kochi, according to a document seen by Reuters.

The tender closes on Oct. 3, with same-day validity.

The refiner had previously offered contractual 10ppm sulphur gasoil cargoes in April 2022, for delivery between July 2022 and January this year, Reuters records showed. [MDIS/TENDA]

This sudden offer could be due to strong profits overseas, despite a drop in domestic levies last Friday. Recent October-loading deals for India-origin gasoil are at premiums of around $6 a barrel to free-on-board Arab Gulf quotes – a rise from $4 for September loaders, one of the three sources said.

The state-owned refiner previously sought to buy gasoil cargoes for end-June to early July delivery to its Mumbai refinery, likely due to planned maintenance for some diesel-producing units in its Kochi refinery, a second source said.

BPCL did not immediately respond to a request for comment.

(Reporting by Trixie Yap; Editing by Krishna Chandra Eluri)