BPCL expects under recovery of over Rs 6,000 cr in first half

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Mumbai, Sep 23 (UNI) Anticipating over Rs 6,000 crore in its under recovery margins for the first half of the current fiscal, the state- owned Bharat Petroleum Corporation Limited (BPCL) said that it was managing well within its borrowing capacity of Rs 30,000 crore.

Company Chairman and Managing Director Ashok Sinha told newsmen here last night that BPCL was expecting the government to announce oil bonds for the current quarter within the next one month. During the first quarter, it had received Rs 5,400 crore worth of oil bonds.

Mr Sinha said that the current borrowing levels stood at Rs 22,000 crore and the company expected to tideover the situation without going to the Centre to enhance the limit once its share of the oil bonds was announced.

''We can manage the situation for the moment,'' he added.

He said though there had been reduction in crude prices for a short period, the company was short selling petrol at Rs five per litre, diesel at Rs 15 per litre and kerosene at Rs 30 per litre and domestic LPG by Rs 300 per cylinder.

He said the company had imported crude worth Rs 15,000 crore last fiscal and this year, the quantity (13.5 million tonnes) might come down in view of shutdown of certain plants for annual maintenance.

This would impact production of High Speed Diesel, whose imports for the whole year would be around 250,000 tonnes.


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