Indian Oil seeks superior kerosene in unusual move

Indian Oil Corp (IOC) is seeking 20,000 tonnes of superior kerosene oil for April, which traders said was rare.

This came a week after it issued a rare import tender for jet fuel to plug a supply shortfall caused by refinery maintenance, they added.

IOC is now looking to buy the superior kerosene oil for April 6-8 arrival at Paradip, followed by Haldia. The tender closes on March 24, with offers to stay valid until March 25.

"IOC imports oil products when they have refinery maintenance," said a Singapore-based trader.

The state-owned firm's Koyali refinery is undergoing heavy maintenance from now until April.

It has been importing gasoline for March to May delivery, which traders said was to fill the supply gap from the refinery maintenance.

In total, it has bought up to 106,000 tonnes of gasoline for March to May arrival at several ports, namely Haldia, Kochi, Paradip and Vizag.

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