Delhi,28 may:Indian Oil Corporation Chairman on Wednesday said that it will run out of cash to import crude by September end if there is no hike in retail fuel prices or a duty cut.
The company said it is restricting petrol and diesel sales to what is domestically available as it has no money to import fuel.IOC Chairman also informed reporters that Paradip Refinery-cum-Petrochemical project will cost 42 to 45 thousand crore as against previous estimate of 26 thousand crores.
The project will be implemented in phases beginning with refinery, which will be completed at the cost of 30 thousand crore by 2012.Courtsey : DD NEWS