Pet Coke: IndianOil Concludes e-Auction for Outside State Consumers in Assam

Indian Oil Corporation Ltd. (IOC), the country’s second-largest producer of petroleum coke, has completed online auction of RPC (Raw Petroleum Coke) from its Bongaigaon refinery in the northeastern state of Assam.

The auction was conducted on Monday, 20th Jan’20 for outside state consumers.

The results of the auction are enumerated as follows:

The delivery period for the intrastate e-auctions started from 21st Jan’20 and will continue till 7th Mar’20.

The reserve price was announced in this auction at INR 12,240/MT from Bongaigaon refinery, whereas the highest bid received was INR 12,300/MT.

Notably, the entire offered quantity of 22,760 MT was sold out from Bongaigaon refinery in this auction. So far, this is the highest quantity sold in an outside-state auction from any refinery.

Earlier, 32,000 MT was put on auction for intrastate consumers at Bongaigaon in which 9,240 MT only was sold at the reserve price of INR 12,240/MT. The leftover quantity of 22,760 MT was offered for outside-state consumers, which garnered a remarkable response. Not only was the entire quantity sold out, but it was sold at higher than the reserve price.

The entire quantity of 12,000 MT was already sold out from Guwahati refinery in intrastate auction. Thus, the entire total quantity of 44,000 MT was sold out in this full round of auction for intrastate and outside-state consumers.

This indicates a robust demand of RPC by outside-state consumers. The major players were RAIN CII, Sanvira from Andhra Pradesh and others from the neighboring states of West Bengal and Chhattisgarh.

Hence, it is also understood that the reserve price was perceived as reasonable. This supports further increment of reserve prices in subsequent auctions.