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BPCL buys gasoline cargo for March in rare move

A Bharat Petroleum oil pump station displays the price of unleaded petrol and Diesel in New Delhi, February 3, 2016. REUTERS/Adnan Abidi/File Photo

SINGAPORE (Reuters) - India's Bharat Petroleum Corp Ltd has bought a gasoline cargo for first-half March arrival, two trade sources said on Monday.

BPCL bought late last week 35,000 tonnes of 91.5-octane gasoline at a low single-digit premium to Singapore quotes on a cost-and-freight (C&F) basis, said the sources.

Both sources said strong demand and low gasoline prices amid a glut of the fuel likely prompted the refiner to import.

BPCL does not typically comment on their tender purchases or sales.

Based on Reuters data, BPCL last imported a gasoline cargo for arrival in May last year at Kochi and Haldia.

(Reporting by Seng Li Peng and Jessica Jaganathan; editing by Christian Schmollinger)