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    The short-term borrowings of major Indian oil marketing companies like IOC, BPCL and HPCL increased 17% in fiscal year 2022 to Rs. 73,000 crore, up from Rs. 62,377 crore in the previous fiscal year. This jump in borrowing was due to increased working capital needs because of the freeze in petrol and diesel price revisions from November 2021 to March 2022, even as crude oil prices rose 72% during this period. Oil marketing firms did not raise fuel prices for nearly 138 days leading up to state elections to avoid political fallout.

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    The short-term borrowings of major Indian oil marketing companies like IOC, BPCL and HPCL increased 17% in fiscal year 2022 to Rs. 73,000 crore, up from Rs. 62,377 crore in the previous fiscal year. This jump in borrowing was due to increased working capital needs because of the freeze in petrol and diesel price revisions from November 2021 to March 2022, even as crude oil prices rose 72% during this period. Oil marketing firms did not raise fuel prices for nearly 138 days leading up to state elections to avoid political fallout.

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    13 views1 page

    Indian Oil Corporation - Indian Oil Marketing Majors' Short-Term Borrowings Up 17% in FY22 To Rs 73,000 Crore - The Economic Times

    Uploaded by

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    The short-term borrowings of major Indian oil marketing companies like IOC, BPCL and HPCL increased 17% in fiscal year 2022 to Rs. 73,000 crore, up from Rs. 62,377 crore in the previous fiscal year. This jump in borrowing was due to increased working capital needs because of the freeze in petrol and diesel price revisions from November 2021 to March 2022, even as crude oil prices rose 72% during this period. Oil marketing firms did not raise fuel prices for nearly 138 days leading up to state elections to avoid political fallout.

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    8/18/22, 10:54 AM Indian Oil Corporation: Indian oil marketing majors' short-term borrowings up 17% in FY22 to Rs 73,000 crore

    o Rs 73,000 crore - The Econo…

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    Business News › Industry › Energy › Oil & Gas › Indian oil marketing majors' short-term borrowings up 17% in FY22 to Rs 73,000 crore

    Indian oil marketing majors' short-term


    borrowings up 17% in FY22 to Rs 73,000 crore
    By Kalpana Pathak, ET Bureau Last Updated: Aug 18, 2022, 12:25 AM IST
    SHARE FONT SIZE SAVE PRINT COMMENT

    Synopsis
    The jump in borrowings, according to company officials and analysts, is attributable to
    increased working capital needs on the back of a freeze in revision of petrol and diesel
    prices, even as crude oil prices jumped 72% in the last fiscal.
    BUKA

    The combined short-term borrowings Web SMS


    of oil marketing majors Indian Oil
    Corporation (IOC NSE -0.68 % ), Verification
    Bharat Petroleum Corporation (BPCL
    NSE -1.32 % ), and
    Code
    Hindustan Petroleum Corporation
    SMS can be sent to any
    NSE 0.08 % (HPCL NSE 0.08 % )
    country, verification
    increased 17% in 2021-22 to ₹73,055
    Ordinarily, OMCs revise the prices of petrol and
    diesel daily, in line with a 15-day rolling average of crore against ₹62,377 crore in FY21, data
    codes, marketing, and
    benchmark prices of petroleum products.
    from their annual reports show.

    notifications.

    The jump in borrowings, according to company officials and analysts, is


    attributable to increased working capital needs on the back of a freeze in
    revision of petrol and diesel prices, even as crude oil prices jumped 72% in the
    last fiscal.

    Learn More
    Oil marketing companies (OMCs) did not hike fuel prices for nearly 138 days
    between November 3 and March 22 in the run-up to assembly elections in five
    states. Crude oil prices jumped 40% in that period. Popular in Energy

    1. Mahanagar Gas cuts prices of


    CNG by 6 rupees per kg, PNG
    by 4 rupees

    2. India's fuel demand


    continues to fall in August as
    monsoon sets in

    https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-marketing-majors-short-term-borrowings-up-17-in-fy22-to-rs-73000-crore/… 1/5

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