To help them make up for the revenue lost on selling auto and cooking fuel below cost.
There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission
IndianOil targets monthly 5,000-tonne polypropylene exports
At the same time, the Cabinet approved reducing government's stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
The government had in January authorised state-owned oil firms to hike diesel prices by small doses of up to 50 paisa per litre every month.
The joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
IndianOil Corp Ltd, for instance, saw a growth of around 22 per cent in volumes and nearly two per cent in its market share. It traded nearly 10,517 million tonnes (mt) of auto gas in December against 8,593 mt of auto gas in September.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
A major fire broke out on Saturday at a petrol storage tank of state-owned Indian Oil Corp's Hazira terminal in Gujarat.
The Houston-based company is selling up to 50 per cent of its oil-sand reserves in Alberta. There are some producing assets and some exploration assets on offer.
State-run banking giant SBI has said it temporarily exceeded RBI-prescribed credit exposure limit for the fourth year in a row in 2011-12 with regard to loans given to Mukesh Ambani-led Reliance Industries (RIL).
Petrol price has been reduced four times since March.
Losses on sale of diesel at government-controlled rates have hit a record Rs 19.26 a litre, sending state-owned oil companies scrambling for ways to cover the mounting losses.
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
The price reduction will be effective midnight tonight, announced Indian Oil Corp
In a major relief to cash-strapped airlines, jet fuel (ATF) prices were today reduced by a massive 5 per cent, the steepest reduction in rates since February 2010.
It constitutes over 40 per cent of an airline's operating costs.
Gandhi said the one paisa cut in petrol rates was not a "suitable response" to the fuel challenge he threw to the prime minister a few days ago.
State-owned Indian Oil Corp and GAIL Ltd are looking at picking up an equity stake in LNG projects in Africa to meet growing energy needs of the country, Oil Minister S Jaipal Reddy said on Friday.
IOC had challenged the Uttar Pradesh government decision.
The demand, which had fallen by as much as 70 per cent, has since recovered after lockdown restrictions were eased beginning early May.
In a major relief to cash-strapped airlines, jet fuel (ATF) prices were on Monday cut by a steep 4.3 per cent, the first reduction in rates in three-and-a-half months.
Indian Oil Corporation's stake sale received overwhelming reponse from investors.
In Mumbai, jet fuel will cost Rs 72,830.64 per kl from tomorrow as against Rs 68,103.26 per kl at present.
The increases have snapped a six fortnight trend of reduction in rates.
Rates at different airports vary because of differential in local sales tax or value added tax.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
The price of aviation turbine fuel, or jet fuel, in Delhi was hiked by Rs 1,039.1 per kilolitre, or 1.7 per cent, to Rs 62,208.18, according to Indian Oil Corp, the nation's largest oil firm.
Petrofed, a body representing both public and private sector companies like Indian Oil Corp and Reliance Industries, has written to the government seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel and natural gas in the goods and services tax that is likely to come into effect from next year.
Jet fuel prices were on Thursday hiked by 3.8 per cent, the second increase in rates in as many months.
IOC and other state retailers had on September 16 raised jet fuel price by 2.5 per cent.
OVL, IOC and OIL explored for oil and gas in Farsi block.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
State-owned Indian Oil Corp wants diesel prices to be freed from government control before its twin follow-on public offersto raise maximum funds, company Chairman B M Bansal said on Monday.
The cut reflects changes in global prices of the two fuels since the last revision.
Public sector oil firms on Thursday raised aviation turbine fuel (jet fuel) prices by up to 2 per cent, the second increase in three months.
The government on Thursday approved Rs 20,001 crore in additional cash subsidy to state-owned oil companies to compensate them for selling fuel below cost in 2010-11 fiscal. With this, the government has paid a total of Rs 40,912 crore in subsidy to oil companies in 2010-11 financial year, an oil ministry official said.
State-owned Indian Oil Corp (IOC) on Tuesday said it is losing about Rs 3 on the sale of every litre of petrol, but will decide on raising prices at an "appropriate" time.
The price of aviation turbine fuel, or jet fuel, in Delhi was hiked by Rs 2,797.41 per kilolitre (kl), or 4.5 per cent, to Rs 65,005.59, according to Indian Oil Corp, the nation's largest oil firm.
