HPCL Faces Corrosion Issues, Imports Fuel for November

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HPCL is facing corrosion issues at its Mumbai refinery, leading to a temporary shutdown of a gasoline-producing unit and plans to import fuel in November.

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Market impact analysis based on bearish sentiment with 70% confidence.

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70%

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India’s Hindustan Petroleum Corporation Limited (HPCL) is looking to import fuel in early November under a rare import tender, after the state-controlled refiner was forced to close a gasoline-producing unit at its Mumbai refinery due to a contamination issue, sources with knowledge of the tender told Reuters on Tuesday. HPCL on Monday said its Mumbai refinery, one of the two large refineries the company operates in India, faced “operational issues” after processing crude from Hindustan Oil Exploration Co.’s (HOECL)…

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