Pertamina includes Argus in term gasoline tenders

Indonesia's state-owned refiner Pertamina has included Argus 92R gasoline pricing in its 88R term tender for the first time.

Both the 92R and 88R tenders state that Pertamina will now use either the average Argus Singapore 92R assessment or the Platts Singapore 92R assessment, whichever is lower.

Pertamina has issued two term tenders seeking 88R and 92R cargoes for loading during September-December from Singapore or Malaysia. The tender closes on 7 July and remains valid until 31 July.

Pertamina used Argus 92R pricing from the end of 2018 to the end of 2019 for its 92R tenders, before moving towards using fixed pricing to take advantage of lower gasoline prices brought on by the impact of the Covid-19 outbreak.

Indonesia is Asia-Pacific's largest gasoline buyer, importing about 9mn-11mn bl each month. The average grade is split between 40pc above 90R but below 97R and 60pc of 88R.

By Aldric Chew