03 August 2012 11:17 [Source: ICIS news]
SINGAPORE (ICIS)--Indian state-owned oil major Hindustan Petroleum Corp Ltd (HPCL) has cut prices of its Group I base oil cargoes by Indian rupees (Rs) 3-6/litre ($0.05-0.11/litre) because of weak domestic demand, a buyer said on Friday.
The price cut was announced by the company on 1 August and took immediate effect.
List prices of SN150 base oils were reduced by Rs3.61/litre to Rs74.25/litre from 20 July prices of SN70 fell by Rs 3.38/litre to Rs 77/litre. SN500 prices were down by Rs 6.58/litre to Rs71.75/ litre while brightstock prices were reduced by Rs 4.41/litre to Rs 68.36/litre.
HPCL had previously cut its prices on 20 July 2012.
“Three price cuts in a span of a month clearly shows that the Indian market is weakening,” an Indian buyer told ICIS.
“Moreover, competitively priced cargoes from ?xml:namespace>
Buyers said that two other refineries in India, Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL), have not announced price cuts.
($1 = Rs 55.80)
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