IOC

June 6 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP RAISES LPG PRICE BY 29 RUPEES TO 942 RUPEES PER 14.2 KG CYLINDER IN DELHI - WEBSITE

Further company coverage: IOC.NS

(([email protected];))

June 5 (Reuters) -

• INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON GASOLINE SALES 9 RUPEES/LITRE, DIESEL 36.5 RUPEES/LITRE

• INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON LIQUEFIED PETROLEUM GAS SALES AROUND 700 RUPEES/14.2 KG CYLINDER

Source text: [ID:]

Further company coverage: BPCL.NS

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LONDON, June 4 (Reuters) - Offers of Angolan crude for July loading were steady to lower on Thursday, suggesting a market under downward pressure despite ongoing disruptions to Middle East supplies.

• July's Angolan loading programme schedules 29 cargoes.

• Angolan Dalia was offered for July at dated Brent minus $1.80 a barrel, down 50 cents from Monday, and Saturno was indicated at dated Brent minus $2.00, unchanged from Monday, a trader said.

• In April, some Angolan grades had soared to record premiums to dated Brent.

• Differentials have dropped sharply in recent weeks, weighed down by narrower refining margins and refinery run cuts, traders say.

(Reporting by Alex Lawler; Editing by Shailesh Kuber)

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By Nidhi Verma and Mohi Narayan

NEW DELHI, June 3 (Reuters) - India is expected to see less growth in gasoline and diesel demand this year after a series of price hikes last month that reflect higher oil costs triggered by the Iran war, with early signs of stress already visible in the trucking sector.

State retailers Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%.

Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) daily.

Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked.

"We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA.

That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%.

Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth.

Prashant Vashisth, senior vice president at ICRA, said that the diesel and gasoline price hikes could exacerbate inflation which could hurt end-user demand.

Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.

TRUCKERS AFFECTED BY LESS INDUSTRIAL ACTIVITY

Global oil prices LCOc1 have surged 40% to trade near $100 a barrel since the war restricted shipments through the Strait of Hormuz, which used to see a fifth of the world's oil supplies pass through before the conflict.

Signs of lower diesel demand due to slower industrial activity have emerged in the trucking sector.

Freight prices have fallen between 13% and 15% on three-quarters of key long-haul routes despite the increase in retail fuel prices, said SP Singh, senior fellow at the Indian Foundation of Transport Research and Training.

Singh noted that drivers are having to wait longer periods before making return trips.

"Truckers are not getting return tonnages. There is a delay of 3-5 days because manufacturing has slowed, that is hitting their revenue as their round trips per month have been reduced," he said.

Preliminary data showed that Indian retailers' gasoline sales in May rose 2.8% from a year earlier while gasoil sales edged up 0.9%. That compares with April figures of a 6.8% climb for gasoline and a 0.8% increase for gasoil.

($1 = 95.7625 Indian rupees)

(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Edwina Gibbs)

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LONDON, June 2 (Reuters) - West African crude oil differentials were steady on Tuesday after some initial Angolan July cargo offers surfaced at the start of the week, as traders await a fresh round of Asian purchase tenders.

• July trade has been largely muted so far as overhanging West African and Libyan cargoes from June continue to clear, one trader said.

• On Monday, Angolan Dalia was offered for July at dated Brent minus $1.30 a barrel and Saturno was indicated at dated Brent minus $2.00, a trader said.

• Traders are waiting for a fresh round of buy tenders from Asian refiners to gauge demand levels for the July trading cycle, the trader said on Tuesday.

• West African crude differentials have dropped sharply in recent weeks, weighed down by poor demand especially in Asia, even though the Strait of Hormuz remains closed, cutting off around 14 million bpd of oil supply from the Middle East.

• Nigeria's giant Dangote oil refinery on Tuesday reiterated its plans to double production capacity by the end of 2028 in a "ruthless replication" project.

• The company could then jump to 2.1 million bpd with a similar refinery project in East Africa, making it a dominant or significant player in crude and refined fuel markets, chief executive David Bird said.

(Reporting by Robert Harvey
Editing by Tomasz Janowski)

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May 31 (Reuters) - India's largest state-run refiner and fuel retailer, Indian Oil Corporation IOC.NS, has raised the price of a 19 kilogram commercial LPG cylinder for industrial clients by 42 rupees ($0.4421) to 3,113.50 rupees from 3,071.5 rupees, according to its website.

Indian state fuel retailers IOC, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS tend to fix retail prices of fuels in tandem.

($1 = 95.0000 Indian rupees)

(Reporting by Nidhi Verma in Bengaluru; Additional reporting by Rhea Rose Abraham)

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NEW DELHI/SINGAPORE, May 29 (Reuters) - State refiner Indian Oil Corp (IOC) IOC.NS bought 5 million barrels of crude oil from West Africa and Middle East via a tender this week, trade sources said on Friday.

IOC purchased Angola's Kissanje and Nemba crude for delivery to its Paradip refinery, the sources said.

The company also bought Nigeria's Usan crude from ExxonMobil XOM.N and Abu Dhabi's Murban crude from Mercuria for delivery to Vadinar.

IOC also purchased Murban crude from Totsa, the trading arm of TotalEnergies TTEF.PA, for delivery to Chennai, the people said.

The West African cargoes traded at premiums of around $4 a barrel to dated Brent, while Murban cargoes were sold at flat to a slight premium to dated Brent, they added.

The companies typically do not comment on their commercial sales.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Susan Fenton)

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Adds destails on new oil and LNG shipments

By Ruth Chai and Florence Tan

May 28 (Reuters) - The U.S.-Israeli war on Iran that began on February 28 has severely curtailed shipping through the Strait of Hormuz, a key transit route for roughly a fifth of the world's oil and liquefied natural gas supply.

Below are non-Iranian oil and LNG tankers that have passed through the strait since the war, based on shipping data from LSEG and Kpler.

Oil

LNG

* tentative discharge dates

(Reporting by Ruth Chai and Florence Tan; additional reporting by Emily Chow; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)

(([email protected];))

Adds details and background from paragraph 3

May 23 (Reuters) - Indian state-owned fuel retailers raised petrol and diesel prices for the third time this month, dealers said on Saturday, as the companies look to recoup losses caused by elevated crude oil prices amid the Iran war.

Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel prices will be raised 0.91 rupees to 92.49 rupees per litre, dealers said.

India, the world's third-largest importer and consumer of oil, was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.

The price of fuel has become roughly 5 rupees more expensive over the three price increases. The fuel price rise announced on May 15 was India's first in four years.

The companies are raising pump prices in a staggered manner, similar to the way they did in April 2022, when they increased retail prices after elections in some key states, including northern Uttar Pradesh.

Opposition parties have said the government headed by Prime Minister Narendra Modi had postponed the current price increases to try to win votes in recent state elections.

Still, sources at refiners have said more price increases are needed to recoup the losses.

Bharat Petroleum BPCL.NS (BPCL) continues to incur a revenue loss of 25 to 30 rupees per litre on diesel and 10 to 14 rupees per litre on petrol despite the higher prices, the refiner's chairman said earlier this week.

India's oil ministry has said the government has no plans to provide financial support for refiners.

BPCL, Indian Oil Corp IOC.NS and Hindustan Petroleum HPCL.NS together control more than 90% of a network of 103,000 fuel stations and tend to set prices in tandem.

($1 = 95.6900 Indian rupees)

(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City; Editing by Tom Hogue)

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LONDON, May 19 (Reuters) - West African crude oil differentials to dated Brent were little changed on Tuesday after Brent futures edged lower on the day as U.S. President Trump said he had paused a planned military strike on Iran.

• West African oil differentials have been trending lower in recent sessions as refinery run cuts and China reselling has left cargoes searching for homes.

• Angola will load a total of 29 cargoes of crude oil in July at an average rate of about 889,000 barrels per day, a preliminary loading programme seen by Reuters showed.

• Angolan June cargoes remained on offer as traders digested July dates. About 12 of Angola's 35 June cargoes were still looking for buyers on Friday, a trader said at the end of last week.

• Elsewhere, India's MRPL issued a tender seeking to buy a 650,000 barrel cargo of crude, to close on May 20. India is a regular importer of West African crudes but competition is fierce from cheaper Russian supplies.

• India has been buying Russian oil irrespective of U.S. sanctions waivers, Sujata Sharma, a joint secretary in the petroleum ministry, said on Monday.

(Reporting by Robert Harvey
Editing by David Goodman
)

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LONDON, May 18 (Reuters) - West African crude oil differentials to dated brent were steady on Monday as traders digested a July loading programme for Angolan grades.

• Angola will load a total of 29 cargoes of crude oil in July, a trade source said citing a preliminary loading programme.

• About 12 of Angola's 35 June cargoes were still looking for buyers on Friday, a trader said at the end of last week.

• West African crude differentials have dropped sharply from record highs in the last couple of weeks, weighed down by narrower refining margins, refinery run cuts and China - normally a major buyer - selling cargoes, traders said.

• Fuel marketers in Nigeria have pushed back against a lawsuit by Dangote Petroleum Refinery seeking to invalidate import licences, warning the move could disrupt supply and competition in Africa’s largest oil market.

• The jury in the bribery trial of Diezani Alison-Madueke, Nigeria's former oil minister, began their deliberations on Monday after nearly four months at London's Southwark Crown Court.

• In East Africa news, South Sudan must not enter into any new oil prepayment contracts until it has cleared outstanding debts with commodity trading house BB Energy, London's high court ruled on Friday, pending another hearing on June 5.

(Reporting by Robert Harvey; Editing by Jonathan Ananda)

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LONDON, May 15 (Reuters) - Angolan crude for June loading remains slow to find buyers, traders said on Friday, with just a couple of deals thought to have happened in the last few days.

• About 12 of Angola's 35 June cargoes are still looking for buyers, a trader said, down from 14 estimated on Thursday. This indicates a relatively slow pace of sales despite supply disruptions caused by the Middle East war.

• West African crude differentials have dropped sharply from record highs in the last couple of weeks, weighed down by narrower refining margins, refinery run cuts and China - normally a major buyer - selling cargoes, traders say.

• July's loading programme for Angola is expected imminently.

• On Nigerian crude, a cargo of the country's Utapate grade, launched in 2024, was being offered at dated Brent plus $3.75, a trader said.

(Reporting by Alex Lawler; Editing by Tasim Zahid)

(([email protected]))

LONDON, May 14 (Reuters) - West African crude differentials were little changed on Thursday, while an overhang remained in the market.

• West African crude differentials have fallen due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.

• Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.

• Around 14 Angolan June crude cargoes were still unsold, a trader confirmed.

• July loading programmes are also set to emerge in the coming days.

• In the wider market, Angola aims to hold its oil output steady over the next year, its oil and minerals minister said at a conference in London.

• The Cabinda refinery in Angola is working at 30,000 bpd and another 30,000 bpd of capacity at the plant will be added later, the minister said, without specifying when. Construction of the Lobito refinery is about half complete and expected to be finished by 2029.

(Reporting by Seher Dareen; Editing by Vijay Kishore)

(([email protected]))

.

LONDON, May 13 (Reuters) - West African crude differentials were little changed on Wednesday though traders continued to view a weak market pressured by low demand for cargoes.

• In the region of 14 Angolan June crude cargoes remain unsold, one trader said on Wednesday, with July loading programmes set to emerge in the coming days.

• West African crude differentials are trending lower due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.

• Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.

• Nigeria, which is Africa's biggest oil producer, has asked to join the International Energy Agency as an associate member, IEA executive director Fatih Birol said on Wednesday.

• Nigeria's petrol consumption rose in April, while domestic refining surged to near full capacity, led by strong output from the Dangote refinery, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed on Wednesday.

(Reporting by Robert Harvey; Editing by Kirsten Donovan)

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Adds details on price increase from government officials

By Neha Arora and Nikunj Ohri

NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.

Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.

A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to ​compensate oil marketing companies for these losses.

Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.

India is the world's third-largest oil importer and ​consumer, meeting more than 90% of its crude oil needs and about half of ⁠its natural gas demand through imports.

Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel ​prices since April 2022.

A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.

Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.

Both officials spoke on condition of anonymity due to the sensitivity of the matter.

Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.

Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.

The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.

(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)

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LONDON, May 11 (Reuters) - West African crude held steady on Monday and the trading arm of Nigeria's national oil company issued a sell tender for a spot cargo.

• The Nigerian National Petroleum Company's trading arm issued a tender on a spot cargo of Forcados for June 13-14 loading, according to a document seen by Reuters.

• Offers for Angolan crude were largely between plus $1 and flat against dated Brent, one trader said.

• IOC awarded its buying tender last week and is taking one cargo of Nigerian crude, one Angolan and some Murban crude from the UAE, a trader said.

• In the broader market, airlines contending with soaring jet fuel prices are facing a second blow as supply shortages disrupt flight schedules and crew rotations, industry groups and airlines said, heightening safety and operational concerns across Nigeria’s aviation sector.

• Nigeria is expected to have produced 1.55 million barrels per day of crude oil in April as part of the Organization of the Petroleum Exporting Countries, a Reuters survey showed.
  
  

(Reporting by Seher Dareen
Editing by David Goodman)

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LONDON, May 8 (Reuters) - West African crude differentials were steady on Friday after declining this week, while Indian Oil Corp was heard to have bought several cargoes in its latest tender.

• There were no further offers of Angolan crude via the Platts system on Friday, a trader said. There was a lower offer for one grade on Thursday, and on Wednesday Angolan grade Dalia was offered lower.

• The drop comes despite ongoing supply disruptions in the Middle East due to the Iran war.

• "Angolan is under pressure," a trader said.

• In other developments, IOC awarded its buying tender this week and is taking one cargo of Nigerian crude, one of Angolan and some Murban crude from the UAE, a trader said.

(Reporting by Alex Lawler; Editing by Shailesh Kuber)

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May 5 (Reuters) - GP Petroleums Ltd GPPE.NS:

• LOA AWARDED TO JV CO AMRON OIL RESOURCES BY INDIAN OIL CORPORATION

• LOA WORTH 740.4 MILLION RUPEES

Source text: ID:nBSE8W02Ys

Further company coverage: GPPE.NS

(([email protected];;))

Add comments

NEW DELHI, May 4 (Reuters) - India has no plans to compensate state-run fuel retailers for losses from selling transport fuels below market prices, a senior petroleum ministry official said on Monday, even as companies raised prices for some industrial and bulk customers.

Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers.

Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS have also raised diesel prices for bulk buyers.

Sharma said bulk customers account for about 10% of overall diesel sales.

The government's efforts are focused on protecting the retail customers, she added.

(Reporting by Nidhi Verma, Editing by Louise Heavens)

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Adds jet fuel prices in paragraph 3

May 1 (Reuters) - India's largest state-run refiner Indian Oil Corporation IOC.NS has raised the prices of liquefied petroleum gas used by industries and jet fuel for foreign airlines from Friday, the company said in a statement.

The price of a 19-kilogram commercial LPG cylinder for industrial clients was hiked by 993 rupees, or 47.8%, to 3,071.5 rupees, the refiner said.

Aviation turbine fuel prices for international airlines were raised by $76.55 per kilolitre to $1,511.86 per kilolitre from $1,435.31, the refiner added.

Prices of household LPG, primarily used as cooking fuel, were left unchanged. Jet fuel prices for domestic airlines were also not revised, the company said.

The price hikes come amid a sharp surge in global oil prices, which have climbed above $100 a barrel following the closure of the Strait of Hormuz amid the ongoing Iran war.

(Reporting by Kashish Tandon in Bengaluru; Editing by Sumana Nandy)

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By Nidhi Verma

NEW DELHI, April 28 (Reuters) - India has asked motorists to avoid panic buying and clarified that there was no proposal to raise pump prices for diesel and gasoline, a government official said on Tuesday.

"We have adequate supplies of liquefied petroleum gas, petrol, and diesel. There has been no increase in prices. Please avoid panic buying and do not believe rumours," Sujata Sharma, Joint Secretary in the federal oil ministry, said at a news conference on Tuesday in an appeal to buyers.

India, the world's third-biggest oil importer and consumer, has been hit by rising oil prices triggered by the closure of the Strait of Hormuz after the U.S.-Isreli war on Iran.

India's crude import prices rose to $120 per barrel earlier this month, denting the margins of retailers on the sale of gasoline and gasoil, as the higher costs have not been factored into the pump prices.

Indian refiners have not raised pump prices of gasoline and gasoil in four years to shield consumers, despite volatility in global markets.

Analysts at Kotak Institutional Equities in a recent report estimated there was a need to raise the price of a liter of gasoline and gasoil by 25-28 rupees after elections in some states end on April 29.

According to estimates by Mumbai-based ICICI Securities, profit after tax for these oil retailers likely declined by 82% in the March quarter over a year ago, as crude oil costs soared but retail prices did not move up in tandem.

Reliance Industries RELI.NS, operator of the world's biggest refining complex and India’s biggest company by market value, late last week flagged "unprecedented" supply disruptions and a sharp hit to profit in its March-quarter earnings.

(Reporting by Nidhi Verma; Editing by Chizu Nomiyama)

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April 27 (Reuters) - Oil India Ltd OILI.NS:

• HYDROCARBON DISCOVERY IN OVERSEAS BLOCK IN LIBYA

• CO, WITH 25% INTEREST, IS PART OF CONSORTIUM ALONG WITH IOCL IN EXPLORATION OF AREA 95/96 BLOCK

Source text: ID:nnAZN4SSWEY

Further company coverage: OILI.NS

(([email protected];;))

NEW DELHI, April 23 (Reuters) - Indian fuel retailers are suffering a revenue loss of 100 Indian rupees ($1.06) per liter on the local sale of diesel and 20 rupees per liter on gasoline for selling the two fuels at below market rates, Sujata Sharma, joint secretary in India's oil ministry said on Thursday.

Indian refiners last raised fuel prices in April 2021. India has no plans to raise fuel prices as of now to shield customers, she added.

($1 = 94.0950 Indian rupees)

(Reporting by Nidhi Verma; Editing by Sharon Singleton)

(([email protected]; @MukherjeeHritam;))

By Nidhi Verma and Jonathan Saul

NEW DELHI, April 17 (Reuters) - Reliance Industries has rejected two Iranian oil cargoes as they failed to meet its compliance requirements, the Indian refiner said on Friday, just days before the expiry of a U.S. waiver that has lifted sanctions on Iranian oil exports.

Last month, Washington issued 30-day waivers on U.S. sanctions allowing the purchase of Russian and Iranian oil at sea in an attempt to ease prices which soared after U.S.-Israeli strikes on Iran.

Treasury Secretary Scott Bessent on Wednesday said the U.S. would not renew the waivers, with the one on Iranian oil set to lapse on Sunday.

India had allowed Reliance to buy Iranian oil that was loaded on to five tankers, including the aframax Kaviz vessel, and the supertankers Lenore, Felicity and Hedy, all of which were under U.S. sanctions.

Reliance was in talks relating to the Iranian-flagged Derya, carrying 2 million barrels of crude oil, which was anchored near the port of Sikka on India's west coast, ship-tracking data on the MarineTraffic platform showed on Friday.

The vessel was detected around India's coast on April 14, based on satellite analysis from data analytics specialists SynMax.

"RIL did not buy cargo in tanker Derya as it did not meet with the company's compliance requirements," Reliance told Reuters in a statement.

The company did not give any more details about the compliance requirements.

Reliance said separately it was not buying the cargo on board the Lenore.

Earlier this month, state-run Indian Oil Corp, the country's top refiner, bought a 2-million-barrel cargo on the supertanker Jaya, which was India's first purchase of Iranian crude in seven years.

The Felicity was positioned close to the Derya and was likely to have discharged its cargo between April 14-16, separate SynMax analysis showed.

The Hedy tanker was not visible from ship-tracking or satellite data on Friday.

The Lenore was last seen in the Gulf of Oman more than two weeks ago, MarineTraffic data showed.

The Kaviz was last seen sailing in the Gulf of Oman, according to separate MarineTraffic data on Friday.

It was unclear if this vessel had reached the area where the U.S. has imposed a blockade on ships carrying Iranian oil and other cargoes deemed contraband.

(Reporting by Nidhi Verma and Jonathan Saul. Editing by Jane Merriman)

(([email protected]; + 44 207 542 4357 ; Reuters Messaging: [email protected]))

By Nidhi Verma, Jaspreet Kalra and Nimesh Vora

NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.

A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.

Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.

The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.

All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.

The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.

The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.

With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.

Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.

None of the refiners responded to emails seeking comment.

Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.

RUPEE STRAIN

The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.

Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.

The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.

The RBI has also sold dollars from its FX reserves to support the currency.

The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.

(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)

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By Nidhi Verma

NEW DELHI, April 13 (Reuters) - Two very large crude carriers loaded with Iranian oil have reached Indian ports, ship tracking data from LSEG shows, as local refiners utilise a temporary waiver granted by the United States last month to resume purchases from Tehran for the first time in seven years.

The current waiver is due to expire on April 19.

The Iran-flagged Felicity has reached Sikka Port in western India, while the Curacao-flagged Jaya is at the eastern port of Odisha, the data shows.

A VLCC carries 2 million barrels of oil.

India, the world's third-biggest oil importer and consumer, has not received a cargo from Iran since May 2019 after coming under U.S. pressure not to buy the country's crude.

Indian Oil Corp IOC.NS, the country's top refiner, has bought Iranian oil loaded on the Jaya, a vessel under U.S. sanctions, Reuters reported last week.

India has also allowed Reliance Industries Ltd RELI.NS, the operator of the world's biggest refining complex, to buy Iranian oil loaded on the Comoros-flagged aframax Kaviz, Curacao-flagged VLCC Lenore and Iran-flagged VLCCs Felicity and Hedy, all of which are more than 20 years old and are also under U.S. sanctions.

​

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

(([email protected]; X: @nidhi712;))

By Nidhi Verma

NEW DELHI, April 10 (Reuters) - India's shipping ministry has granted special permission to four vessels carrying Iranian oil - as requested by Reliance Industries RELI.NS - to berth at the western Indian port of Sikka, three industry sources said.

India's oil ministry, shipping ministry and Reliance did not respond to Reuters emails seeking comments.

Iranian oil is often transported by a so-called shadow fleet of vessels that lack internationally recognised insurance and safety certifications.

But this requires special permission from the government as exemptions are required under Indian rules for the berthing of ships.

One of the sources said the shipping ministry has granted a special one-time exemption to vessels requested by Reliance, operator of the world's biggest refining complex, due to the emergency situation created by the closure of the Strait of Hormuz.

However another source said, despite the grant of permission, it was not definitely clear that Reliance would process Iranian oil, as it wants to ensure that transactions are sanctions-compliant and are in line with Indian rules.

India, the world's third-biggest oil importer and consumer, has not received a cargo from Tehran since May 2019 following U.S. pressure not to buy Iranian crude. However the U.S. last month temporarily waived sanctions on the purchase of Iranian oil at sea to ease oil prices.

The waiver is due to expire on April 19.

Indian Oil Corp, the country's top refiner, has purchased Iranian oil carried in sanctioned tanker Jaya, ship tracking data shows.

(Reporting by Nidhi Verma; Editing by David Holmes)

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April 9 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP LTD CHAIR- INDIA'S ANNUAL JET FUEL DEMAND TO RISE TO MORE THAN 20 MILLION T BY 2040 VERSUS 8 MILLION T NOW

• INDIAN OIL CORP LTD CHAIR- TO SET UP A COUPLE OF NEW PROJECTS FOR PRODUCTION OF SUSTAINABLE AVIATION FUEL

• INDIAN OIL CORP LTD CHAIR- TO START PRODUCING GREEN HYDROGEN BY DEC 2027 FROM PANIPAT PLANT

Further company coverage: IOC.NS

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Adds Iranian navy quote in paragraph 4, attacks on ships, graphic

By Jeslyn Lerh and Nerijus Adomaitis

SINGAPORE/OSLO, April 8 (Reuters) - Shippers on Wednesday said they needed more clarity on the terms of the U.S.-Iran ceasefire before resuming transit through the Strait of Hormuz, as Iran said the waterway remained closed to vessels sailing without a permit.

The six‑week conflict had brought traffic through the strait - a chokepoint for about 20% of global oil and liquefied natural gas (LNG) shipments - close to a standstill, pushing global energy prices sharply higher.

Iran said it would offer safe passage in coordination with its armed forces, though its coastguards warned on Wednesday that any ship attempting to sail without permission would be "targeted and destroyed".

"Transit in the Strait of Hormuz is closed yet, and you must receive permission from Iranian Sepah navy," the radio message received by two ship owners and shared with Reuters said.

MAJOR SHIPPING COMPANIES REMAIN CAUTIOUS

The first vessel had transited the strait with Iran's permission following the ceasefire, its state TV said on Wednesday.

The ship's identity was not immediately clear, but MarineTraffic data showed two Greek-owned and two Chinese-owned bulk carriers passing through since early Wednesday.

Iran has previously agreed safe‑passage arrangements with several countries, including India and Iraq.

Major shipping companies remained cautious.

Denmark's Maersk MAERSKb.CO said the ceasefire may create transit opportunities for vessels but did not yet provide full maritime certainty.

German container carrier Hapag‑Lloyd said it needed to see that the ceasefire holds before starting to take orders for selected markets.

INTEREST PICKS UP AMONG ASIAN REFINERS

Restoring flows to normal could take at least six to eight weeks, Hapag-Lloyd CEO Rolf Habben Jansen told a call with customers.

Lars Barstad, CEO of oil tanker group Frontline FRO.OL, said the firm was still assessing what the ceasefire meant for shipping. "I want to see the fine print," he told Reuters.

Bimco Chief Safety and Security Officer Jakob Larsen warned that vessels leaving the Gulf without prior coordination with U.S. and Iranian authorities would face heightened risk.

Since the start of the war on February 28, almost 30 maritime incidents involving commercial vessels and offshore infrastructure have been reported across the region, the U.S. Navy-led Joint Maritime Information Center said in a note dated April 7.

Some 187 laden tankers carrying 172 million barrels of crude oil and refined products were inside the Gulf as of Tuesday, according to ship tracker Kpler.

Shipping sources said interest in loading Gulf cargoes had picked up among Asian refiners, as well as trader Glencore and French oil major TotalEnergies TTEF.PA, both of which declined to comment.

Asian economies are the main buyers of oil shipped through the strait and have been hit especially hard by the disruption.

"We expect tankers and oil flowing to Iranian‑friendly countries to be the first ones to transit," said Anoop Singh, global head of shipping research at Oil Brokerage, adding more than 50 VLCCs and about 15 Suezmaxes could soon exit the Gulf.

Britain said on Wednesday it would work with the shipping, insurance and energy sectors to try to restore confidence in use of the Strait of Hormuz.

(Reporting by Jeslyn Lerh, Siyi Liu in Singapore, Bernadette Christina in Jakarta, Stine Jacobsen in Copenhagen, Nidhi Verma in New Delhi, Ahmad Ghaddar in London, Nerijus Adomaitis in Oslo, Renee Maltezou and Yannis Souliotis in Athens; reporting; Writing by Florence Tan; Editing by Alexander Smith, David Holmes and Keith Weir)

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By Florence Tan and Siyi Liu

SINGAPORE, April 6 (Reuters) - Spot premiums for U.S. West Texas Intermediate crude have jumped to all-time highs as competition between Asian and European refiners for supply heats up to replace Middle Eastern oil flows disrupted by the Iran war, industry sources said.

Europe is typically the largest importer of U.S. crude, but competition has escalated with Asian buyers scouring for supply from the Americas to Africa and Europe to replace Middle Eastern oil that is unable to move through the Strait of Hormuz.

The jump in crude prices is driving up costs and widening losses for refiners on both continents, sources and analysts said, putting severe pressure on companies including state-owned firms that are required by governments to keep producing fuel for national security.

"Asian refiners, shut out of Middle Eastern supply, are bidding aggressively for every available Atlantic Basin barrel," said Paola Rodriguez-Masiu, chief oil analyst at Rystad Energy, in a note dated April 3.

'EVERY DAY THERE'S A NEW PRICE'

Offers for WTI Midland crude delivered to North Asia in July on very large crude carriers had premiums of $30 to $40 a barrel, depending on the benchmark used, traders said.

One trader pegged the premium at $34 a barrel to Dubai quotes while another put it at $30 a barrel above dated Brent. Two others said offers have gone closer to $40 a barrel above an August ICE Brent basis.

Those levels are up from premiums of close to $20 a barrel for deals concluded in late March and early April, when Japanese refiners including Taiyo Oil purchased WTI crude, traders said.

"Every day there's a new price," one of the traders said, adding that Asian refiners face severe losses from the premiums.

Another trader said refiners would be better off reducing crude runs and buying products - if anyone is offering.

Spot premiums jumped after the prompt monthly spread for WTI futures CLc1 hit its widest backwardation on Thursday. Backwardation refers to when prompt prices are higher than those in future months.

Wider discounts on U.S. crude oil compared with global benchmark Brent have also spurred demand for tankers on the U.S. Gulf Coast, reducing vessel availability in the region and driving up freight rates.

In Europe, bids for WTI Midland delivered to the continent climbed to a record premium of close to $15 a barrel against dated Brent on Thursday. CRU/E

"At current physical differentials and freight rates, European refiners buying spot crude cannot make money running those barrels through their systems," Rodriguez-Masiu said.

(Reporting by Florence Tan and Siyi Liu in Singapore; Editing by Thomas Derpinghaus)

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