The cash-strapped Indian Oil Corporation (IOC) has sought a Rs 1,500-2,000 crore loan from the Oil Industry Development Board (OIDB) to meet its working capital requirement.
The corporation has told the petroleum ministry that for this, OIDB should charge it the same interest rate as being paid by the Oil Coordination Committee (OCC) to oil companies on oil pool dues.
The corporation has told the ministry that in the 2001-02 Budget, excise duty on motor spirit and high-speed diesel had been increased.
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But, the hike was not passed on to the consumer and the oil companies were made to bear the brunt. This had a monthly impact of Rs 185 crore on IOC finances.
In addition, OCC has also asked the corporation to pay terminalling charges to the refining companies.