India's state-run Hindustan Petroleum Corp (HPCL) has purchased two million barrels of West African crude oil through a competitive tender for September delivery, according to trade sources.
The acquisition consists of one million barrels each of Nigerian grades Forcados and Escravos, marking a significant addition to the refiner's near-term feedstock inventory.
The deal underscores the continued appetite among Indian refiners for light, sweet crude blends from the Gulf of Guinea.
With HPCL securing these volumes, traders are watching for potential upward pressure on Brent crude, which often serves as the pricing benchmark for West African cargoes.
The transaction reflects a strategic move to lock in supply ahead of the new month, ensuring operational continuity for the state-owned giant.
This procurement follows a broader trend of aggressive buying by India's refining sector.