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

India’s Bharat Petroleum Corp BPCL.NS 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.

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.
Source: Reuters (Reporting by Trixie Yap; Editing by Krishna Chandra Eluri)

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