June 7, 2013 / 7:31 AM / 5 years ago

Asia Gasoline-India's BPCL, IOC buy to fill supply shortage

SINGAPORE, June 7 (Reuters) - Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd(BPCL) have bought a total 47,000 tonnes of gasoline as they seek to plug a supply shortage caused by firm demand amid plant outages, traders said on Friday.

IOC bought two cargoes comprising 15,000 tonnes for June 22-24 arrival at Paradip/Haldia and 7,000 tonnes for June 20 to July 1 arrival at Kandla.

The seller of the IOC cargoes was an oil major, at premiums estimated at an average of $7 to $8 a barrel to IOC’s formula on a cost-and-freight (C&F) basis, the traders said.

BPCL bought 25,000 tonnes of gasoline for June 18-22 arrival at Kochi from Vitol at a premium of about $7 a barrel to Singapore quotes on a C&F basis.

India has seen tighter supplies as summer holiday demand hit just after Hindustan Petroleum Corp Ltd (HPCL) and BPCL had each had to shut a crude unit at a refinery due to fire.

Mangalore Refinery and Petrochemicals Corp (MRPL) and IOC had refineries under maintenance, which was adding to the supply strain.

Reporting by Seng Li Peng; Editing by Tom Hogue

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