RIL lowers premium on 2014 gasoil contracts

Premium for 500 ppm sulphur gasoil at $2.25-$2.50/barrel, lower than $2.70/barrel in 2013

Reliance Industries has finalised its 2014 term contracts to sell gasoil for January to December at lower premiums than last year, industry sources said on Wednesday.

The company agreed to sell 500 ppm sulphur gasoil at premiums of $2.25 to $2.50 a barrel above Middle East quotes, lower than the $2.70 a barrel premium negotiated for last year, the sources said.

Reliance also agreed to sell the 10 ppm sulphur diesel at premiums of $2.50 and $3 a barrel above Middle East quotes, also lower than 2013's premiums, they added.

Details on buyers could not immediately be confirmed.