January 16, 2012 / 8:36 AM / 7 years ago

Asia gasoline/gasoil-Lanka IOC buys Feb cargo from Reliance

SINGAPORE, Jan 16 (Reuters) - Lanka IOC, the Sri Lankan arm of India’s state petroleum firm, has bought a combination cargo of gasoline and gasoil for delivery in February from India’s Reliance at firmer levels than a previous cargo, industry sources said on Monday.

The company bought 11,000 tonnes of 90-octane gasoline and 10,000 tonnes of 91-octane gasoline at premiums of about $2.70 and $4 a barrel to Singapore quotes respectively, a source familiar with the matter said.

Lanka IOC, part of Indian Oil Corp., also bought 9,000 tonnes of 0.25 percent sulphur gasoil at a premium of $3.50 a barrel, higher than an earlier cargo it bought to be delivered in January at a premium of $3.20 a barrel.

The latest cargo is for delivery into Trincomalee over Feb. 4-6.

Lanka IOC,, started sales of Euro III equivalent, or 91-octane, gasoline in early November last year, in addition to Euro II, or 90-octane gasoline, the source added.

The company buys gasoline and gasoil on a spot basis to distribute to the more than 150 fuel stations it owns and operates in the country. (Reporting by Jessica Jaganathan; Editing by Sugita Katyal)

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