The sale of branded petrol and diesel, considered to be more efficient, has dipped by 27 and 50 per cent, respectively, in 2010-11 over the previous year (see chart), despite OMCs selling the products at a thin margin of less than a rupee.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
Global product prices have declined on apprehension of a fall in consumption in the US after a rating downgrade recently.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from next month.
Oil companies begin pilot testing work on direct LPG subsidy.
ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
In a move that will give the better and cleaner environment agenda a boost, the reach of Euro-IV fuel (diesel and petrol) will be expanded to seven more cities in the current financial year. This less polluting fuel was launched about a year ago in 13 cities.
The decision was taken at a meeting last month chaired by additional secretary Sudhir Bhargava and attended by representatives of GAIL and the three OMCs - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
The company has begun discussions with foreign players besides Petronet LNG Ltd for jointly developing the Rs 4,500-crore (Rs 45-billion) terminal.
With the finance ministry facing the risk of missing its tax collection target this year, it has turned down a proposal to reduce duties on petroleum products to reduce the impact of rising crude prices on profitability of oil companies.
When Modi Rubber closed an agreement with German tyre manufacturer Continental for outright sale of Modi Tyre Company Ltd (MTCL) last month, the exit led to speculation of the group foregoing interests in the segment.
The report, submitted to the government last week, says the slow pace of field development is the reason production has fallen to 50 million standard cubic metres a day (mscmd) from a peak of 60 mscmd last year.
ONGC went for a stock split in preparation for a follow-on issue that is expected to hit the market in the second quarter of 2011-12.
Reliance Industries Ltd (RIL), the operator of the KG-D6 gas block, has told the government it cannot comply with its latest directive on prioritising gas supply.
New players in the organised branded garment retail industry such as Koutons and Cantabil along with a host of other brands are going through a tough time, thanks to the rapid expansion via debt and their deep discounting model.
It plans to invest Rs. 10,000 crore to set up a power generation capacity of 2,500 Mw near Pune.
With RIL's KG-D6 output playing truant, steps need to be taken to stabilise the country's natural gas production.
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