(HT)
Indian fuel retailer Bharat Petroleum Corp Ltd expects a net gain of $20 to $30 a metric tonne on delivery of US liquefied petroleum gas through swap deal with Middle Eastern suppliers, its head of finance said on Friday.
BPCL, India’s second-biggest state refiner, is in talks with suppliers to swap contracted Middle Eastern cargo with US supplies, Vetsa Ramakrishna Gupta told analysts.
A US-China tariff war has widened the price gap between Middle Eastern and US LPG and upended trade routes.
China has imposed duties on goods from the US in response to tariffs imposed by the US on imports from China.
“We are approaching suppliers. We see little bit of opportunity in terms of US LPG. We are expecting a net benefit of $20 to $30 per tonne,” Gupta said.
Abu Dhabi National Oil Co is also replacing some of the LPG it supplies India with cheaper US cargo from June, Reuters reported.
