HPCL seeks more loans as crude prices soar

New Delhi, May 22 (UNI) State-owned Hindustan Petroleum Corporation Ltd today said it is in talks with bankers to raise its borrowing limit as it needs more money to process costly crude oil and sell fuels cheaply.

''My borrowings are increasing by Rs 1,000-1,500 crore a month.

If crude prices continue to rise like this, we estimate by June-end, we will reach our borrowing limit of Rs 22,000 crore,'' company Director (Finance) Bhaswar Mukherjee told reporters here.

HPCL and other state refining and retailing firms are being forced by the government to sell fuel at a large discount as part of the move to control inflation.

UNI SR AK DB2018