Concerned over growing resistance from the Opposition and some of the allies of the ruling National Democratic Alliance, the divestment ministry appears to have given up hopes of any big-ticket privatisation.
A Parliamentary Committee asked the government on Thursday to seek approval of Parliament before privatising oil refiners Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd as the two were nationalised
Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP will turn financially sick by next year as losses arising from freeze on fuel prices are set to erode their net worth, according to oil ministry estimates.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
The government will provide private companies subsidy equivalent to that given to state retailing firms on LPG, petroleum secretary B K Chaturvedi said.
A parliamentary panel has rapped the government for bypassing Parliament in deciding to privatise oil refiners Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp
Bharat Sanchar Nigam Ltd Employees Union on Friday extended support to the proposed indefinite strike of employees of public sector oil companies against privatisation of HPCL and BPCL.
The government on Wednesday admitted that it would be difficult to realise the targeted Rs 13,200 crore from divestment due to serious constraints arising as a fallout of Supreme Court's judgement on HPCL and BPCL selloff.
Government has scrapped kerosene imports by private companies and decided that only state-run firms will import the fuel to end its adulteration in diesel.
The Supreme Court on Monday in-principle agreed to reconsider its earlier judgement on Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd divestment, and stayed proceedings before all high courts concerning divestment.
Sri Lanka has said it will go ahead with its deal with Bharat Petroleum Corporation Ltd in oil retailing in the island nation despite opposition from the Marxist JVP, or People's Liberation Front, in the coalition government.
The divestment of HPCL and BPCL may be delayed by at least three years because of "existing hurdles", prime minister's economic advisory council committee member and BJP national executive member Jagdish Shetigar said on Thursday.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
Oil and Natural Gas Corporation said on Thursday that it would like to acquire public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
Faulty laws helped oil majors IOC, HPCL and BPCL -- to avoid excise payment of Rs 713 crore (Rs 7.13 billion) to the government during April-December 2002, the Comptroller and Auditor General of India has said.
Divestment Minister Arun Shourie will meet Law Minister Arun Jaitly in New Delhi on Thursday to consider options before the government and chalk out future strategy.
Sri Lanka on Monday put off indefinitely a decision to sell off part of the state-run oil company to Bharat Petroleum as trade unions threatened to stop work, triggering panic buying at petrol stations across the country.
While BPCL has been ranked third in the poll, Reliance is at the fourth position adn HPCL 8th.
State-run Bharat Petroleum Corp Ltd on Wednesday said it has tied up with Hindustan Lever Ltd and three other kitchenware brands for selling grocery items to its LPG customers through its distributor network.\n\n\n\n
The Supreme Court on Friday reserved its order on petitions challenging the Union government's decision to privatise oil sector PSUs Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
Contrary to popular perception of public sector oil firms making huge profits on selling petrol and diesel by gold plating the cost, Indian firms have second lowest refinery and marketing margins - profits - in the world.
The government has asked Supreme Court not to stay the privatisation of public sector oil majors -- Hindustan Petroleun Corporation and Bharat Petroleum Corporation
Oil refining companies, to a large extent, benefited from high gross refining margins during FY04 as a result of firm product prices in international markets
Indian Airlines beat Bharat Petroleum while Indian Oil beat Air India in the Super League stage of the Maharaja Ranjit Singh hockey tournament.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
