Hindustan Petroleum Corp Ltd (HPCL) has revised down its petrol May imports to a total of 52,000 tonnes from an initial 57,000 tonnes, traders said on Wednesday.
It is now looking to buy a total of 30,000 tonnes of petrol for May 15-23 delivery to Mundra, down from its original target of a total of 35,000 tonnes for May 15-20 delivery.
Its import demand of a total of 22,000 tonnes petrol for May 16-20 delivery to Ennore was unchanged. HPCL does not usually import petrol and traders said these two import tenders, which are due to be awarded on May 8, were rare and the refiner could be looking to plug a supply shortfall caused by refinery maintenance.
HPCL said it would shut a crude unit and petrol-making unit at its Vizag refinery from June to July. A crude unit and a petrol-making unit at its Mumbai refinery were also scheduled for maintenance from April to May.
HPCL is not the only refiner seeking petrol imports. Indian Oil Corp (IOC) has been buying more than 200,000 tonnes of petrol recently for March to May delivery due also to refinery maintenance.
The unusual Indian demand for petrol has added to the strong market as the summer driving season in the U.S. and upcoming Muslim fasting month in June have tightened supplies.
Source:reuters.com
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