Bharat Petroleum Co Ltd (BPCL) has sold a 30,000-tonne November naphtha cargo at a premium compared to a discount in its previous sale, as per sources.
BPCL sold the cargo to European trader Vitol at a single-digit premium to Middle East spot quotes on a free-on-board (FOB) basis. The cargo is to be loaded from India's western port of Mumbai during Nov. 21-23.
The higher FOB spot differentials came as Asia's naphtha market recovered over the last few weeks on resurgent demand from petrochemical producers. But heavy Indian exports are still keeping cost-and-freight spot differentials at a discount.