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Indonesia's national oil and gas company Pertamina continues to see its purchasing power deteriorate in the international oil market as its national currency, the rupee, depreciates, a trend that may force state-owned energy companies to buy cheaper gasoline grades and cut crude oil imports
, according to Singapore's Platts Energy News on August 16.
The apparent weakness of the rupee against the U.
S.
dollar so far this year has significantly increased Pertamina's crude oil and fuel procurement cost burden, allowing the company to focus more on importing lower octane gasoline grades, primarily 88 Ron, rather than higher octane 92 Ron and 95 Ron gasoline specifications
.
Pertamina plans to import about 11 million barrels of gasoline
in September, according to people familiar with the matter.
Market watchers are unable to provide sales volumes for imported 88, 92 Ron and 95 Ron petrol grades on September 3, but recent spot market activity at Pertamina has focused on the economy's 88 Ron rating
.
Last month, Pertamina had issued several sticker prices to buy 1.
47 million barrels of 88 Ron gasoline for September delivery
.
However, trade sources close to the company said Pertamina cancelled its bid for 92 Ron petrol and condensate delivered in September because it deemed the bid too high
.
Indonesia's national oil and gas company Pertamina continues to see its purchasing power deteriorate in the international oil market as its national currency, the rupee, depreciates, a trend that may force state-owned energy companies to buy cheaper gasoline grades and cut crude oil imports
, according to Singapore's Platts Energy News on August 16.
The apparent weakness of the rupee against the U.
S.
dollar so far this year has significantly increased Pertamina's crude oil and fuel procurement cost burden, allowing the company to focus more on importing lower octane gasoline grades, primarily 88 Ron, rather than higher octane 92 Ron and 95 Ron gasoline specifications
.
Pertamina plans to import about 11 million barrels of gasoline
in September, according to people familiar with the matter.
Market watchers are unable to provide sales volumes for imported 88, 92 Ron and 95 Ron petrol grades on September 3, but recent spot market activity at Pertamina has focused on the economy's 88 Ron rating
.
Last month, Pertamina had issued several sticker prices to buy 1.
47 million barrels of 88 Ron gasoline for September delivery
.
However, trade sources close to the company said Pertamina cancelled its bid for 92 Ron petrol and condensate delivered in September because it deemed the bid too high
.
