Indian State Fuel Retailers Require Advance Payments Amid Global Oil Price Surge

Indian state-owned fuel retailers, including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, have begun requiring advance payments from fuel dealers nationwide amid rising global crude prices exceeding $100 per barrel. This shift follows the suspension of a previous five-day credit period, as refiners face revenue losses exacerbated by a weakening rupee and supply disruptions through the Strait of Hormuz linked to the US-Israeli conflict with Iran. Dealers express concern over the impact on their credit-based operations, including sales to government and transport sectors.