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.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
The cut reflects changes in global prices of the two fuels since the last revision.
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.
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.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
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.
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.
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.
The brokerage said it expected corporate earnings to turn around.
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.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
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.
State-run Bharat Petroleum Corporation Ltd (BPCL) is planning to expand its fuel retail outlets with food courts, cinema halls and provision stores in Haryana, Punjab, Andhra Pradesh and Tamil Nadu.
Public sector oil marketing company Indian Oil Corporation (IOC) will raise prices of petrol by 27 paise a litre, - for the first time since decontrolling petrol prices.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
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.
Despite raising petrol prices by around Rs 2.95 a litre - the second-biggest increase in this calendar year so far - public and private retailers are losing Rs 50 crore a day on selling the auto fuel.
Petrol prices were freed from government control last month, resulting in a Rs 3.50 per litre rate hike in Delhi.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
HPCL, Bharat PetroResources Ltd -- a unit of state-owned Bharat Petroleum Corporation, Gujarat State Petroleum Corporation and Videocon Industries each have 14 per cent interest in the block.
The revenue loss, termed as under-recovery by oil firms, will be the highest-ever.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
The five companies which topped the list are Reliance Industries Ltd, Oil and Natural Gas Corporation, Indian Oil Corporation, NTPC Ltd and Bharat Petroleum Corporation
State-owned Indian Oil Corp (IOC) today said it is losing Rs 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.
The multilateral lending agency holds 3.9 crore (Rs 39 million) shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore (Rs 4.48 billion).
With the new Bharat Stage IV emission norms coming into effect from Thursday, oil companies are gearing up to meet the requirements of Mumbai, an official said on Friday.
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