Low bids caused state oil refiner Hindustan Petroleum Corporation to cancel a rare tender to export the high sulphur fuel oil it usually sells at home, a company source said on Monday.
HPCL, which last sold HSFO via tender about 18 months ago, cancelled a tender to sell 25,000 tonnes of 180-centistoke (cst) HSFO for lifting in early June, the official said.
"The rates were just too low to make it worth our while," the source said, adding that the tender had closed on May 22 and that no new fuel oil tenders were expected in the immediate future.