Indian Oil Corpn.
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Rosneft, Gazprom Neft and Lukoil seek supplies, sources say
Indian refiners may not have surplus for Russia, sources say
One cargo has already sailed for Russia via traders
By Krishna N. Das and Nidhi Verma
NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.
At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.
Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.
Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.
Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.
Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.
SHIP-TO-SHIP TRANSFERS
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.
Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.
Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.
Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".
"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.
"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."
(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)
Rosneft, Gazprom Neft and Lukoil seek supplies, sources say
Indian refiners may not have surplus for Russia, sources say
One cargo has already sailed for Russia via traders
By Krishna N. Das and Nidhi Verma
NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.
At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.
Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.
Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.
Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.
Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.
SHIP-TO-SHIP TRANSFERS
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.
Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.
Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.
Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".
"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.
"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."
(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)
LONDON, July 13 (Reuters) - Nigeria's Dangote oil refinery issued a spot tender for crude oil on Monday, a trade source said, while the wider market remained quiet.
The refinery was inviting offers for crude oil to be loaded between August 1 and 30, a copy of the tender seen by Reuters showed.
A lack of buying demand, particularly from China, has been weighing on the West African crude oil market and some grades like Middle Eastern and Latin American crudes have become cheaper for market participants.
In the wider market, Nigeria's crude oil production rose to its highest level in more than six years in June, as stable operations and improved pipeline reliability boosted output, according to data released by the regulator on Sunday.
(Reporting by Seher Dareen; Editing by Shilpi Majumdar)
LONDON, July 13 (Reuters) - Nigeria's Dangote oil refinery issued a spot tender for crude oil on Monday, a trade source said, while the wider market remained quiet.
The refinery was inviting offers for crude oil to be loaded between August 1 and 30, a copy of the tender seen by Reuters showed.
A lack of buying demand, particularly from China, has been weighing on the West African crude oil market and some grades like Middle Eastern and Latin American crudes have become cheaper for market participants.
In the wider market, Nigeria's crude oil production rose to its highest level in more than six years in June, as stable operations and improved pipeline reliability boosted output, according to data released by the regulator on Sunday.
(Reporting by Seher Dareen; Editing by Shilpi Majumdar)
LONDON, July 10 (Reuters) - Nigeria's national oil company NNPC issued a tender calling for bids on one of its key crude grade, while the rest of the market remained subdued.
NTL, NNPC's trading arm, issued a tender for bids on a cargo of its Bonny Light grade to be loaded in August 20-21.
Differentials in the wider market have been pressured by weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week.
Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
(Reporting by Seher Dareen, Editing by Louise Heavens)
LONDON, July 10 (Reuters) - Nigeria's national oil company NNPC issued a tender calling for bids on one of its key crude grade, while the rest of the market remained subdued.
NTL, NNPC's trading arm, issued a tender for bids on a cargo of its Bonny Light grade to be loaded in August 20-21.
Differentials in the wider market have been pressured by weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week.
Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
(Reporting by Seher Dareen, Editing by Louise Heavens)
LONDON, July 9 (Reuters) - The West African crude market was quiet on Thursday as demand waned and crude grades competed for market share against each other.
Nigeria's Bonga for August 3 to August 4 loading was bought at dated flat in the Platts window earlier this week, traders said, while TotalEnergies offered Angolan Djeno at minus $14 to dated Brent.
Differentials have been pressured by weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week.
Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
In the wider market, ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to add 40,000 barrels per day of oil production, Nigeria's upstream regulator said on Wednesday.
(Reporting by Seher Dareen. Editing by Mark Potter)
LONDON, July 9 (Reuters) - The West African crude market was quiet on Thursday as demand waned and crude grades competed for market share against each other.
Nigeria's Bonga for August 3 to August 4 loading was bought at dated flat in the Platts window earlier this week, traders said, while TotalEnergies offered Angolan Djeno at minus $14 to dated Brent.
Differentials have been pressured by weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week.
Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
In the wider market, ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to add 40,000 barrels per day of oil production, Nigeria's upstream regulator said on Wednesday.
(Reporting by Seher Dareen. Editing by Mark Potter)
LONDON, July 8 (Reuters) - ExxonMobil sold Bonga to Repsol at dated Brent flat in the previous session, while West African crude differentials remained under pressure as demand waned and crude grades competed for market share against each other.
ExxonMobil withdrew its offer of plus $1 against dated Brent of Nigeria's Bonga for Aug 3 to Aug 4 loading in the Platts window in the previous session, two traders said.
After the window closed, Repsol bought the cargo at dated flat, one of the traders said.
Earlier this week, TotalEnergies offered Angolan Djeno at minus $14 to dated Brent, another trader said.
Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week. Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
(Reporting by Seher Dareen; Editing by Toby Chopra)
LONDON, July 8 (Reuters) - ExxonMobil sold Bonga to Repsol at dated Brent flat in the previous session, while West African crude differentials remained under pressure as demand waned and crude grades competed for market share against each other.
ExxonMobil withdrew its offer of plus $1 against dated Brent of Nigeria's Bonga for Aug 3 to Aug 4 loading in the Platts window in the previous session, two traders said.
After the window closed, Repsol bought the cargo at dated flat, one of the traders said.
Earlier this week, TotalEnergies offered Angolan Djeno at minus $14 to dated Brent, another trader said.
Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week. Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
(Reporting by Seher Dareen; Editing by Toby Chopra)
LONDON, July 7 (Reuters) - West African crude differentials remained under pressure as the grades competed for market share against other crudes.
In its latest tender, Indian Oil Corp bought cargoes of Angolan Kissanje, Dalia and Nembe and Nigerian Agambi and Usan, a trader said.
Senning, a London-based subsidiary of China National Petroleum, offered down Chad's Doba crude to minus $4 to dated Brent in the previous session from minus $1.95 on July 1, he added.
TotalEnergies sold its July-end Djeno grade, another trader said, which was first offered at minus $14 to dated Brent in the previous session.
Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper into Europe, given that more cargoes are making it through the Strait of Hormuz, traders have said.
In the wider market, Nigerian oil producer Renaissance Energy said it had made an oil discovery offshore Nigeria after drilling an exploration well in Oil Mining Lease 74, its first major success since taking over the asset last year.
The country is currently pumping 1.71 million barrels of oil a day, NNPC Ltd chief Bashir Ojulari said, including record output of 365,000 bpd from the state oil firm's exploration and production unit.
Nigeria's Dangote Group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya through internal cash flow, bonds and an initial public offering, a senior company executive told Reuters.
(Reporting by Seher Dareen; Editing by Vijay Kishore)
LONDON, July 7 (Reuters) - West African crude differentials remained under pressure as the grades competed for market share against other crudes.
In its latest tender, Indian Oil Corp bought cargoes of Angolan Kissanje, Dalia and Nembe and Nigerian Agambi and Usan, a trader said.
Senning, a London-based subsidiary of China National Petroleum, offered down Chad's Doba crude to minus $4 to dated Brent in the previous session from minus $1.95 on July 1, he added.
TotalEnergies sold its July-end Djeno grade, another trader said, which was first offered at minus $14 to dated Brent in the previous session.
Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper into Europe, given that more cargoes are making it through the Strait of Hormuz, traders have said.
In the wider market, Nigerian oil producer Renaissance Energy said it had made an oil discovery offshore Nigeria after drilling an exploration well in Oil Mining Lease 74, its first major success since taking over the asset last year.
The country is currently pumping 1.71 million barrels of oil a day, NNPC Ltd chief Bashir Ojulari said, including record output of 365,000 bpd from the state oil firm's exploration and production unit.
Nigeria's Dangote Group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya through internal cash flow, bonds and an initial public offering, a senior company executive told Reuters.
(Reporting by Seher Dareen; Editing by Vijay Kishore)
Updates with HPCL's purchase in para 6
SINGAPORE/NEW DELHI, July 6 (Reuters) - Indian state refiners Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS have together purchased about 8 million barrels of crude oil through tenders last week, trade sources said on Monday.
Prices for the deals were not immediately available.
IOC bought about 1 million barrels of Angola's Kissanje crude from Cathay Petroleum, the sources said. It also purchased 2 million barrels of Nigeria's Agbami and Usan crude from Trafigura, and a further 2 million barrels of Angola's Nemba and Dalia crude from Chevron.
The cargoes are scheduled for delivery between late August and early September.
Separately, HPCL bought 2 million barrels of Brazil's Tupi crude, the sources said.
One of the sources said HPCL also bought 1 million barrels of Kazakhstan's CPC oil via the tender. The cargoes are scheduled for delivery in August and September.
The companies typically do not comment on their commercial sales.
(Reporting by Siyi Liu in Singapore and Nidhi Verma in New Delhi; Editing by Diti Pujara and Harikrishnan Nair)
(([email protected];))
Updates with HPCL's purchase in para 6
SINGAPORE/NEW DELHI, July 6 (Reuters) - Indian state refiners Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS have together purchased about 8 million barrels of crude oil through tenders last week, trade sources said on Monday.
Prices for the deals were not immediately available.
IOC bought about 1 million barrels of Angola's Kissanje crude from Cathay Petroleum, the sources said. It also purchased 2 million barrels of Nigeria's Agbami and Usan crude from Trafigura, and a further 2 million barrels of Angola's Nemba and Dalia crude from Chevron.
The cargoes are scheduled for delivery between late August and early September.
Separately, HPCL bought 2 million barrels of Brazil's Tupi crude, the sources said.
One of the sources said HPCL also bought 1 million barrels of Kazakhstan's CPC oil via the tender. The cargoes are scheduled for delivery in August and September.
The companies typically do not comment on their commercial sales.
(Reporting by Siyi Liu in Singapore and Nidhi Verma in New Delhi; Editing by Diti Pujara and Harikrishnan Nair)
(([email protected];))
LONDON, July 3 (Reuters) - West African crude differentials were under pressure from higher supply of crude, traders said on Friday, while an IOC buying tender was in focus.
Indian Oil Corporation issued a tender whose results would be out soon, a trader said.
"It feels like the levels are coming off ... freight (is also) too expensive," he added.
Additionally, higher U.S. exports were also weighing on the market, with a lot coming into Europe, he said.
West African excess barrels have to compete with Middle Eastern grades coming to Europe, more U.S. WTI flows to Europe, volumes from strategic reserves and Caspian CPC Blend, traders and analysts said this week.
(Reporting by Seher Dareen, Editing by Louise Heavens)
LONDON, July 3 (Reuters) - West African crude differentials were under pressure from higher supply of crude, traders said on Friday, while an IOC buying tender was in focus.
Indian Oil Corporation issued a tender whose results would be out soon, a trader said.
"It feels like the levels are coming off ... freight (is also) too expensive," he added.
Additionally, higher U.S. exports were also weighing on the market, with a lot coming into Europe, he said.
West African excess barrels have to compete with Middle Eastern grades coming to Europe, more U.S. WTI flows to Europe, volumes from strategic reserves and Caspian CPC Blend, traders and analysts said this week.
(Reporting by Seher Dareen, Editing by Louise Heavens)
MUMBAI, July 1 (Reuters) - Indian oil marketing companies have cut the price of 19 kg commercial LPG cylinders for industrial clients by 183.5 rupees ($1.94), with no change in rates for household cylinders, local media reported on Wednesday.
Indian Oil Corporation IOC.NS, India's largest state-run refiner and fuel retailer, in June had raised the price of commercial LPG cylinders to 3,113.50 rupees from 3,071.5 rupees amid a supply squeeze triggered by the Middle East crisis.
($1 = 94.6600 Indian rupees)
(Reporting by Shanima Aniyeri; Editing by Tom Hogue)
(([email protected];))
MUMBAI, July 1 (Reuters) - Indian oil marketing companies have cut the price of 19 kg commercial LPG cylinders for industrial clients by 183.5 rupees ($1.94), with no change in rates for household cylinders, local media reported on Wednesday.
Indian Oil Corporation IOC.NS, India's largest state-run refiner and fuel retailer, in June had raised the price of commercial LPG cylinders to 3,113.50 rupees from 3,071.5 rupees amid a supply squeeze triggered by the Middle East crisis.
($1 = 94.6600 Indian rupees)
(Reporting by Shanima Aniyeri; Editing by Tom Hogue)
(([email protected];))
By Florence Tan and Emily Chow
SINGAPORE, June 24 (Reuters) - Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices.
South Korean-flagged VL Breeze, a Very Large Crude Carrier carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, data from LSEG and Kpler showed. The supertanker is chartered by South Korean refiner Hyundai Oilbank.
VLCC Plata Carrier, chartered by Indian Oil Corp IOC.NS, is heading out of the strait with 2 million barrels of Saudi crude, alongside Suezmax tanker Prudent Warrior, which is heading for Sohar, Oman, with 1 million barrels of Iraqi Basrah crude, the data showed. Both are sailing under the Liberian flag.
Hyundai Oilbank and IOC could not be immediately reached for comment.
Kpler and Vortexa analysts estimated last week that close to 90 million barrels of crude were stuck inside the Gulf.
South Korea's maritime ministry said on Wednesday that four vessels operated by South Korean shippers had exited the strait and were sailing to their destinations, one to South Korea and the others to third countries.
Eighteen of the 26 vessels that had been stranded since the start of the Middle East conflict remain in the Gulf, the ministry said.
It was not immediately clear whether the ships were sailing along the temporary maritime corridors established by Oman and the International Maritime Organization to help ships leave the area safely.
Oman said it would keep the Strait of Hormuz open to shipping without imposing any tolls, having designated two temporary routes north and south of the existing shipping lane to facilitate the safe passage of vessels departing the region.
Two empty liquefied natural gas tankers — Shandong Redwood and Milaha Qatar — were the latest to be seen west of the strait to load cargoes from Qatar, shipping data showed.
This brings the known empty LNG ships transiting through the strait to load at Qatar to nine, the largest number since the war began.
Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal LNG production within a few weeks, the Financial Times reported on Wednesday.
(Reporting by Florence Tan and Emily Chow in Singapore, Nidhi Verma in New Delhi, Jonathan Saul in London; additional reporting by Jack Kim and Heejin Kim in Seoul; editing by Milla Nissi-Prussak)
(([email protected];))
By Florence Tan and Emily Chow
SINGAPORE, June 24 (Reuters) - Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices.
South Korean-flagged VL Breeze, a Very Large Crude Carrier carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, data from LSEG and Kpler showed. The supertanker is chartered by South Korean refiner Hyundai Oilbank.
VLCC Plata Carrier, chartered by Indian Oil Corp IOC.NS, is heading out of the strait with 2 million barrels of Saudi crude, alongside Suezmax tanker Prudent Warrior, which is heading for Sohar, Oman, with 1 million barrels of Iraqi Basrah crude, the data showed. Both are sailing under the Liberian flag.
Hyundai Oilbank and IOC could not be immediately reached for comment.
Kpler and Vortexa analysts estimated last week that close to 90 million barrels of crude were stuck inside the Gulf.
South Korea's maritime ministry said on Wednesday that four vessels operated by South Korean shippers had exited the strait and were sailing to their destinations, one to South Korea and the others to third countries.
Eighteen of the 26 vessels that had been stranded since the start of the Middle East conflict remain in the Gulf, the ministry said.
It was not immediately clear whether the ships were sailing along the temporary maritime corridors established by Oman and the International Maritime Organization to help ships leave the area safely.
Oman said it would keep the Strait of Hormuz open to shipping without imposing any tolls, having designated two temporary routes north and south of the existing shipping lane to facilitate the safe passage of vessels departing the region.
Two empty liquefied natural gas tankers — Shandong Redwood and Milaha Qatar — were the latest to be seen west of the strait to load cargoes from Qatar, shipping data showed.
This brings the known empty LNG ships transiting through the strait to load at Qatar to nine, the largest number since the war began.
Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal LNG production within a few weeks, the Financial Times reported on Wednesday.
(Reporting by Florence Tan and Emily Chow in Singapore, Nidhi Verma in New Delhi, Jonathan Saul in London; additional reporting by Jack Kim and Heejin Kim in Seoul; editing by Milla Nissi-Prussak)
(([email protected];))
By Nidhi Verma
NEW DELHI, June 23 (Reuters) - Indian Oil Corp IOC.NS has received no bids in tenders to charter vessels for lifting crude oil and liquefied petroleum gas cargoes from ports within the Strait of Hormuz, said two trade sources familiar with the matter.
India's top refiner and fuel retailer last week floated three tenders to charter a very large gas carrier (VLGC), a very large crude carrier and a Suezmax.
Indian state refiners mostly buy oil and LPG from the Middle Eastern producers on free-on-board basis.
A VLCC typically carries 2 million barrels of oil, and a VLGC can hold about 45,000 metric tons of LPG - a mix of propane and butane used in India mainly as a cooking gas. A Suezmax carries about one million barrels of oil.
"No one wants to take a risk as yet of going into the Strait. Most ship owners are in wait-and-watch mode as they want clarity on the terms of getting into the strait," said a ship broker.
Indian Oil was seeking to lift about 45,000 metric tons of LPG between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait, or Ruwais in the UAE.
The refiner was looking to charter a VLCC to lift oil from Mina Al Ahmadi between June 28 and 29 and a Suezmax for loading cargo between June 29 and 30 from Ras Al Khafji port in Saudi Arabia for deliveries on India's west coast.
(Reporting by Nidhi Verma; Editing by Raju Gopalakrishnan)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, June 23 (Reuters) - Indian Oil Corp IOC.NS has received no bids in tenders to charter vessels for lifting crude oil and liquefied petroleum gas cargoes from ports within the Strait of Hormuz, said two trade sources familiar with the matter.
India's top refiner and fuel retailer last week floated three tenders to charter a very large gas carrier (VLGC), a very large crude carrier and a Suezmax.
Indian state refiners mostly buy oil and LPG from the Middle Eastern producers on free-on-board basis.
A VLCC typically carries 2 million barrels of oil, and a VLGC can hold about 45,000 metric tons of LPG - a mix of propane and butane used in India mainly as a cooking gas. A Suezmax carries about one million barrels of oil.
"No one wants to take a risk as yet of going into the Strait. Most ship owners are in wait-and-watch mode as they want clarity on the terms of getting into the strait," said a ship broker.
Indian Oil was seeking to lift about 45,000 metric tons of LPG between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait, or Ruwais in the UAE.
The refiner was looking to charter a VLCC to lift oil from Mina Al Ahmadi between June 28 and 29 and a Suezmax for loading cargo between June 29 and 30 from Ras Al Khafji port in Saudi Arabia for deliveries on India's west coast.
(Reporting by Nidhi Verma; Editing by Raju Gopalakrishnan)
(([email protected]; X: @nidhi712;))
Refiles to fix errant uppercase letter in headline, no changes to story
By Nidhi Verma
NEW DELHI, June 18 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, issued a tender on Thursday to charter a very large gas carrier to lift liquefied petroleum gas from Qatar, Kuwait or the United Arab Emirates, a tender document showed.
The tender - the first to be issued by IOC since the U.S. and Iran signed an interim agreement to end their war and reopen the Strait of Hormuz - is seeking to lift cargoes between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait, or Ruwais in the UAE, the document showed.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
Refiles to fix errant uppercase letter in headline, no changes to story
By Nidhi Verma
NEW DELHI, June 18 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, issued a tender on Thursday to charter a very large gas carrier to lift liquefied petroleum gas from Qatar, Kuwait or the United Arab Emirates, a tender document showed.
The tender - the first to be issued by IOC since the U.S. and Iran signed an interim agreement to end their war and reopen the Strait of Hormuz - is seeking to lift cargoes between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait, or Ruwais in the UAE, the document showed.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
Das, Upper Zakum, Umm Lulu sold for June-August loading
Indian refiners buy 6 million barrels
Other buyers include Unipec, Eneos, SK Energy, GS Energy
NEW DELHI/SINGAPORE, June 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu crude to refiners in India, China, South Korea and Japan as well as to global trading houses. Some were priced at flat to slight premiums to Dubai benchmarks for loading between June and August, the sources said.
The three crude grades are produced from fields inside the Gulf and must be shipped through the Strait of Hormuz.
The sales were conducted over the past two weeks, ahead of the signing of a preliminary agreement between the U.S. and Iran to end their conflict.
ASIAN BUYERS
Indian state refiners Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS have bought a combined 6 million barrels of Abu Dhabi oil so far this month, the sources said.
The cargoes were sold at parity or premiums of $1–$2 a barrel to Dubai prices on a cost-and-delivered basis via ship transfers at Fujairah, they added.
ADNOC's sales also included 3 million barrels of Das crude to Japan's largest refiner Eneos and 1 million barrels to South Korea's GS Energy.
For Upper Zakum, China's Unipec, the trading arm of state giant Sinopec, bought 6 million to 8 million barrels, while Vitol took 4 million barrels and Rongsheng Petrochemical 2 million barrels, the sources said.
South Korea's largest refiner SK Energy bought 7 million barrels of Umm Lulu crude, they added. Some cargoes were sold at premiums, two of the traders said. The companies typically do not comment on commercial sales.
ADNOC offered the cargoes on a free-on-board basis from storage at Fujairah, or from terminals at Zirku or Das Island, as well as via ship-to-ship transfers off the UAE, Oman or Malaysia. Buyers also had the option of cost-and-freight delivery.
ADNOC did not immediately respond to a request for comment.
Since the Iran war began, ADNOC has exported crude and products by switching off transponders to reduce the risk of Iranian attacks, with cargoes either transferred ship-to-ship or sailing directly to buyers.
(Reporting by Nidhi Verma in New Delhi, Siyi Liu and Florence Tan in Singapore. Editing by Mark Potter)
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Das, Upper Zakum, Umm Lulu sold for June-August loading
Indian refiners buy 6 million barrels
Other buyers include Unipec, Eneos, SK Energy, GS Energy
NEW DELHI/SINGAPORE, June 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu crude to refiners in India, China, South Korea and Japan as well as to global trading houses. Some were priced at flat to slight premiums to Dubai benchmarks for loading between June and August, the sources said.
The three crude grades are produced from fields inside the Gulf and must be shipped through the Strait of Hormuz.
The sales were conducted over the past two weeks, ahead of the signing of a preliminary agreement between the U.S. and Iran to end their conflict.
ASIAN BUYERS
Indian state refiners Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS have bought a combined 6 million barrels of Abu Dhabi oil so far this month, the sources said.
The cargoes were sold at parity or premiums of $1–$2 a barrel to Dubai prices on a cost-and-delivered basis via ship transfers at Fujairah, they added.
ADNOC's sales also included 3 million barrels of Das crude to Japan's largest refiner Eneos and 1 million barrels to South Korea's GS Energy.
For Upper Zakum, China's Unipec, the trading arm of state giant Sinopec, bought 6 million to 8 million barrels, while Vitol took 4 million barrels and Rongsheng Petrochemical 2 million barrels, the sources said.
South Korea's largest refiner SK Energy bought 7 million barrels of Umm Lulu crude, they added. Some cargoes were sold at premiums, two of the traders said. The companies typically do not comment on commercial sales.
ADNOC offered the cargoes on a free-on-board basis from storage at Fujairah, or from terminals at Zirku or Das Island, as well as via ship-to-ship transfers off the UAE, Oman or Malaysia. Buyers also had the option of cost-and-freight delivery.
ADNOC did not immediately respond to a request for comment.
Since the Iran war began, ADNOC has exported crude and products by switching off transponders to reduce the risk of Iranian attacks, with cargoes either transferred ship-to-ship or sailing directly to buyers.
(Reporting by Nidhi Verma in New Delhi, Siyi Liu and Florence Tan in Singapore. Editing by Mark Potter)
(([email protected];))
Government caps diesel sales per vehicle at 200 litres/day
State-run fuel stations sell fuel more cheaply
New rules are for 90 days
Updates with government statement in paragraphs 5-7
By Nidhi Verma and Kanjyik Ghosh
NEW DELHI, June 12 (Reuters) - India has barred commercial fuel buyers from purchasing gasoline and diesel from retail stations and capped daily diesel purchases to prevent local shortages amid disruptions to global supply chains due to the war in the Middle East.
Retail fuel station dealers have been directed to sell no more than 200 litres of diesel per customer or vehicle a day, according to a government order issued late on Thursday, which added that buyers cannot resell the fuel.
Commercial users such as trucking companies have been buying diesel from retail outlets of state-run companies, where prices are lower than at bulk supply points, leading to shortages at pumps in some areas.
The government said restrictions were needed to ensure equitable availability of petrol and diesel, prevent diversion and hoarding, and maintain uninterrupted fuel supplies at fair prices.
PRICE ARBITRAGE
Diesel, which accounts for about 40% of India's fuel demand, is sold at market rates to industrial users at about 40 rupees per litre more than retail prices, the government said.
Diesel sales by private retailers, which price fuel closer to market rates, fell 58% last month, while those of state-run companies surged, with some areas seeing increases of more than 30%, the government said.
"The measures are aimed at large/bulk consumers who should not be procuring diesel from Retail Outlets to take undue advantage of the price arbitrage," it said.
India is a net exporter of refined fuels, but higher domestic sales at subsidised rates are hitting the profitability of state retailers Indian Oil Corp IOCL.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.
The three companies control about 90% of India's more than 100,000 fuel stations.
Referring to the Iran war, the order said geopolitical tensions have strained global petroleum supply chains, shipping logistics and product availability, making prudent management and conservation necessary.
The measures will remain in force for an initial period of up to 90 days unless revoked earlier, the order said.
($1 = 95.7500 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Kanjyik Ghosh in Barcelona. Editing by Sonali Paul and Mark Potter)
(([email protected];))
Government caps diesel sales per vehicle at 200 litres/day
State-run fuel stations sell fuel more cheaply
New rules are for 90 days
Updates with government statement in paragraphs 5-7
By Nidhi Verma and Kanjyik Ghosh
NEW DELHI, June 12 (Reuters) - India has barred commercial fuel buyers from purchasing gasoline and diesel from retail stations and capped daily diesel purchases to prevent local shortages amid disruptions to global supply chains due to the war in the Middle East.
Retail fuel station dealers have been directed to sell no more than 200 litres of diesel per customer or vehicle a day, according to a government order issued late on Thursday, which added that buyers cannot resell the fuel.
Commercial users such as trucking companies have been buying diesel from retail outlets of state-run companies, where prices are lower than at bulk supply points, leading to shortages at pumps in some areas.
The government said restrictions were needed to ensure equitable availability of petrol and diesel, prevent diversion and hoarding, and maintain uninterrupted fuel supplies at fair prices.
PRICE ARBITRAGE
Diesel, which accounts for about 40% of India's fuel demand, is sold at market rates to industrial users at about 40 rupees per litre more than retail prices, the government said.
Diesel sales by private retailers, which price fuel closer to market rates, fell 58% last month, while those of state-run companies surged, with some areas seeing increases of more than 30%, the government said.
"The measures are aimed at large/bulk consumers who should not be procuring diesel from Retail Outlets to take undue advantage of the price arbitrage," it said.
India is a net exporter of refined fuels, but higher domestic sales at subsidised rates are hitting the profitability of state retailers Indian Oil Corp IOCL.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.
The three companies control about 90% of India's more than 100,000 fuel stations.
Referring to the Iran war, the order said geopolitical tensions have strained global petroleum supply chains, shipping logistics and product availability, making prudent management and conservation necessary.
The measures will remain in force for an initial period of up to 90 days unless revoked earlier, the order said.
($1 = 95.7500 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Kanjyik Ghosh in Barcelona. Editing by Sonali Paul and Mark Potter)
(([email protected];))
HAPCO start-up pushed from mid-year to September or October, sources say
PetroChina Dalian unit resumption postponed indefinitely
China's refining margins turn negative on high crude costs and fuel price caps
India's capacity expansion on track
SINGAPORE, June 8 (Reuters) - Chinese refiners have delayed two projects slated to come online this year following disruptions to Middle Eastern oil supplies from the Strait of Hormuz due to the Iran war, people familiar with the matter said.
The delays, which affect a combined capacity of 500,000 barrels per day, could cap fresh Chinese oil demand as well as global crude prices as refiners in the world's top crude importer already face headwinds from flagging fuel consumption.
Huajin Aramco Petrochemical Co (HAPCO), a joint venture between Saudi Aramco 2222.SE and Chinese state-owned defense conglomerate Norinco Group and Panjin Xincheng Industrial Group, has pushed back the startup of its 300,000 bpd refinery in the northeastern city of Panjin to September or early October from May or June, five people familiar with the matter said.
Consultancy Energy Aspects has said it expects the refinery to start in the latter part of the third quarter because of feedstock supply uncertainty linked to the Hormuz disruption.
HAPCO did not immediately respond to a request for comment. Aramco declined to comment on questions about HAPCO's start-up timeline.
Aramco said in 2023 it would supply up to 210,000 bpd of crude to HAPCO. The project includes a 1.65 million metric tons-per-year (tpy) ethylene cracker and a 2 million tpy paraxylene unit.
Separately, the planned restart of a 200,000 bpd crude unit at PetroChina's Dalian refinery has been postponed indefinitely, according to three sources familiar with the project.
Reuters reported in January that the state oil firm planned to restart the plant around mid-year to capitalise on strong margins from processing discounted Russian crude. However, those discounts have largely disappeared since the conflict disrupted global supplies and increased competition for Russian barrels.
PetroChina, which has not publicly confirmed plans for the restart of the Dalian unit, did not respond to a request for comment.
The delays come as the Iran conflict has crunched refiners' margins, with the Middle East oil supply disruption driving up crude prices, while they face state fuel price caps. At the same time fuel demand has weakened due to electric vehicle growth.
As a result, throughput at China's refineries fell to about 13.3 million bpd in April, the lowest since August 2022, government data showed. That equates to about 69% of capacity, based on state refiners' estimates of total capacity at around 960 million metric tons a year, or about 19.2 million bpd.
INDIA AND CHINA LEAD CAPACITY ADDITIONS
Asia accounts for the bulk of new refinery capacity set to come online this year, according to analysts.
In India, state-owned Hindustan Petroleum Corp (HPCL) HPCL.NS and Indian Oil Corp IOC.NS are expected to add about 526,000 bpd refining capacity this year.
Start-up of HPCL's 180,000 bpd Barmer project was delayed a few months due to a fire, and the company has said it expects to commence operations there at 60% capacity starting this month.
Indian Oil Corp said in May that expansions at its Barauni, Gujarat and Panipat refineries will be completed in August, November and December respectively.
(Reporting by Siyi Liu, Trixie Yap in Singapore, Nidhi Verma in New Delhi and Sam Li in Beijing; Editing by Florence Tan and Sonali Paul)
(([email protected];))
HAPCO start-up pushed from mid-year to September or October, sources say
PetroChina Dalian unit resumption postponed indefinitely
China's refining margins turn negative on high crude costs and fuel price caps
India's capacity expansion on track
SINGAPORE, June 8 (Reuters) - Chinese refiners have delayed two projects slated to come online this year following disruptions to Middle Eastern oil supplies from the Strait of Hormuz due to the Iran war, people familiar with the matter said.
The delays, which affect a combined capacity of 500,000 barrels per day, could cap fresh Chinese oil demand as well as global crude prices as refiners in the world's top crude importer already face headwinds from flagging fuel consumption.
Huajin Aramco Petrochemical Co (HAPCO), a joint venture between Saudi Aramco 2222.SE and Chinese state-owned defense conglomerate Norinco Group and Panjin Xincheng Industrial Group, has pushed back the startup of its 300,000 bpd refinery in the northeastern city of Panjin to September or early October from May or June, five people familiar with the matter said.
Consultancy Energy Aspects has said it expects the refinery to start in the latter part of the third quarter because of feedstock supply uncertainty linked to the Hormuz disruption.
HAPCO did not immediately respond to a request for comment. Aramco declined to comment on questions about HAPCO's start-up timeline.
Aramco said in 2023 it would supply up to 210,000 bpd of crude to HAPCO. The project includes a 1.65 million metric tons-per-year (tpy) ethylene cracker and a 2 million tpy paraxylene unit.
Separately, the planned restart of a 200,000 bpd crude unit at PetroChina's Dalian refinery has been postponed indefinitely, according to three sources familiar with the project.
Reuters reported in January that the state oil firm planned to restart the plant around mid-year to capitalise on strong margins from processing discounted Russian crude. However, those discounts have largely disappeared since the conflict disrupted global supplies and increased competition for Russian barrels.
PetroChina, which has not publicly confirmed plans for the restart of the Dalian unit, did not respond to a request for comment.
The delays come as the Iran conflict has crunched refiners' margins, with the Middle East oil supply disruption driving up crude prices, while they face state fuel price caps. At the same time fuel demand has weakened due to electric vehicle growth.
As a result, throughput at China's refineries fell to about 13.3 million bpd in April, the lowest since August 2022, government data showed. That equates to about 69% of capacity, based on state refiners' estimates of total capacity at around 960 million metric tons a year, or about 19.2 million bpd.
INDIA AND CHINA LEAD CAPACITY ADDITIONS
Asia accounts for the bulk of new refinery capacity set to come online this year, according to analysts.
In India, state-owned Hindustan Petroleum Corp (HPCL) HPCL.NS and Indian Oil Corp IOC.NS are expected to add about 526,000 bpd refining capacity this year.
Start-up of HPCL's 180,000 bpd Barmer project was delayed a few months due to a fire, and the company has said it expects to commence operations there at 60% capacity starting this month.
Indian Oil Corp said in May that expansions at its Barauni, Gujarat and Panipat refineries will be completed in August, November and December respectively.
(Reporting by Siyi Liu, Trixie Yap in Singapore, Nidhi Verma in New Delhi and Sam Li in Beijing; Editing by Florence Tan and Sonali Paul)
(([email protected];))
Updates to change sourcing
June 6 (Reuters) - Domestic cooking gas LPG prices in Delhi have been increased by 29 rupees ($0.3054) per 14.2-kg cylinder.
India's largest state-run refiner and fuel retailer, Indian Oil Corporation IOC.NS, has raised the price of a 14.2-kg domestic LPG cylinder in Delhi from 913 rupees to 942 rupees with effect from June 7, according to its website.
Indian state fuel retailers Indian Oil Corp, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS tend to fix retail prices of fuels in tandem.
($1 = 94.9450 Indian rupees)
(Reporting by Rhea Rose Abraham in Bengaluru and Nidhi Verma in New Delhi)
Updates to change sourcing
June 6 (Reuters) - Domestic cooking gas LPG prices in Delhi have been increased by 29 rupees ($0.3054) per 14.2-kg cylinder.
India's largest state-run refiner and fuel retailer, Indian Oil Corporation IOC.NS, has raised the price of a 14.2-kg domestic LPG cylinder in Delhi from 913 rupees to 942 rupees with effect from June 7, according to its website.
Indian state fuel retailers Indian Oil Corp, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS tend to fix retail prices of fuels in tandem.
($1 = 94.9450 Indian rupees)
(Reporting by Rhea Rose Abraham in Bengaluru and Nidhi Verma in New Delhi)
LONDON, June 5 (Reuters) - West African crude oil differentials were little changed at the week's end, as traders were awaiting the sale of remaining June cargoes and assessing the first offers for July stems.
West African crude differentials have dropped sharply in recent weeks, weighed down by low demand in Asia and competition from Latin American grades.
A trader said earlier this week that fewer than 10 Nigerian June cargoes remained unsold, while a couple of Angolan June shipments were also overhanging.
July Angolan offers surfaced this week. Dalia was offered for July at dated Brent minus $1.80 a barrel on Thursday, down 50 cents from Monday, and Saturno was indicated at dated Brent minus $2.00, unchanged from Monday, a trader said.
Meanwhile, Angolan Agogo was offered at dated Brent minus $2.00 and Congolese Djeno at dated Brent minus $4.00. June Angolan Hungo was offered at dated Brent minus $4.00, a trader said on Wednesday, but no deals or updated offer levels were heard by Friday.
In tenders this week, Indian refiner MRPL bought U.S. crude, while India's HPCL bought Brazilian Buzios from Petrobras, and Nigerian Agbami from Shell.
In upstream news, ENI was on Friday awarded upstream exploration block A1 in the Gambia.
In the downstream, Nigeria's Dangote Petroleum Refinery has ramped up crude processing to 700,000 barrels per day (bpd) during a performance test by process licensors, exceeding its nameplate capacity of 650,000 bpd and marking a significant operational milestone, the company said on Thursday.
(Reporting by Robert Harvey; Editing by Sahal Muhammed)
LONDON, June 5 (Reuters) - West African crude oil differentials were little changed at the week's end, as traders were awaiting the sale of remaining June cargoes and assessing the first offers for July stems.
West African crude differentials have dropped sharply in recent weeks, weighed down by low demand in Asia and competition from Latin American grades.
A trader said earlier this week that fewer than 10 Nigerian June cargoes remained unsold, while a couple of Angolan June shipments were also overhanging.
July Angolan offers surfaced this week. Dalia was offered for July at dated Brent minus $1.80 a barrel on Thursday, down 50 cents from Monday, and Saturno was indicated at dated Brent minus $2.00, unchanged from Monday, a trader said.
Meanwhile, Angolan Agogo was offered at dated Brent minus $2.00 and Congolese Djeno at dated Brent minus $4.00. June Angolan Hungo was offered at dated Brent minus $4.00, a trader said on Wednesday, but no deals or updated offer levels were heard by Friday.
In tenders this week, Indian refiner MRPL bought U.S. crude, while India's HPCL bought Brazilian Buzios from Petrobras, and Nigerian Agbami from Shell.
In upstream news, ENI was on Friday awarded upstream exploration block A1 in the Gambia.
In the downstream, Nigeria's Dangote Petroleum Refinery has ramped up crude processing to 700,000 barrels per day (bpd) during a performance test by process licensors, exceeding its nameplate capacity of 650,000 bpd and marking a significant operational milestone, the company said on Thursday.
(Reporting by Robert Harvey; Editing by Sahal Muhammed)
.
LONDON, June 4 (Reuters) - Offers of Angolan crude for July loading were steady to lower on Thursday, suggesting a market under downward pressure despite ongoing disruptions to Middle East supplies.
July's Angolan loading programme schedules 29 cargoes.
Angolan Dalia was offered for July at dated Brent minus $1.80 a barrel, down 50 cents from Monday, and Saturno was indicated at dated Brent minus $2.00, unchanged from Monday, a trader said.
In April, some Angolan grades had soared to record premiums to dated Brent.
Differentials have dropped sharply in recent weeks, weighed down by narrower refining margins and refinery run cuts, traders say.
(Reporting by Alex Lawler; Editing by Shailesh Kuber)
.
LONDON, June 4 (Reuters) - Offers of Angolan crude for July loading were steady to lower on Thursday, suggesting a market under downward pressure despite ongoing disruptions to Middle East supplies.
July's Angolan loading programme schedules 29 cargoes.
Angolan Dalia was offered for July at dated Brent minus $1.80 a barrel, down 50 cents from Monday, and Saturno was indicated at dated Brent minus $2.00, unchanged from Monday, a trader said.
In April, some Angolan grades had soared to record premiums to dated Brent.
Differentials have dropped sharply in recent weeks, weighed down by narrower refining margins and refinery run cuts, traders say.
(Reporting by Alex Lawler; Editing by Shailesh Kuber)
State retailers have hiked prices four times since mid-May
State retailers still losing money so more price hikes possible
Truckers already affected by less industrial activity
By Nidhi Verma and Mohi Narayan
NEW DELHI, June 3 (Reuters) - India is expected to see less growth in gasoline and diesel demand this year after a series of price hikes last month that reflect higher oil costs triggered by the Iran war, with early signs of stress already visible in the trucking sector.
State retailers Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%.
Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) daily.
Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked.
"We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA.
That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%.
Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth.
Prashant Vashisth, senior vice president at ICRA, said that the diesel and gasoline price hikes could exacerbate inflation which could hurt end-user demand.
Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.
TRUCKERS AFFECTED BY LESS INDUSTRIAL ACTIVITY
Global oil prices LCOc1 have surged 40% to trade near $100 a barrel since the war restricted shipments through the Strait of Hormuz, which used to see a fifth of the world's oil supplies pass through before the conflict.
Signs of lower diesel demand due to slower industrial activity have emerged in the trucking sector.
Freight prices have fallen between 13% and 15% on three-quarters of key long-haul routes despite the increase in retail fuel prices, said SP Singh, senior fellow at the Indian Foundation of Transport Research and Training.
Singh noted that drivers are having to wait longer periods before making return trips.
"Truckers are not getting return tonnages. There is a delay of 3-5 days because manufacturing has slowed, that is hitting their revenue as their round trips per month have been reduced," he said.
Preliminary data showed that Indian retailers' gasoline sales in May rose 2.8% from a year earlier while gasoil sales edged up 0.9%. That compares with April figures of a 6.8% climb for gasoline and a 0.8% increase for gasoil.
($1 = 95.7625 Indian rupees)
Higher pump prices and slowing industry curb India's fuel demand https://reut.rs/4ekgTSo
(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Edwina Gibbs)
(([email protected]; X: @nidhi712;))
State retailers have hiked prices four times since mid-May
State retailers still losing money so more price hikes possible
Truckers already affected by less industrial activity
By Nidhi Verma and Mohi Narayan
NEW DELHI, June 3 (Reuters) - India is expected to see less growth in gasoline and diesel demand this year after a series of price hikes last month that reflect higher oil costs triggered by the Iran war, with early signs of stress already visible in the trucking sector.
State retailers Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%.
Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) daily.
Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked.
"We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA.
That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%.
Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth.
Prashant Vashisth, senior vice president at ICRA, said that the diesel and gasoline price hikes could exacerbate inflation which could hurt end-user demand.
Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.
TRUCKERS AFFECTED BY LESS INDUSTRIAL ACTIVITY
Global oil prices LCOc1 have surged 40% to trade near $100 a barrel since the war restricted shipments through the Strait of Hormuz, which used to see a fifth of the world's oil supplies pass through before the conflict.
Signs of lower diesel demand due to slower industrial activity have emerged in the trucking sector.
Freight prices have fallen between 13% and 15% on three-quarters of key long-haul routes despite the increase in retail fuel prices, said SP Singh, senior fellow at the Indian Foundation of Transport Research and Training.
Singh noted that drivers are having to wait longer periods before making return trips.
"Truckers are not getting return tonnages. There is a delay of 3-5 days because manufacturing has slowed, that is hitting their revenue as their round trips per month have been reduced," he said.
Preliminary data showed that Indian retailers' gasoline sales in May rose 2.8% from a year earlier while gasoil sales edged up 0.9%. That compares with April figures of a 6.8% climb for gasoline and a 0.8% increase for gasoil.
($1 = 95.7625 Indian rupees)
Higher pump prices and slowing industry curb India's fuel demand https://reut.rs/4ekgTSo
(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Edwina Gibbs)
(([email protected]; X: @nidhi712;))
.
LONDON, June 2 (Reuters) - West African crude oil differentials were steady on Tuesday after some initial Angolan July cargo offers surfaced at the start of the week, as traders await a fresh round of Asian purchase tenders.
July trade has been largely muted so far as overhanging West African and Libyan cargoes from June continue to clear, one trader said.
On Monday, Angolan Dalia was offered for July at dated Brent minus $1.30 a barrel and Saturno was indicated at dated Brent minus $2.00, a trader said.
Traders are waiting for a fresh round of buy tenders from Asian refiners to gauge demand levels for the July trading cycle, the trader said on Tuesday.
West African crude differentials have dropped sharply in recent weeks, weighed down by poor demand especially in Asia, even though the Strait of Hormuz remains closed, cutting off around 14 million bpd of oil supply from the Middle East.
Nigeria's giant Dangote oil refinery on Tuesday reiterated its plans to double production capacity by the end of 2028 in a "ruthless replication" project.
The company could then jump to 2.1 million bpd with a similar refinery project in East Africa, making it a dominant or significant player in crude and refined fuel markets, chief executive David Bird said.
(Reporting by Robert Harvey
Editing by Tomasz Janowski)
.
LONDON, June 2 (Reuters) - West African crude oil differentials were steady on Tuesday after some initial Angolan July cargo offers surfaced at the start of the week, as traders await a fresh round of Asian purchase tenders.
July trade has been largely muted so far as overhanging West African and Libyan cargoes from June continue to clear, one trader said.
On Monday, Angolan Dalia was offered for July at dated Brent minus $1.30 a barrel and Saturno was indicated at dated Brent minus $2.00, a trader said.
Traders are waiting for a fresh round of buy tenders from Asian refiners to gauge demand levels for the July trading cycle, the trader said on Tuesday.
West African crude differentials have dropped sharply in recent weeks, weighed down by poor demand especially in Asia, even though the Strait of Hormuz remains closed, cutting off around 14 million bpd of oil supply from the Middle East.
Nigeria's giant Dangote oil refinery on Tuesday reiterated its plans to double production capacity by the end of 2028 in a "ruthless replication" project.
The company could then jump to 2.1 million bpd with a similar refinery project in East Africa, making it a dominant or significant player in crude and refined fuel markets, chief executive David Bird said.
(Reporting by Robert Harvey
Editing by Tomasz Janowski)
May 31 (Reuters) - India's largest state-run refiner and fuel retailer, Indian Oil Corporation IOC.NS, has raised the price of a 19 kilogram commercial LPG cylinder for industrial clients by 42 rupees ($0.4421) to 3,113.50 rupees from 3,071.5 rupees, according to its website.
Indian state fuel retailers IOC, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS tend to fix retail prices of fuels in tandem.
($1 = 95.0000 Indian rupees)
(Reporting by Nidhi Verma in Bengaluru; Additional reporting by Rhea Rose Abraham)
May 31 (Reuters) - India's largest state-run refiner and fuel retailer, Indian Oil Corporation IOC.NS, has raised the price of a 19 kilogram commercial LPG cylinder for industrial clients by 42 rupees ($0.4421) to 3,113.50 rupees from 3,071.5 rupees, according to its website.
Indian state fuel retailers IOC, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS tend to fix retail prices of fuels in tandem.
($1 = 95.0000 Indian rupees)
(Reporting by Nidhi Verma in Bengaluru; Additional reporting by Rhea Rose Abraham)
NEW DELHI/SINGAPORE, May 29 (Reuters) - State refiner Indian Oil Corp (IOC) IOC.NS bought 5 million barrels of crude oil from West Africa and Middle East via a tender this week, trade sources said on Friday.
IOC purchased Angola's Kissanje and Nemba crude for delivery to its Paradip refinery, the sources said.
The company also bought Nigeria's Usan crude from ExxonMobil XOM.N and Abu Dhabi's Murban crude from Mercuria for delivery to Vadinar.
IOC also purchased Murban crude from Totsa, the trading arm of TotalEnergies TTEF.PA, for delivery to Chennai, the people said.
The West African cargoes traded at premiums of around $4 a barrel to dated Brent, while Murban cargoes were sold at flat to a slight premium to dated Brent, they added.
The companies typically do not comment on their commercial sales.
(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Susan Fenton)
(([email protected];))
NEW DELHI/SINGAPORE, May 29 (Reuters) - State refiner Indian Oil Corp (IOC) IOC.NS bought 5 million barrels of crude oil from West Africa and Middle East via a tender this week, trade sources said on Friday.
IOC purchased Angola's Kissanje and Nemba crude for delivery to its Paradip refinery, the sources said.
The company also bought Nigeria's Usan crude from ExxonMobil XOM.N and Abu Dhabi's Murban crude from Mercuria for delivery to Vadinar.
IOC also purchased Murban crude from Totsa, the trading arm of TotalEnergies TTEF.PA, for delivery to Chennai, the people said.
The West African cargoes traded at premiums of around $4 a barrel to dated Brent, while Murban cargoes were sold at flat to a slight premium to dated Brent, they added.
The companies typically do not comment on their commercial sales.
(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Susan Fenton)
(([email protected];))
Adds destails on new oil and LNG shipments
By Ruth Chai and Florence Tan
May 28 (Reuters) - The U.S.-Israeli war on Iran that began on February 28 has severely curtailed shipping through the Strait of Hormuz, a key transit route for roughly a fifth of the world's oil and liquefied natural gas supply.
Below are non-Iranian oil and LNG tankers that have passed through the strait since the war, based on shipping data from LSEG and Kpler.
Oil
DESTINATION | TANKER | LOAD | DATE OF CROSSING | DATE OF DISCHARGE |
JAPAN | Idemitsu Maru | 2 million barrels of Saudi Arabian oil | April 28 | May 25 |
Eneos Endeavor | 1.2 million barrels of Kuwait crude, 700,000 barrels of Emirati Das Blend oil | May 14 | June 3* | |
UAE | Basrah Energy | 2 million barrels of Upper Zakum crude | May 6 | May 8 |
VIETNAM | Agios Fanourios I | 2 million barrels of Basrah Medium crude | May 16 | May 30 |
INDIA | Marathi | 1 million barrels of crude oil | Some time between March 2-26 | March 29 |
Shenlong | 1 million barrels of Saudi crude | March 6 | March 11 | |
Smyrni | 1 million barrels of Saudi crude | March 12 | March 16 | |
Navara | 248,000 barrels of fuel oil | March 31 | April 8 | |
Habrut | 1.7 million barrels of Upper Zakum crude | April 2 | April 20 | |
Karolos | 1 million barrels of crude oil | May 14 | May 19 | |
Nissos Keros | 1.8 million barrels of Das crude | May 26 | June 3* | |
SOUTH KOREA | Universal Winner | 2 million barrels of Kuwaiti crude | March 20 | June 9* |
Odessa | 1 million barrels of Arab light crude | April 13 | May 9 | |
Navig8 Macallister | 500,000 barrels of UAE naptha | April 18 | May 12 | |
CHINA | Dhalkut | 2 million barrels of Saudi crude | April 2 | April 16 |
He Rong Hai | 2.1 million barrels of Saudi crude | April 11 | April 22 | |
Cospearl Lake | 1.9 million barrels of Iraqi oil | April 11 | May 2 | |
Yuan Hua Hu | 2 million barrels of Iraqi crude | May 13 | June 1* | |
Yuan Gui Yang | 2 million barrels of Iraqi Basrah crude | May 20 | June 4* | |
Ocean Lily | 1 million barrels each of Qatari al-Shaheen and Iraqi Basrah crude | May 20 | June 5* | |
Hua Lin Wan | 75,000 tons naphtha | May 27 | June 12* | |
Eagle Veracruz | 2 million barrels of Saudi crude | May 26 | June 16* | |
MALAYSIA | Ocean Thunder | 1 million barrels of Basrah Heavy crude | April 5 | April 18 |
Serifos | 467,000 barrels of Saudi Arabia and Dubai crude | April 10 | April 30 | |
THAILAND | Pola | 481,000 barrels of Khafji, Das Blend and Murban crude | March 2 | April 10 |
Serifos | 1.5 million barrels of Saudi Arabia and Dubai crude | April 10 | May 7 |
LNG
DESTINATION | TANKER | LOAD PORT | DATE OF CROSSING | DATE OF DISCHARGE |
CHINA | Mubaraz | Das Island | Between March 30 and April 27 | May 18 |
Al Rayyan | Ras Laffan | Between May 22-25 | June 27* | |
PAKISTAN | Al Kharaitiyat | Ras Laffan | May 9 | May 19 |
Mihzem | Ras Laffan | May 12 | May 17 | |
Fuwairit | Ras Laffan | May 25 | May 26 | |
JAPAN | Mraweh | Das Island | Between April 19 and May 6 | May 19 |
INDIA | Al Hamra | Das Island | Between April 19 and May 23 | May 26 |
Umm Al Ashtan | Das Island | Between April 19 and May 23 | May 31* |
* tentative discharge dates
(Reporting by Ruth Chai and Florence Tan; additional reporting by Emily Chow; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)
(([email protected];))
Adds destails on new oil and LNG shipments
By Ruth Chai and Florence Tan
May 28 (Reuters) - The U.S.-Israeli war on Iran that began on February 28 has severely curtailed shipping through the Strait of Hormuz, a key transit route for roughly a fifth of the world's oil and liquefied natural gas supply.
Below are non-Iranian oil and LNG tankers that have passed through the strait since the war, based on shipping data from LSEG and Kpler.
Oil
DESTINATION | TANKER | LOAD | DATE OF CROSSING | DATE OF DISCHARGE |
JAPAN | Idemitsu Maru | 2 million barrels of Saudi Arabian oil | April 28 | May 25 |
Eneos Endeavor | 1.2 million barrels of Kuwait crude, 700,000 barrels of Emirati Das Blend oil | May 14 | June 3* | |
UAE | Basrah Energy | 2 million barrels of Upper Zakum crude | May 6 | May 8 |
VIETNAM | Agios Fanourios I | 2 million barrels of Basrah Medium crude | May 16 | May 30 |
INDIA | Marathi | 1 million barrels of crude oil | Some time between March 2-26 | March 29 |
Shenlong | 1 million barrels of Saudi crude | March 6 | March 11 | |
Smyrni | 1 million barrels of Saudi crude | March 12 | March 16 | |
Navara | 248,000 barrels of fuel oil | March 31 | April 8 | |
Habrut | 1.7 million barrels of Upper Zakum crude | April 2 | April 20 | |
Karolos | 1 million barrels of crude oil | May 14 | May 19 | |
Nissos Keros | 1.8 million barrels of Das crude | May 26 | June 3* | |
SOUTH KOREA | Universal Winner | 2 million barrels of Kuwaiti crude | March 20 | June 9* |
Odessa | 1 million barrels of Arab light crude | April 13 | May 9 | |
Navig8 Macallister | 500,000 barrels of UAE naptha | April 18 | May 12 | |
CHINA | Dhalkut | 2 million barrels of Saudi crude | April 2 | April 16 |
He Rong Hai | 2.1 million barrels of Saudi crude | April 11 | April 22 | |
Cospearl Lake | 1.9 million barrels of Iraqi oil | April 11 | May 2 | |
Yuan Hua Hu | 2 million barrels of Iraqi crude | May 13 | June 1* | |
Yuan Gui Yang | 2 million barrels of Iraqi Basrah crude | May 20 | June 4* | |
Ocean Lily | 1 million barrels each of Qatari al-Shaheen and Iraqi Basrah crude | May 20 | June 5* | |
Hua Lin Wan | 75,000 tons naphtha | May 27 | June 12* | |
Eagle Veracruz | 2 million barrels of Saudi crude | May 26 | June 16* | |
MALAYSIA | Ocean Thunder | 1 million barrels of Basrah Heavy crude | April 5 | April 18 |
Serifos | 467,000 barrels of Saudi Arabia and Dubai crude | April 10 | April 30 | |
THAILAND | Pola | 481,000 barrels of Khafji, Das Blend and Murban crude | March 2 | April 10 |
Serifos | 1.5 million barrels of Saudi Arabia and Dubai crude | April 10 | May 7 |
LNG
DESTINATION | TANKER | LOAD PORT | DATE OF CROSSING | DATE OF DISCHARGE |
CHINA | Mubaraz | Das Island | Between March 30 and April 27 | May 18 |
Al Rayyan | Ras Laffan | Between May 22-25 | June 27* | |
PAKISTAN | Al Kharaitiyat | Ras Laffan | May 9 | May 19 |
Mihzem | Ras Laffan | May 12 | May 17 | |
Fuwairit | Ras Laffan | May 25 | May 26 | |
JAPAN | Mraweh | Das Island | Between April 19 and May 6 | May 19 |
INDIA | Al Hamra | Das Island | Between April 19 and May 23 | May 26 |
Umm Al Ashtan | Das Island | Between April 19 and May 23 | May 31* |
* tentative discharge dates
(Reporting by Ruth Chai and Florence Tan; additional reporting by Emily Chow; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)
(([email protected];))
Adds details and background from paragraph 3
May 23 (Reuters) - Indian state-owned fuel retailers raised petrol and diesel prices for the third time this month, dealers said on Saturday, as the companies look to recoup losses caused by elevated crude oil prices amid the Iran war.
Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel prices will be raised 0.91 rupees to 92.49 rupees per litre, dealers said.
India, the world's third-largest importer and consumer of oil, was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.
The price of fuel has become roughly 5 rupees more expensive over the three price increases. The fuel price rise announced on May 15 was India's first in four years.
The companies are raising pump prices in a staggered manner, similar to the way they did in April 2022, when they increased retail prices after elections in some key states, including northern Uttar Pradesh.
Opposition parties have said the government headed by Prime Minister Narendra Modi had postponed the current price increases to try to win votes in recent state elections.
Still, sources at refiners have said more price increases are needed to recoup the losses.
Bharat Petroleum BPCL.NS (BPCL) continues to incur a revenue loss of 25 to 30 rupees per litre on diesel and 10 to 14 rupees per litre on petrol despite the higher prices, the refiner's chairman said earlier this week.
India's oil ministry has said the government has no plans to provide financial support for refiners.
BPCL, Indian Oil Corp IOC.NS and Hindustan Petroleum HPCL.NS together control more than 90% of a network of 103,000 fuel stations and tend to set prices in tandem.
($1 = 95.6900 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City; Editing by Tom Hogue)
(([email protected];))
Adds details and background from paragraph 3
May 23 (Reuters) - Indian state-owned fuel retailers raised petrol and diesel prices for the third time this month, dealers said on Saturday, as the companies look to recoup losses caused by elevated crude oil prices amid the Iran war.
Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel prices will be raised 0.91 rupees to 92.49 rupees per litre, dealers said.
India, the world's third-largest importer and consumer of oil, was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.
The price of fuel has become roughly 5 rupees more expensive over the three price increases. The fuel price rise announced on May 15 was India's first in four years.
The companies are raising pump prices in a staggered manner, similar to the way they did in April 2022, when they increased retail prices after elections in some key states, including northern Uttar Pradesh.
Opposition parties have said the government headed by Prime Minister Narendra Modi had postponed the current price increases to try to win votes in recent state elections.
Still, sources at refiners have said more price increases are needed to recoup the losses.
Bharat Petroleum BPCL.NS (BPCL) continues to incur a revenue loss of 25 to 30 rupees per litre on diesel and 10 to 14 rupees per litre on petrol despite the higher prices, the refiner's chairman said earlier this week.
India's oil ministry has said the government has no plans to provide financial support for refiners.
BPCL, Indian Oil Corp IOC.NS and Hindustan Petroleum HPCL.NS together control more than 90% of a network of 103,000 fuel stations and tend to set prices in tandem.
($1 = 95.6900 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City; Editing by Tom Hogue)
(([email protected];))
NEW DELHI, May 19 (Reuters) - Indian Oil Corp IOC.NS, the country's top fuel retailer, is suffering a revenue loss of 617 rupees ($6.39) on the sale of a cylinder of liquefied petroleum gas (LPG) compared to 171 rupees in April after the Iran war pushed up the prices, its finance chief said on Tuesday.
In January-March, the company suffered a revenue loss of 100 rupees for the sale of a 14.2-kilogram cylinder of LPG, mainly used as a cooking fuel, Anuj Jain told an analysts' call.
Indian state-run fuel retailers sell LPG for households at discounted rates.
India, the world's second-largest LPG importer, is grappling with its worst gas crisis in decades, with the government cutting supplies to industry to protect household cooking fuel needs.
In 2025, India consumed 33.15 million tons of LPG. Imports accounted for about 60% of demand, with 90% of those supplies coming from the Middle East.
Supplies of LPG from the Middle East have been disrupted by the closure of the Strait of Hormuz following the U.S.-Israeli war with Iran.
The closure of the Hormuz Strait has prompted Indian Oil (IOC) to diversify its sourcing of crude, LPG and liquefied natural gas to meet local demand.
"Our priority is to ensure the energy security... Because of this disruption, we have diversified our crude sourcing and LPG sourcing. We have changed our refinery diet," Jain said, adding that IOC is operating its refineries at full capacity.
The company has about a month's crude inventory, he said.
IOC recently bought LNG from Oman, Nigeria, Angola and Indonesia after major suppliers in the Middle East declared force majeure, he said.
By the end of the year, IOC hopes to expand its Panipat refinery to 500,000 barrels per day, its Gujarat refinery to 360,000 bpd, and its Barauni plant to 180,000 bpd, Jain said.
($1 = 96.5325 Indian rupees)
(Reporting by Nidhi Verma; Editing by Susan Fenton)
(([email protected]; X: @nidhi712;))
NEW DELHI, May 19 (Reuters) - Indian Oil Corp IOC.NS, the country's top fuel retailer, is suffering a revenue loss of 617 rupees ($6.39) on the sale of a cylinder of liquefied petroleum gas (LPG) compared to 171 rupees in April after the Iran war pushed up the prices, its finance chief said on Tuesday.
In January-March, the company suffered a revenue loss of 100 rupees for the sale of a 14.2-kilogram cylinder of LPG, mainly used as a cooking fuel, Anuj Jain told an analysts' call.
Indian state-run fuel retailers sell LPG for households at discounted rates.
India, the world's second-largest LPG importer, is grappling with its worst gas crisis in decades, with the government cutting supplies to industry to protect household cooking fuel needs.
In 2025, India consumed 33.15 million tons of LPG. Imports accounted for about 60% of demand, with 90% of those supplies coming from the Middle East.
Supplies of LPG from the Middle East have been disrupted by the closure of the Strait of Hormuz following the U.S.-Israeli war with Iran.
The closure of the Hormuz Strait has prompted Indian Oil (IOC) to diversify its sourcing of crude, LPG and liquefied natural gas to meet local demand.
"Our priority is to ensure the energy security... Because of this disruption, we have diversified our crude sourcing and LPG sourcing. We have changed our refinery diet," Jain said, adding that IOC is operating its refineries at full capacity.
The company has about a month's crude inventory, he said.
IOC recently bought LNG from Oman, Nigeria, Angola and Indonesia after major suppliers in the Middle East declared force majeure, he said.
By the end of the year, IOC hopes to expand its Panipat refinery to 500,000 barrels per day, its Gujarat refinery to 360,000 bpd, and its Barauni plant to 180,000 bpd, Jain said.
($1 = 96.5325 Indian rupees)
(Reporting by Nidhi Verma; Editing by Susan Fenton)
(([email protected]; X: @nidhi712;))
LONDON, May 18 (Reuters) - West African crude oil differentials to dated brent were steady on Monday as traders digested a July loading programme for Angolan grades.
Angola will load a total of 29 cargoes of crude oil in July, a trade source said citing a preliminary loading programme.
About 12 of Angola's 35 June cargoes were still looking for buyers on Friday, a trader said at the end of last week.
West African crude differentials have dropped sharply from record highs in the last couple of weeks, weighed down by narrower refining margins, refinery run cuts and China - normally a major buyer - selling cargoes, traders said.
Fuel marketers in Nigeria have pushed back against a lawsuit by Dangote Petroleum Refinery seeking to invalidate import licences, warning the move could disrupt supply and competition in Africa’s largest oil market.
The jury in the bribery trial of Diezani Alison-Madueke, Nigeria's former oil minister, began their deliberations on Monday after nearly four months at London's Southwark Crown Court.
In East Africa news, South Sudan must not enter into any new oil prepayment contracts until it has cleared outstanding debts with commodity trading house BB Energy, London's high court ruled on Friday, pending another hearing on June 5.
(Reporting by Robert Harvey; Editing by Jonathan Ananda)
LONDON, May 18 (Reuters) - West African crude oil differentials to dated brent were steady on Monday as traders digested a July loading programme for Angolan grades.
Angola will load a total of 29 cargoes of crude oil in July, a trade source said citing a preliminary loading programme.
About 12 of Angola's 35 June cargoes were still looking for buyers on Friday, a trader said at the end of last week.
West African crude differentials have dropped sharply from record highs in the last couple of weeks, weighed down by narrower refining margins, refinery run cuts and China - normally a major buyer - selling cargoes, traders said.
Fuel marketers in Nigeria have pushed back against a lawsuit by Dangote Petroleum Refinery seeking to invalidate import licences, warning the move could disrupt supply and competition in Africa’s largest oil market.
The jury in the bribery trial of Diezani Alison-Madueke, Nigeria's former oil minister, began their deliberations on Monday after nearly four months at London's Southwark Crown Court.
In East Africa news, South Sudan must not enter into any new oil prepayment contracts until it has cleared outstanding debts with commodity trading house BB Energy, London's high court ruled on Friday, pending another hearing on June 5.
(Reporting by Robert Harvey; Editing by Jonathan Ananda)
Petrol, diesel prices increase by more than 3%
Price rise is lower than needed to cover losses on retail sales
Direct inflationary impact seen muted at 15 bps
Price increase, austerity steps to hit petrol, diesel demand
Adds share prices of oil companies in paragraph 7
By Nidhi Verma and Chandini Monnappa
NEW DELHI, May 15 (Reuters) - India's state-run fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.03) per litre, or more than 3%, according to dealers, to recoup some of the losses incurred due to higher global crude oil prices.
India - the world's third-biggest oil importer and consumer - is one of the last major economies to raise retail fuel prices following the disruption to shipping through the Strait of Hormuz by the war started by U.S.-Israeli attacks on Iran.
State-run Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS, which together control more than 90% of India's 103,000 fuel stations, tend to set diesel and petrol prices in tandem.
A BPCL spokesperson confirmed the price increase at its retail outlets. Indian Oil and HPCL did not immediately respond to a request for comment.
Diesel in Delhi will cost 90.67 rupees a litre and petrol 97.77 rupees, reflecting increases of 3.4% and 3.2%, respectively, from 87.67 rupees and 94.77 rupees a litre.
Global oil prices spiked to more than $120 a barrel, before pulling back to around $100 to $105. O/R
Shares of fuel retailers were down between 2.4% and 3.6% on Friday. Indian Oil Corp IOC.NS fell 2.4%, HPCL HPCL.NS dropped 3.3% and BPCL BPCL.NS was down 3.6% as of 0550 GMT.
The direct impact of the higher fuel prices would be muted at about 15 basis points on consumer price inflation, although the indirect impact will be larger, said Madhavi Arora, chief economist at Mumbai-based Emkay Global Financial Services EMKS.NS.
"The hikes are not enough but could be the start of multiple staggered hikes," she said.
FUEL AUSTERITY STEPS
To curb fuel consumption and rein in oil import bills, New Delhi has rolled out austerity measures as policymakers brace for a prolonged energy shock.
On Sunday, Prime Minister Narendra Modi urged a spate of measures including fuel conservation, work-from-home practices, and limits on travel and imports, as surging global energy prices put pressure on the country's foreign exchange reserves.
Some states have issued notices to government departments this week to restrict travel, avoid physical events and shift meetings online, while also asking them to work from home two days a week, with offices half-staffed.
India is likely to widen the measures to cover millions of employees across the federal government, state-run banks and public sector firms, signalling a system-wide tightening of expenditure and operations as financial risks mount.
The government did not respond to a Reuters email seeking comment.
PRICE INCREASE TO HIT DEMAND
Analysts say the increase is modest and leaves plenty of scope to raise prices further to compensate for revenue losses.
"India's petrol demand growth will be impacted, although the price hike is modest, but other fuel conservation steps such as work from home will dent demand growth," said Prashant Vashisth, vice president and co-head of corporate ratings at Moody's Indian arm, ICRA Ltd ICRA.NS.
ICRA has revised its growth rate for gasoline use to 3%-4% this year compared with 5%-6% before the war, due to the price increase. For gasoil or diesel, ICRA expects growth to be flat from an earlier estimate of 2%-3%.
Analysts and opposition parties said state retailers had delayed raising prices during key state elections. The polls ended this month, with Modi's BJP winning two of four states and expanding its influence.
Oil ministry official Sujata Sharma said in April that higher oil prices after the war started caused Indian retailers to lose about 100 rupees per litre on diesel and about 20 rupees a litre on petrol.
In late March, Russia-backed Indian private refiner Nayara Energy raised its pump prices to mitigate some of its revenue losses from retail sales.
($1 = 95.7625 Indian rupees)
(Reporting by Nidhi Verma, Chandini Monnappa, Ira Dugal, Sarita C Singh and Shivangi Acharya; Additional reporting by YP Rajesh; Editing by Muralikumar Anantharaman, Jamie Freed and Tom Hogue)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Petrol, diesel prices increase by more than 3%
Price rise is lower than needed to cover losses on retail sales
Direct inflationary impact seen muted at 15 bps
Price increase, austerity steps to hit petrol, diesel demand
Adds share prices of oil companies in paragraph 7
By Nidhi Verma and Chandini Monnappa
NEW DELHI, May 15 (Reuters) - India's state-run fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.03) per litre, or more than 3%, according to dealers, to recoup some of the losses incurred due to higher global crude oil prices.
India - the world's third-biggest oil importer and consumer - is one of the last major economies to raise retail fuel prices following the disruption to shipping through the Strait of Hormuz by the war started by U.S.-Israeli attacks on Iran.
State-run Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS, which together control more than 90% of India's 103,000 fuel stations, tend to set diesel and petrol prices in tandem.
A BPCL spokesperson confirmed the price increase at its retail outlets. Indian Oil and HPCL did not immediately respond to a request for comment.
Diesel in Delhi will cost 90.67 rupees a litre and petrol 97.77 rupees, reflecting increases of 3.4% and 3.2%, respectively, from 87.67 rupees and 94.77 rupees a litre.
Global oil prices spiked to more than $120 a barrel, before pulling back to around $100 to $105. O/R
Shares of fuel retailers were down between 2.4% and 3.6% on Friday. Indian Oil Corp IOC.NS fell 2.4%, HPCL HPCL.NS dropped 3.3% and BPCL BPCL.NS was down 3.6% as of 0550 GMT.
The direct impact of the higher fuel prices would be muted at about 15 basis points on consumer price inflation, although the indirect impact will be larger, said Madhavi Arora, chief economist at Mumbai-based Emkay Global Financial Services EMKS.NS.
"The hikes are not enough but could be the start of multiple staggered hikes," she said.
FUEL AUSTERITY STEPS
To curb fuel consumption and rein in oil import bills, New Delhi has rolled out austerity measures as policymakers brace for a prolonged energy shock.
On Sunday, Prime Minister Narendra Modi urged a spate of measures including fuel conservation, work-from-home practices, and limits on travel and imports, as surging global energy prices put pressure on the country's foreign exchange reserves.
Some states have issued notices to government departments this week to restrict travel, avoid physical events and shift meetings online, while also asking them to work from home two days a week, with offices half-staffed.
India is likely to widen the measures to cover millions of employees across the federal government, state-run banks and public sector firms, signalling a system-wide tightening of expenditure and operations as financial risks mount.
The government did not respond to a Reuters email seeking comment.
PRICE INCREASE TO HIT DEMAND
Analysts say the increase is modest and leaves plenty of scope to raise prices further to compensate for revenue losses.
"India's petrol demand growth will be impacted, although the price hike is modest, but other fuel conservation steps such as work from home will dent demand growth," said Prashant Vashisth, vice president and co-head of corporate ratings at Moody's Indian arm, ICRA Ltd ICRA.NS.
ICRA has revised its growth rate for gasoline use to 3%-4% this year compared with 5%-6% before the war, due to the price increase. For gasoil or diesel, ICRA expects growth to be flat from an earlier estimate of 2%-3%.
Analysts and opposition parties said state retailers had delayed raising prices during key state elections. The polls ended this month, with Modi's BJP winning two of four states and expanding its influence.
Oil ministry official Sujata Sharma said in April that higher oil prices after the war started caused Indian retailers to lose about 100 rupees per litre on diesel and about 20 rupees a litre on petrol.
In late March, Russia-backed Indian private refiner Nayara Energy raised its pump prices to mitigate some of its revenue losses from retail sales.
($1 = 95.7625 Indian rupees)
(Reporting by Nidhi Verma, Chandini Monnappa, Ira Dugal, Sarita C Singh and Shivangi Acharya; Additional reporting by YP Rajesh; Editing by Muralikumar Anantharaman, Jamie Freed and Tom Hogue)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
LONDON, May 14 (Reuters) - West African crude differentials were little changed on Thursday, while an overhang remained in the market.
West African crude differentials have fallen due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.
Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.
Around 14 Angolan June crude cargoes were still unsold, a trader confirmed.
July loading programmes are also set to emerge in the coming days.
In the wider market, Angola aims to hold its oil output steady over the next year, its oil and minerals minister said at a conference in London.
The Cabinda refinery in Angola is working at 30,000 bpd and another 30,000 bpd of capacity at the plant will be added later, the minister said, without specifying when. Construction of the Lobito refinery is about half complete and expected to be finished by 2029.
(Reporting by Seher Dareen; Editing by Vijay Kishore)
LONDON, May 14 (Reuters) - West African crude differentials were little changed on Thursday, while an overhang remained in the market.
West African crude differentials have fallen due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.
Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.
Around 14 Angolan June crude cargoes were still unsold, a trader confirmed.
July loading programmes are also set to emerge in the coming days.
In the wider market, Angola aims to hold its oil output steady over the next year, its oil and minerals minister said at a conference in London.
The Cabinda refinery in Angola is working at 30,000 bpd and another 30,000 bpd of capacity at the plant will be added later, the minister said, without specifying when. Construction of the Lobito refinery is about half complete and expected to be finished by 2029.
(Reporting by Seher Dareen; Editing by Vijay Kishore)
.
LONDON, May 13 (Reuters) - West African crude differentials were little changed on Wednesday though traders continued to view a weak market pressured by low demand for cargoes.
In the region of 14 Angolan June crude cargoes remain unsold, one trader said on Wednesday, with July loading programmes set to emerge in the coming days.
West African crude differentials are trending lower due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.
Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.
Nigeria, which is Africa's biggest oil producer, has asked to join the International Energy Agency as an associate member, IEA executive director Fatih Birol said on Wednesday.
Nigeria's petrol consumption rose in April, while domestic refining surged to near full capacity, led by strong output from the Dangote refinery, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed on Wednesday.
(Reporting by Robert Harvey; Editing by Kirsten Donovan)
.
LONDON, May 13 (Reuters) - West African crude differentials were little changed on Wednesday though traders continued to view a weak market pressured by low demand for cargoes.
In the region of 14 Angolan June crude cargoes remain unsold, one trader said on Wednesday, with July loading programmes set to emerge in the coming days.
West African crude differentials are trending lower due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.
Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.
Nigeria, which is Africa's biggest oil producer, has asked to join the International Energy Agency as an associate member, IEA executive director Fatih Birol said on Wednesday.
Nigeria's petrol consumption rose in April, while domestic refining surged to near full capacity, led by strong output from the Dangote refinery, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed on Wednesday.
(Reporting by Robert Harvey; Editing by Kirsten Donovan)
Adds details on price increase from government officials
By Neha Arora and Nikunj Ohri
NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.
Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.
A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to compensate oil marketing companies for these losses.
Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.
India is the world's third-largest oil importer and consumer, meeting more than 90% of its crude oil needs and about half of its natural gas demand through imports.
Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel prices since April 2022.
A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.
Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.
Both officials spoke on condition of anonymity due to the sensitivity of the matter.
Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.
Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.
The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.
(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)
Adds details on price increase from government officials
By Neha Arora and Nikunj Ohri
NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.
Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.
A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to compensate oil marketing companies for these losses.
Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.
India is the world's third-largest oil importer and consumer, meeting more than 90% of its crude oil needs and about half of its natural gas demand through imports.
Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel prices since April 2022.
A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.
Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.
Both officials spoke on condition of anonymity due to the sensitivity of the matter.
Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.
Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.
The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.
(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)
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Popular questions
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What does Indian Oil Corpn. do?
Indian Oil Corporation is India's flagship Maharatna national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing, to exploration and production of crude oil and gas, petrochemicals, gas marketing, alternative energy sources and globalisation of downstream operations. The company continues to maintain its leadership position in fuel marketing with the largest market share in petroleum products, including Petrol, Diesel, LPG and Aviation Turbine Fuel.
Who are the competitors of Indian Oil Corpn.?
Indian Oil Corpn. major competitors are Bharat PetroleumCorp, HPCL, MRPL, Chennai Petrol. Corp, Reliance Industries. Market Cap of Indian Oil Corpn. is ₹1,98,192 Crs. While the median market cap of its peers are ₹82,155 Crs.
Is Indian Oil Corpn. financially stable compared to its competitors?
Indian Oil Corpn. seems to be less financially stable compared to its competitors. Altman Z score of Indian Oil Corpn. is 2.85 and is ranked 5 out of its 6 competitors.
Does Indian Oil Corpn. pay decent dividends?
The company seems to pay a good stable dividend. Indian Oil Corpn. latest dividend payout ratio is 30.38% and 3yr average dividend payout ratio is 37.39%
How has Indian Oil Corpn. allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Indian Oil Corpn. balance sheet?
Balance sheet of Indian Oil Corpn. is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Indian Oil Corpn. improving?
The profit is oscillating. The profit of Indian Oil Corpn. is ₹40,702 Crs for TTM, ₹13,598 Crs for Mar 2025 and ₹41,730 Crs for Mar 2024.
Is the debt of Indian Oil Corpn. increasing or decreasing?
The net debt of Indian Oil Corpn. is decreasing. Latest net debt of Indian Oil Corpn. is ₹1,15,674 Crs as of Mar-26. This is less than Mar-25 when it was ₹1,35,959 Crs.
Is Indian Oil Corpn. stock expensive?
Indian Oil Corpn. is not expensive. Latest PE of Indian Oil Corpn. is 4.71, while 3 year average PE is 8.81. Also latest EV/EBITDA of Indian Oil Corpn. is 4.04 while 3yr average is 6.73.
Has the share price of Indian Oil Corpn. grown faster than its competition?
Indian Oil Corpn. has given lower returns compared to its competitors. Indian Oil Corpn. has grown at ~7.1% over the last 10yrs while peers have grown at a median rate of 12.08%
Is the promoter bullish about Indian Oil Corpn.?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Indian Oil Corpn. is 51.5% and last quarter promoter holding is 51.5%.
Are mutual funds buying/selling Indian Oil Corpn.?
The mutual fund holding of Indian Oil Corpn. is increasing. The current mutual fund holding in Indian Oil Corpn. is 2.71% while previous quarter holding is 2.52%.