Ioc Buys Fuel Oil At $13.9 Over W Asia Spot

Indian Oil Corp (IOC) has bought 30,000 tonnes of 3.5-per cent sulphur fuel oil for delivery in April at nearly $13.9 per tonne above spot Middle East quotes, industry sources said yesterday.

IOC has awarded the cargo to the Middle East trader Fal Oil on a cost-and-freight (C-and-f) basis for April 10-14 deliery to Mumbai, the sources said. In its last fuel oil tender, IOC bought two 30,000-tonne 3.5-per cent high sulphur fuel oil cargoes for April delivery.

One cargo was bought at $6 per tonne above spot Middle East quotes on a free-on-board basis and the other at $12.5 per tonne on a C-and-F basis, also above spot Middle East prices.