State fuel firms hitting borrowing limits
NEW DELHI: Indian state fuel retailers' borrowings are hitting limits as they incur losses from selling gasoline, gasoil, and liquefied petroleum gas at below market
NEW DELHI: Indian state fuel retailers' borrowings are hitting limits as they incur losses from selling gasoline, gasoil, and liquefied petroleum gas at below market rates, India's oil secretary Neeraj Mittal said on Thursday.State-fuel retailers' revenue losses in the first quarter of this year have risen to 1 trillion rupees ($10.60 billion), Mittal said at an industry event.Also read: Fuel prices in India won't fall immediately despite global crude slump, MoS Suresh Gopi reveals whyBorrowing by Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp has risen as the companies absorb those losses, he said.While many countries have raised retail prices of gasoline and gasoil by about 40%-50% after the Iran war drove up crude prices, India has raised prices of the two fuels by less than 10%. ($1 = 94.3500 Indian rupees)
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