India base oils producers cut prices by Rs0.30-1.40/litre

01 November 2013 10:17  [Source: ICIS news]

BRISBANE (ICIS)--India’s base oils producers has lowered the domestic prices of some grades of Group I and II base oils effective 1 November, market sources said on Friday.

Indian Oil Corp Ltd (IOCL) and Hindustan Petroleum Corp Ltd (HPCL) lowered their SN150 prices by Indian rupees (Rs) 0.40/litre; their SN500 prices by Rs1.80/litre; and their brightstock prices by Rs1.30/litre, sources said.

HPCL had also lowered its Group II 150N and 500N prices by Rs0.40/litre and Rs1.80/litre, respectively.

Meanwhile, Bharat Petroleum Corp Ltd (BPCL) had cut its Group II 150N prices by Rs0.40/litre and its 500N prices by Rs1.30/litre.

Local sellers may have cut their prices in the domestic market because of the strengthening Indian rupee and on the back of weakening crude oil prices, traders said.  

($1 = Rs61.97)

By: Junie Lin

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