SINGAPORE (Reuters) - Mangalore Refinery and Petrochemicals Ltd's naphtha sales premium has slumped to the lowest in over a year as the market was awash with supplies, a trader who tracks the fuel said on Thursday.
The Indian refiner sold 35,000 tonnes of naphtha for Nov 10-12 loading from New Mangalore late on Wednesday to oil major BP at premiums of about $6 to $7 a tonne to Middle East quotes on a free-on-board (FOB) basis.
This was down by about half versus the average of $12.75-a-tonne premium the state-owned refiner had garnered for two cargoes sold last month.
The fresh premium was also the lowest that MRPL has received for its naphtha since September 2017.
MRPL and BP do not typically comment on their deals.
(Reporting by Seng Li Peng; Editing by Sunil Nair)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app