India's HPCL cuts base oil prices amid prevailing weak demand

20 July 2012 09:20  [Source: ICIS news]

SINGAPORE (ICIS)--Indian state-owned oil major Hindustan Petroleum Corporation Ltd (HPCL) has cut prices of its Group I base oil cargoes by about Indian rupees (Rs) 3/litre ($0.05/litre), a buyer said on Friday.

The price cut had been announced the day before [19 July] and took immediate effect.

Prices of SN150 base oils were reduced by Rs3.20/litre to Rs70.8/litre, while prices of SN70, SN500 and brightstock fell to Rs72.77/litre, Rs73.77/litre and Rs89.27/litre respectively.

“The price cuts are timely as imported cargoes prices have fallen tremendously in the last few weeks amid global slow down in demand,” an India-based trader told ICIS.

HPCL had previously cut prices on 2 July 2012.

Buyers said two other refineries in India, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL), have yet to announce price cuts.

($1 = Rs55.14)

By: Serena Seng

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