Oil Price Shock Forces India's Top Refiners to Suspend Fuel Credit

India’s state-controlled refiners and retailers are requesting advance payments for the fuel they are supplying to fuel stations as the Middle East war chokes supply to the world’s third-largest crude importer and sent crude prices soaring. Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) – the state-owned refiners and retailers to which 90% of the more than 100,000 fuel stations in India are linked – want payments first before delivering…