SINGAPORE (Reuters) - India's Bharat Petroleum Corp Ltd sold an August naphtha cargo at the lowest premium it has received in five months, traders familiar with the matter said on Wednesday.
BPCL sold the 30,000 tonne cargo on Tuesday for August 6-8 loading from Mumbai to Gunvor at a premium of about $14 a tonne to its own price formula on a free-on-board (FOB) basis.
This was down $2, or 12.5 percent, from a previous deal for a July cargo to Total.
The fresh premium was also the lowest BPCL had fetched for a cargo sold out of Mumbai since the sale of a March cargo.
BPCL exports 1-2 cargoes a month from Mumbai, with supply determined by factors including refinery output and maintenance, domestic demand and the types of crude used.
BPCL also exports naphtha from Kochi.
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(Reporting by Seng Li Peng; Additional reporting by Florence Tan)