MRPL makes first gasoline sale in 8 months

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MRPL makes first gasoline sale in 8 months

Mangalore Refinery & Petrochemical Ltd (MRPL) sold its first spot petrol cargo in about eight months to Vitol, amid tight Asian supplies, traders said on Monday.

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Mangalore Refinery & Petrochemical Ltd (MRPL) sold its first spot petrol cargo in about eight months to Vitol, amid tight Asian supplies, traders said on Monday.

The 25,000-tonne 92-octane grade cargo for March 1-3 loading from New Mangalore was sold to Vitol at premiums of about USD 2.70 a barrel to 95-octane Middle East quotes on a free-on-board basis (FOB).

The small volumes could have been made available due to surplus and not because of any secondary units in maintenance, traders said.

The last time it had sold a petrol cargo was for June 2011 lifting to Glencore at a lower premium of USD 1.25 a barrel.

Separately, MRPL also sold a 35,000-tonne naphtha cargo to Marubeni for March 9-11 loading at a premium of about USD 34 a tonne to Middle East quotes on a free-on-board (FOB) basis, setting a new eight-month high on strong fundamentals.

Refinery closures in Europe and the United States have hit Asia, especially where naphtha is concerned as the East is structurally short of the petrochemical feedstock.