ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
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.
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
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.
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.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
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.
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 five companies which topped the list are Reliance Industries Ltd, Oil and Natural Gas Corporation, Indian Oil Corporation, NTPC Ltd and Bharat Petroleum Corporation
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.
Vijay Mallya-promoted Kingfisher Airlines has turned second time lucky; the state-run Bharat Petroleum Corporation (BPCL) has granted it a three-month reprieve to pay jet fuel dues. KFA owes BPCL Rs 220 crore (after adjustment of interest) for fuel dues.
Bharat Petroleum Corporation (BPCL) on Tuesday hiked petrol prices by about Rs 2.96 a litre effective midnight tonight, and other state-owned oil companies IOC and HPCL will follow suit on Wednesday.
KFA owes BPCL Rs 220 crore or Rs 2.2 billion (after adjustment of interest).
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
Though the government had earlier this fiscal explicitly decided to compensate Indian Oil, Hindustan Petroleum and Bharat Petroleum for the losses they incur on selling domestic LPG and kerosene through PDS by way of oil bonds, the finance ministry has not issued any bonds for the three quarters.
State fuel retailers IOC, Bharat Petroleum and Hindustan Petroleum sell diesel, domestic LPG and kerosene at government dictated rates which are lower than cost of production.
"This is a big scam. The country is being looted. Please allow us to speak," Congress leader in Lok Sabha Adhir Ranjan Chowdhury said.
Three fuel retailers -- Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited -- lost about Rs 26,618 crore (Rs 266.18 billion) in revenues on selling petrol, diesel, domestic LPG and kerosene below cost during the first half of the current fiscal, a ministry official said.
He still owes hundreds of crores to OMCs.
The Government may be keen on having a greater say in affairs of Petronet LNG as it is looking at appointing a bureaucrat as director on board of the nation's biggest liquefied natural gas importer.
State-owned oil firms on Tuesday cut jet fuel, or ATF, prices by 4 per cent, the first reduction in rates since July, on softening of international oil prices.
The earnings are, however, expected to be down around 2 per cent on a sequential basis due to pent-up demand getting exhausted and the adverse impact of rising metals and energy prices on consumer goods and manufacturing companies.
Not surprisingly, equity investors are bidding-up stock prices across sectors and the broader market is now more valuable than pre-Covid levels.
The fuel delivery scheme mainly targets consumers that buy in bulk.
The basket of crude oil India buys from overseas markets averaged $68.07 per barrel in September as against the August average of $71.98 a barrel.
The public sector oil companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- may suffer a Rs 25,000 crore revenue loss on fuel sales this fiscal, said S Behuria, chairman and managing director, IOC.IOC, BPCL and HPCL incurred a revenue loss of Rs 1.03 lakh crore on sale of petroleum fuel in 2008-09. The global rise in crude oil prices will increase the under-recoveries for PSUs on sale of fuel at controlled prices.
Petroleum Minister Murli Deora on Monday launched the service, which will be initially available in the national capital and would be extended to other metropolitan cities, state capitals and towns.
Tata Sons stake in the group's listed companies is now worth Rs 9.28 trillion, up 34.4 per cent on a year-on-year (YoY) basis. In comparison, the Government of India's stake in listed central public sector undertakings (PSUs) is currently valued at Rs 9.24 trillion
Over 100 chemical storage tanks built at the Pirpav jetty near Chembur have been operating without approvals from the ministry of environment and forests for over 18 years. Each of these tanks has an average capacity of 200,000 kilolitres of oil.
The Finance Ministry will give Rs 12,000 crore in cash to Indian Oil, Hindustan Petroleum and Bharat Petroleum to cover for less than half of the losses they incurred on selling LPG and kerosene this fiscal.
An official said the government is preparing the financial statements and getting the data room ready for the sales, suggesting that such aspects take time.
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