Indian refiners increase base oil prices in May

03 May 2012 09:52  [Source: ICIS news]

SINGAPORE (ICIS)--India’s state refiners earlier this month increased the prices of their Group I and II base oils in the domestic market, their customers said on Thursday.

The three oil firms - Indian Oil Corp (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) - raised the list prices of Group 1 SN150 and SN500 as well as Group II 150N and 500N base oils by Indian rupees (Rs) 5/litre ($0.09/litre) with effect from 1 May, they said.

Brightstock offers from IOC and HPCL are Rs3.50/litre higher compared to the previous month.

The price increases reflect the stronger international market and the weaker Indian rupee, which fell against the US dollar last month.

($1 = Rs53)

By: Yeow Pei Lin

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