State-run IOCL, HPCL and BPCL suspend fuel supplies on credit

State-run oil marketing companies Indian Oil Corporation (IOCL), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) have suspended fuel supplies on credit to retail outlets, Mint reported. HPCL and BPCL are insisting on advance payments, while IOCL suspended its five-day revolving credit policy, the report said. The reason behind the decision is reportedly the closure of the Strait of Hormuz.