Indian Oil Corporation Ltd. (IOC) has conducted online auctions of RPC (Raw Petroleum Coke) from its various refineries on 12th Jan’21 for intrastate consumers.
Results of the auctions are enumerated as follows:
| State | Refinery | Quantity Offered Within-State (t) | Quantity Sold Within-State (t) | Reserve Price (INR/t) | Bid Price (INR/t) |
| Bihar | Barauni (Premium) | 7,587 | 7,587 | 21,740 | 21,740 |
| Assam | Guwahati (Premium) | 12,000 | 12,000 | 21,990 | 21,990 |
| Assam | Bongaigaon (Premium) | 18,000 | 18,000 | 22,890 | 22,890 |
| TOTAL | 37,587 | 37,587 | |||
Delivery period for the within-state e-auctions will be for 45 days. Accordingly, intrastate dispatches has commenced from 13th Jan’21 till 26th Feb’21.
The entire quantities were sold out at the respective reserve prices from all the refineries. As no quantity was left over from this auction for intrastate consumers, auction for Outside-State consumers will not be conducted.
The changes in the reserve prices of this auction as compared to last auction are as follows:
|
Refinery |
Current Reserve Price (INR/t) | Previous Reserve Price (INR/t) |
Difference (INR/t) |
| Barauni (Premium) | 21,740 | 20,690 | 1,050 |
| Guwahati (Premium) | 21,990 | 16,740 | 5,250 |
| Bongaigaon (Premium) | 22,890 | 17,140 | 5,750 |
There has been sharp increase in reserve prices, particularly at Guwahati and Bongaigaon refineries as seen in the abovementioned table. Possibly, this is the highest increase in reserve price over INR 5,000/t in an auction.
This sharp increase is mainly due to steep increase in RPC prices in the international market coupled with tighter availability due to lower production, particularly in US owing to Covid-19 pandemic. Further, as the last auction for Guwahati and Bongaigaon was conducted more than two months ago on 22nd Oct’20, since then there has been a considerable increase in prices. However, as the last auction for Barauni was conducted recently on 2nd Jan’20, the increase in the reserve price is less over the last auction.
Notably, in the last auction at Guwahati and Bongaigaon refineries, the entire offered quantities of 10,000 t and 23,000 t was sold out at reserve prices of INR 16,740/t and INR 17,140/t respectively.
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