Coronavirus lockdowns worn out many of the demand earlier this yr, with India’s August 2020 gasoline imports seen at 30,000 tonnes
Indian Oil Corp (IOC) is looking for gasoline, a young doc confirmed, making it the second refiner from the nation seeking to plug a spot brought on by low crude runs to curb inflating provides of diesel and jet gas, trade sources mentioned. IOC, which doesn’t sometimes touch upon its spot offers, is seeking to import 30,000 tonnes of gasoline for October 10-11 arrival at Chennai and Kochi via a young closing on September 29.
This comes after Bharat Petroleum Corp Ltd purchased gasoline from an oil main final week for October 7-11 arrival at Kandla, its first buy this yr. India went on a shopping for spree in 2019 as refineries upgraded to provide cleaner fuels, inflicting the nation’s month-to-month gasoline imports to hit an all-time excessive of about 410,000 tonnes in September final yr, official information confirmed.
Indian refiners are underneath stress to maintain output low on account of persistent weak demand
However, coronavirus lockdowns worn out many of the demand earlier this yr, with India’s August 2020 gasoline imports seen at 30,000 tonnes. “Indian demand for gasoline is (now) super strong. Current (refinery) runs are not adequate and will require some cargoes to be imported in October,” mentioned one of many sources.
But Indian refiners are underneath stress to maintain output low on account of persistent weak demand and dangerous refining margins for diesel and jet gas, the supply added.
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