NEW DELHI: Raging crude prices have jacked up dollar demand from oil companies, a factor contributing to the rupee\u2019s fall and prompting the RBI to raise the limits under the revolving credit facility for them by 50%, industry executives in the know said.
\nExecutives at state-run oil refiner-fuel retailers said their dollar requirement has gone up sequentially by about 40-45% in the first half of the year compared to the second half of 2021 but declined to share the numbers.
\nThey allayed fear of any dollar shortage, saying in addition to the revolving credit for crude purchase, the companies also have limits available under additional dollar window opened in 2018 for capital expenditure.
\nThe executives said a surge in fuel demand amid elevated oil prices has added to their forex requirement. \u201cWe are buying more barrels to keep the market supplied. We also imported diesel to meet a demand spike in June. At today\u2019s elevated prices, it takes more dollars to pay for them than six months ago,\u201d one industry executive said, requesting anonymity.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Raging crude prices have jacked up dollar demand from oil companies, a factor contributing to the rupee\u2019s fall and prompting the RBI to raise the limits under the revolving credit facility for them by 50%, industry executives in the know said. Executives at state-run oil refiner-fuel retailers said their dollar requirement has gone up sequentially by about 40-45% in the first half of the year compared to the second half of 2021 but declined to share the numbers. They allayed fear of any dollar shortage, saying in addition to the revolving credit for crude purchase, the companies also […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-504758","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/504758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=504758"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/504758\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=504758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=504758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=504758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}