Coal News We love to talk!

SEP 12 2018

No plans on absorbing fuel prices: BPCL

  • Economic Times, ET Bureau / Hyderabad
  • Created: Wed 12th SEP 2018


The Bharat Petroleum Corporation Limited (BPCL) on Tuesday said that it has no plans to absorb the rising fuel prices, adding that no communication has been received from the central government on the same.


Addressing media post the firm's Annual General Meeting, BPCL Chief Managing Director D. Rajkumar said, "There's no communication from the (central) government whatsoever at this point in time to absorb the prices. We have not been asked to absorb and there are no plans to do so."


Despite the Congress-led 'Bharat Bandh' supported by 21 opposition parties, fuel prices continued its northward march on Tuesday with petrol being sold at Rs 80.87 and diesel at Rs 72.97 per litre in the national capital.


Meanwhile, in Mumbai, petrol and diesel have touched a new high of Rs 88.26 and Rs 77.47 per litre, respectively.


Asked whether the refiner company booked cargos from Iran in September-October this year, Rajkumar stated, "Last year, we imported 4.25 million metric tonnes. In September this year, we have imported 3.08 million metric tonnes. This counts to approximately 73 per cent of what we have imported for. Even if we really want to import, we will end up importing 0.56 million metric tonnes. That is the shortfall we can think of. We are hopeful that now there are alternative sources."


He added that the US crude oil is competing aggressively with traditional supply sources like the Middle East.


"We ended picking up two to three cargos last year. If it is going to work out economically for us to procure US crude oil, then we can end up doing that. We believe that enough sources are available. Our refineries are versatile. We can process 108 types of crude oil. We have 96 potential crudes in our baskets. I don't see any problem in sourcing crude even if it not going to come from Iran," Rajkumar elucidated.


Quizzed whether the BPCL could enter into a term contract for US crude, Rajkumar further said that it was not required now and a decision would be taken later if the need arises.


Oil Diesel Petrol United States Import Petroleum Bharat Petroleum Corporation Limited Mumbai Iran Crude Oil BPCL

Related News

  • India to import first Russian LNG tomorrow under long term deal  Read more
  • Torrent Power seeks 5/25 relief for project with Rs 1,300-cr debt  Read more
  • UP, Gujarat top the list of states with highest petrol pump chip sales fraud  Read more
  • State run oil marketing companies seek flexible deals to tap new markets  Read more
  • Centre plans Rs 9,000 crore sops to push eco-friendly cars  Read more
  • Climate summit: Coal will continue to be the mainstay of India's energy basket, says government official  Read more
  • In Madhya Pradesh, 1 per cent cess set to push up fuel prices this week  Read more
  • Ministry asks RIL to give up 80% of KG-D6 block  Read more
  • Essar Oil delisting hits a technical glitch  Read more
  • Raising cap on subsidized LPG cylinders is credit negative for oil companies: Moody’s  Read more