Indian state fuel retailers hitting borrowing limits, says official

Hindustan Petroleum

18/06/2026 09:00

By Nidhi Verma
NEW DELHI, June 18 (Reuters) - 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.
Borrowing by Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS 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)

 (Reporting by Nidhi Verma; Editing by Jan Harvey)
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