India’s IOC and BPCL cut Group II base oil prices for October

01 October 2012 10:27  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) have cut their October prices of domestically produced Group II and Group II+ base oils in the country, market sources said on Monday.  

The new prices will take effect from 1 October onward, sources said.

IOC has reduced its 150N prices by Indian rupees (Rs) 2.50/litre ($0.05/litre) to Rs67.25/litre and its 500N prices by Rs0.10/litre to Rs71.46/litre. However, the refiner kept its 70N prices at Rs76.10/litre, stable from September.

While BPCL raised its Group II+ 65N prices by Rs1.40/litre to Rs71.50/litre, it reduced its 150N prices by Rs3.10/litre to Rs65.80/litre and its 500N prices by Rs1.70/litre to Rs67.80/litre.

Market sources said the prices were lowered largely because of weak demand and the availability of offers of competitively priced imports of Group II base oils.

($1 = Rs52.86)

By: Serena Seng

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