By Srinivas Chowdary Sunkara // petrobazaar // 30th August, 2019.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs demonstrated insignificant and irregular changes during the yesterday's session. In Singapore, Fuel oil 180 cSt and 380 cSt graded product prices slumped by $17.5 to $454.5 and $424.5 respectively while MGO and MGOLS futures prices surged $5 at $566.5 and $576.5 yesterday. Meanwhile The world oil price index traded on upside on storm premium, Inventory drawings and optimism over the upcoming US-China trade talks.
Argus reported that most of the 200mn t/yr high sulphur fuel oil (HSFO) bunker fuel market will shortly be replaced by low-sulphur alternatives. MGO will account for a large share of the demand and the remainder will be made up of very low sulphur fuel oil (VLSFO) blends.
Following the global bunker price trend, In India, We expect another round of downside revision in the retail prices of Furnace oil and LDO on Sep 1st.
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