Indian Oil Corporation (IOC) has brought down the buying time for some of its spot cargoes to two hours, sharply shrinking from 30 hours just one and a half years ago, a move that would help the country’s largest refiner bring down crude cost and boost margin.
IOC picks 30% of its crude from the spot market, a share that went up from 20% in the past two years as state refiners tried to take advantage of the falling crude prices. Last year, the state refiners were also unshackled by the government to decide on their spot purchasing mechanism, which has now helped IOC drastically reduce purchase time. Read More…
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