State-run refiner and retailer Indian Oil Corp will only be able to afford to buy crude at the current sky-high rates up until the end of September, company chairman S. Behuria said on Wednesday.
Oil firms are losing millions of dollars each day as they must sell their fuel at discounted rates set by the government and far below oil’s surge to around $130 a barrel on the world market. They have appealed for price hikes and duty cuts.
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