New Delhi. IndustrialPunch: The Reserve Bank of India (RBI) has announced a special foreign exchange facility to meet the daily US dollar requirements of three state-owned oil marketing companies — Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL).
According to the RBI’s announcement, the central bank will sell US dollars to the three companies through designated banks to meet their foreign exchange requirements. The facility will become effective from October 12, 2026, and remain operational until further notice.
Facility Aims to Meet Oil Companies’ Dollar Requirements
The RBI said the decision was taken after assessing prevailing market conditions. The arrangement is intended to facilitate the foreign exchange needs of the three public sector oil marketing companies.
The facility provides a dedicated mechanism for meeting their daily dollar requirements through designated banks. However, the RBI’s announcement, as provided, does not specify the amount of foreign exchange to be supplied or the detailed operating conditions.
The move is significant for India’s oil marketing sector, where overseas crude oil purchases and other international payments create substantial foreign currency requirements.
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