Given that the target was to reach 80.34 million families under PMUY - within three months starting April 1 - the government should have distributed at least 241.02 million cylinders by the end of June. It actually ended up distributing only 119.7 million cylinders.
This is the second hike in diesel price this month.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
BPCL plans to save Rs 500-800 cr, while HPCL eyes 10% reduction in total costs.
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.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
With the government preparing to restrict the number of subsidised cooking cylinders, oil marketing companies have launched a 'transparency' portal that allows customers to keep an eye on the number of cylinders sold in their account by the dealer.
Top corporates and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter reflecting the impact of slowdown.
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.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
IOC urged the government to cut excise duty by Rs 8 (the current revenue loss) to Rs 6.78 per litre. It also demanded a cut in state-level taxes.
"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.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
A higher government borrowing will 'crowd-out' the private borrowing and push interest rates higher.
According to industry figures, the pre-Covid demand for liquid medical oxygen (LMO) before the pandemic was 700 tonnes per day across the country. Now, with the second wave, the demand has gone up more than seven times, reports Jyoti Mukul.
Three petroleum teams -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Oil and Natural Gas Corporation (ONGC) -- all boasting experienced Indian stars in their ranks, start as favourites in the Development Credit Bank Aga Khan hockey tournament, which commences at the Bombay Gymkhana on Sunday, May 15. The final is on May 21.
The cut reflects changes in global prices of the two fuels since the last revision.
Foreign institutional investors (FIIs) have raised their stakes in public sector oil marketing companies (OMCs) in the three months ended September 30 - the first quarter after the government decontrolled petrol prices and announced plans to decontrol diesel rates as well.
These firms are expected to incur an under-recovery of over Rs 121,000 crore (Rs 1,210 billion) during this financial year, compared to Rs 78,000 crore (Rs 780 billion) in 2010-11.
With the government putting off an increase in diesel prices, Petroleum Minister Murli Deora sought an increase in government subsidy to bail out the three oil marketing companies (OMCs). Deora met finance minister Pranab Mukherjee in Mumbai to seek an immediate release of `10,000 crore as interim subsidy to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
OMCs losing Rs 20 crore daily on sales, 18 months after prices were deregulated.
The 12-digit unique number that the UIDAI will generate will be combined with the the smart card project of the Oil Ministry for distribution of PDS kerosene and domestic LPG through biometric identification of beneficiaries.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
State-owned fuel retailers, which last week raised petrol price by Rs 1.80 per litre, reported a net loss of over Rs 8,000 crore (Rs 80 billion) in July-September quarter and are borrowing heavily to even buy crude oil.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
IOC and other state retailers had on September 16 raised jet fuel price by 2.5 per cent.
Bharat Petroleum Corporation Limited (BPCL), Bangalore scored a surprise 4-1 win against Oil & Natural Gas Corporation (ONGC), Delhi in the final of the DCB Presents Aga Khan hockey tournament -- 2011, at the Bombay Gymkhana ground, on Saturday evening.
Today, less than six weeks into the 2011-12 financial year, the government used up its entire budgetary provision of Rs 20,000 crore (Rs 200 billion) for petroleum subsidy.
The brokerage said it expected corporate earnings to turn around.
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
Shell India, the domestic arm of Royal Dutch Shell Plc, had offered for sale 20 of its 80 operational retail outlets and around 20 sites acquired earlier for setting up such outlets.
A recent survey by Harvard Business Publishing, where 24 companies have been interviewed, says gaps in an organisation's leadership pipeline have emerged as the biggest human resource (HR) challenge.
State-run Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum currently sell petrol, a commodity which the government freed from its control in June last year, at a discount of about Rs 4.50 a litre to its imported cost.
IOC and its sister PSUs, Hindustan Petroleum and Bharat Petroleum, sell diesel, domestic LPG and kerosene at rates way lower than their imported cost to help government keep general price inflation under check.
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained basis."
The Supreme Court on Monday adjourned hearing till Friday on a petition challenging the decision of the government to divest its stake in oil PSUs HPCL and BPCL.
They want more cash, forex, higher bond coupons and increase in market prices for petrol, diesel, LPG.
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