IOC expects govt support via fuel price increase

Oil marketing firms are expecting the government to increase petrol prices, as the industry is facing huge losses and the borrowing powers are limited, according to R S Butola, chairman of IndianOil Corporation. “Borrowings are based on the rating of the rating agencies and under prudent banking norms. There is a limit for it and we believe that the government would support the companies to raise money for the operations,” Butola said.