Indian Oil Corporation Ltd. (NSE: IOC) has concluded electronic auctions of RPC (Raw Petroleum Coke) from its various refineries on Wednesday, 11 September for intrastate consumers.
Refinery-wise detailed breakups of quantities sold in the auctions are enumerated as follows:
| Refinery | Reserve Price
(INR/MT) |
Quantity Offered
Within State (MT) |
Quantity Sold
Within State (MT) |
Quantity Offered
Outside State (MT) |
| Barauni Refinery (Gr. A) | 15,110 | 28,000 | 28,000 | 0 |
| Bongaigaon Refinery (Gr. A) | 14,350 | 25,500 | 6,350 | 19,150 |
| Digboi Refinery (Gr. A) | 13,890 | 5,400 | 2,100 | 3,300 |
| Koyali Refinery (Gr. A) | 14,490 | 45,000 | 0 | 45,000 |
| TOTAL | 103,900 | 36,450 | 67,450 |
Interestingly enough, these auctions attracted mixed responses from the participants. While the entire offered quantity was sold at Barauni refinery – situated near Patna in the Bihar state, nothing was sold at Koyali refinery – located in the Gujarat state of Western India.
At Bongaigaon and Digboi refineries, 25% and 40% of the respective offered quantities were sold.
On an overall basis, 36,450 MT was sold out against a total offer of 103,900 MT, which’s approximately 35%.
The delivery period for these auctions is 45 days. For within-state customers, the delivery period will be from 12 Sep’19 to 26 Oct’19; whereas it’s from 16 Sep’19 to 30 Oct’19 for outside-state customers.
Notably, no quantity has been offered from IndianOil’s Guwahati refinery in Assam — possibly because a separate auction was conducted for Guwahati refinery on 7 Aug’19; wherein entire offered quantity of 14,000 MT was sold out.
Similarly, a separate auction was also conducted for Digboi refinery in the last week of July; wherein entire offered quantity of 8,400 MT was sold out. And hence, the offered quantity ex-Digboi refinery in the current auction was comparatively lesser than in the previous auction.
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