Shell Holds Downstream Operations in Anticipation of Fuel Hike

摘要

"We are operating retail outlets and we have not shut them. We would continue operating these otrtlets%ntfn ,. may not expand unless some policy changes are made," Vikram Singh Mehla, chairman of Shell India told newspersons on sidelines of a CII national conference. Mehta said he foresaw change as state-run oil-marketing companies were standing on the brink of financial chaos. "My hope is that government will allow companies to raise prices (of fuel). This is important because companies need to invest for expansion... Unless they do that we are going to face a crisis," Mehta explained. Government decontrolled petrol prices in June 2010. But, oil-marketing companies need government nod to change petrol prices. At present, IOC, BPCL and HPCL sell every litre of petrol at a loss of more than 7.