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Indonesia's Petral seeks 92 RON gasoline on Asia Platts Market on Close (MOC)

Increase font size  Decrease font size Date:2012-03-14   Views:738
Indonesia's Pertamina Energy Services -- the Singapore-based trading arm of state-owned Pertamina -- was seeking spot gasoline on the Platts Market on Close assessment process Thursday, after nearly a year's absence.

PES, better known as Petral, sought 100,000 barrels of Pertamax-specifications, 92 RON gasoline for March 19-21 delivery into Jakarta in the Asian MOC at a premium of $2.70/barrel over Mean of Platts Singapore 92 RON gasoline assessments on a CFR basis.

However, the bid wasn't lifted.

The lump sum freight rate for a 10,000-mt clean vessel from Singapore to Jakarta was around $140,000-$160,000.

PES's last trade on the Platts MOC assessment process was on May 4, where it bought 200,000 barrels of 88 RON gasoline for loading over June 1-3 from Singapore at a discount of $2.40/b to MOPS 92 RON assessments on a FOB basis, Platts data showed.

Pertamina -- through PES -- is bumping up gasoline imports, in part to build stocks in the event of panic buying among consumers should the government go ahead with its plan to raise retail pump prices of subsidized fuel, namely 88 RON, high-sulfur diesel and kerosene.

The company has already lined up imports of 9.54 million barrels of 88 RON gasoline for March.

While the other two gasoline grades that Pertamina retails, namely Pertamax 92 RON and Pertamax Plus 95 RON, do not fall under Indonesia's subsidies, Pertamina was looking to buy spot Pertamax 92 RON as a buffer against the upsurge in demand, should it occur.

The Indonesian government is now looking to raise the price of its subsidized fuels because of the recent surges in international oil prices.

The pump price of 88 RON, currently at Rupiah 4,500/liter (49 cents/liter) may be increased by Rupiah 500-1,000/liter, an industry source said.

Separately, Pertamina Thursday raised pump prices of Pertamax and Pertamax Plus by an average 4% and 3.4% respectively across the country.

The new pump price in Jakarta is now Rupiah 9,200/liter for Pertamax, up from Rupiah 8,700/liter, while Pertamax Plus now retails at Rupiah 9,550/liter, up from Rupiah 9,150/liter.

Pertamina adjusts its non-subsidized fuel prices every two weeks, with the last adjustment on February 15.

 
 
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