India’s IOC raises prices of domestic Group I base oils

01 May 2013 03:17  [Source: ICIS news]

Singapore (ICIS)--India’s state-owned oil and gas company Indian Oil Corporation (IOC) has raised its prices of domestic Group I base oils, effective from 1 May, market sources said on Wednesday.

The company’s SN70, SN150 and brightstock prices were up by Indian Rupees (Rs) 1.70/ltr ($0.03/ltr), while prices of SN500 were higher by Rs1.80/ltr.

The rising demand for local cargoes amid the tight supply of imported Group I cargoes in the country may have supported the company’s price increases, Indian traders said.   

($1 = Rs53.68)

By: Serena Seng

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