Indian Bunker Suppliers Lower Prices to Take On Sri Lanka

by Ship & Bunker News Team
Friday May 29, 2020

Indian bunker suppliers are winning over demand from Sri Lanka by lowering their prices, according to price reporting agency S&P Global Platts.

The company cited one supplier in Mumbai as saying they had taken attracted some buyers away from Colombo after cutting their prices since the start of the COVID-19 lockdown.

Platts cited a second supplier, in Colombo, as saying they were refraining from cutting their prices to compete with Mumbai.

India's lockdown measures first started on March 24.

Over the past two weeks the discount for very low sulfur fuel oil at Mumbai to Colombo's levels has widened by $21/mt, reaching $42/mt on Thursday, according to Ship & Bunker pricing.