RBI Announces Special Forex Facility for IOCL, HPCL and BPCL

The Reserve Bank of India (RBI) has announced a special facility to meet the entire daily US dollar requirements of three public sector oil marketing companies – Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL). According to an RBI press release, the central bank will sell US dollars to the three companies through designated banks to meet their foreign exchange requirements. The facility will come into effect tomorrow and remain operational until further notice. The RBI said, the decision was taken following an assessment of prevailing market conditions and is aimed at facilitating the foreign exchange requirements of the three state-owned oil marketing companies.