By IANS,
New Delhi : Hindustan Petroleum Corporation Ltd (HPCL) Tuesday said it is opposed to further cut in fuel prices by the government as it will lead to a reduction in the company’s operating profit.
“We do not want any further cut in fuel price by the government as any more cuts will reduce the company’s operating profit,” HPCL chairman and managing director Arun Balakrishnan told reporters on the sidelines of Petrotech 2009 conference.
Balakrishnan also said the outlook for crude price will rise to $70-100 in next eight months.
The HPCL chief said that work at the Visakhapatnam refinery had been put on hold.
The company has earmarked Rs.4,000 crore (Rs.40 billion) as its capital expenditure which it plans to spend on the Bhatinda refinery, he said.