In a marginal relief to consumers, IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 per litre with effect from midnight today.
SBI too rules out cut in base rate in short term, to launch concessional schemes.
All current staff of BPCM is expected to transfer to the new owners under equivalent terms and conditions.
IndianOil targets monthly 5,000-tonne polypropylene exports
The private companies want a level playing field so that they can compete with the government companies in fuel retailing.
About two million tonnes (mt) of condensates produced by the oil company were taken into account while apportioning the subsidy burden.
Oil firms yet to get Rs 18,000 crore (Rs 18 billion) of FY12 subsidy compensation, as estimate for this year's underrecovery swells past Budget allocation.
So far, the West Bengal government has raised Rs 5,000 crore (Rs 50 billion) as SDL from RBI, which is almost one-fourth of its total borrowing plans of Rs 20,071 crore (Rs 200.71 billion).
RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
The last week of March saw a series of new refining capacity going on stream. HPCL-Mittal Energy, Essar Oil and Mangalore Refinery & Petrochemicals (MRPL) were able to announce completion of capacity additions a couple of days before the seven-year tax holiday in this regard came to an end, on March 31.
ONGC to take biggest hit of Rs 4,600 crore, followed by Cairn India and Oil India.
The government's plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.
The two government upstream companies, along with GAIL, make good a third of the losses made by government oil marketing companies.
The 2,75,000 new jobs would cost a monthly Rs 300 crore (Rs 3 billion), officials with knowledge of the development said.
Food inflation has entered negative territory but consumers have had no respite on cost of living.
It is this increasing vulnerability of senior corporate executives towards litigations that has set the ball rolling for directors and officers' liability cover for insurance companies.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
The consumption of petroleum products in India is growing at a rate much lower than the conservative projection of 4.58 per cent made for this year by the Petroleum Products Planning and Analysis Cell (PPAC), a wing of the petroleum ministry.
This month, ECGC -- the government organisation that provides insurance cover to exporters -- reclassified exports to Greece as 'risky' by withdrawing open cover insurance scheme for them.
Seeks deferred payments for domestic purchases, dollar window.
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