Friday, August 23, 2019

Air India Owes Rs. 4,500 Crore To Fuel Retailers, Hasn't Paid In 200 Days, Say Officials

New Delhi:  Air India owes three state-owned oil firms close to Rs. 4,500 crore in unpaid fuel bills with payments being delayed by almost seven months, forcing retailers to snap supplies, senior officials said on Friday.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) on Thursday afternoon stopped jet fuel or ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults.

"Air India has a 90 day credit period, which means they have to make payment for fuel they buy today by November 21. But Air India had not been making payments and the credit period was now over 200 days," a senior official at one of the three state-owned oil firms said.

Total unpaid dues to three fuel retailers stand at close to Rs, 4,500 crore.

"They (Air India) offered to pay Rs. 60 crore which is a drop in the ocean of what they owe," another official at one of the fuel retailers said.
IOC, BPCL and HPCL more than a week back jointly wrote to Air India seeking expeditious clearance of the dues, failing which they will be constrained to take action.
"Air India however failed to provide a clear roadmap to clear dues, forcing us to stop supplies," the official said.
23/08/19 PTI/NDTV
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