India’s Bharat Petroleum Corp has offered its first spot diesel cargo in more than a year through a sales tender, three people familiar with the matter said on Monday.
BPCL is seeking to sell at least 40,000 tonnes of 10 ppm sulfur diesel to be loaded from Kochi on October 26 and 27, according to a document seen by BPCL. Reuters.
The tender closes on October 3 and is valid on the same day.
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The refinery had previously supplied a contracted cargo of 10ppm sulfur diesel in April 2022, to be delivered between July 2022 and January this year. Reuters The record is displayed.
The sudden offer was likely due to strong overseas profits, despite a drop in domestic tariffs last Friday. Indian-produced diesel for October shipments recently traded at a premium of about $6 a barrel to ex-shipment quotes in the Arabian Gulf, one of the three sources said, compared with $4 a barrel for September loaders.
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The state-owned refiner had previously sought to buy diesel cargoes for delivery to its Mumbai refinery in late June and early July, possibly due to planned maintenance at some diesel production units at its Kochi refinery, a second source said.
BPCL did not immediately respond to a request for comment.
