Indian Oil Corp. premiums on August lifting naphtha halve

Increasing supplies in the region have pulled down naphtha prices in Asia. Indian Oil Corp (IOC) has sold 15,000 tons of naphtha for lifting in August from Haldia at half the premium it fetched for a July cargo. IOC sold the cargo by tender to Emirates National Oil Co (ENOC) for Aug. 3-7 loading at a premium of US$6-7/ton to its own price formula, on a free-on-board (FOB) basis.
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