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New Delhi
HPCL warns of curtailing supplies
Special Correspondent
NEW DELHI: State-run Hindustan Petroleum Corporation Limited has warned that it would be forced to resort to curtailment of supplies to retail outlets if fuel prices were not raised immediately. It said it was running out of cash due to high under-recoveries.
Addressing a press conference here, HPCL chairman Arun Balakrishnan said the corporation would meet very soon to carry out a review of import of petrol and diesel, as the present situation was not comfortable at all.
“As of now we are not doing any kind of rationing or curtailment. We will wait for a few days and if there is indecision, reduction in supplies and shortages to retail outlets is not ruled out.
Mr. Balakrishnan said the company would also be carrying out a “thorough review” of the import of petrol and diesel as it had cash only to buy products for the next one month. After that, it will be forced to throw up its hands. The HPCL is importing around 2 million tonnes of diesel and half a million tonnes of petrol a year.
He said the current situation would also hurt the expansion and investment programme of the company. The expansion of the Vizag refinery has been temporarily put off due to severe liquidity crunch.
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