The Petroleum Products like Furnace oil, LDO, LPG, Benzene, Toluene, Xylene, Base oils etc. are marketed by their specification / Parameters and applications. In most of the cases they are not branded. In the Auction process the buyers and sellers have a fair chance to negotiate the price based on quality, quantity and availability.
There is price discovery and bench-marking of product prices based on Indian conditions is possible. Hence the Commodity Auction makes a tremendous business utility.