The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend.
The companies' underrecoveries stood at a whopping Rs 1,39,869 crore last financial year. Of that, Rs 62,837 crore was accounted for by diesel alone.
Many believe that marketing budgets could be a hurdle.
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
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Investment can only be by prospective dealers.
IDS-2 and raids to uncover black money stash keep receipts flowing
'We aren't so unreasonable as to demand that he should have fully reversed Indira Gandhi's worst economic legacy, bank nationalisation.' 'But he could have made a beginning by selling off the two most stressed small public sector banks, and then announced that each year for the next 10, one government bank with the most messed-up balance sheet will be sold.' 'It would have electrified the markets, shocked his other banks into better behaviour, and marked his name among the great reformers,' argues Shekhar Gupta.
Oil firms' borrowings could fall by up to Rs 15,000 cr, govt's subsidy bill by 12% .
The broader markets also ended lower in line with the benchmark indices
In Maharashtra, the oil industry had tenancy protection till 1999.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
Why Dalit leaders cross over to the BJP
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
In first half of year, firms raise more than banks on low US treasury rates.
NDA's energy plan powered UP win, but it's not a winner yet. Centre has claimed to have saved money by targeted coverage but critics say the system is not yet foolproof.
The report, 'Road Ahead Clears Up for Oil PSUs', says the decline in underrecoveries, or losses oil-marketing companies incur on selling petroleum products below market price, will have a significant positive impact on both upstream and downstream public-sector oil companies.
'Oil companies like IOC, BPCL and HPCL have to set up world class systems where they are always two steps ahead of the crooks,' says Sudhir Bisht, a veteran of the petroleum industry.
The sharp fall in oil price is positive for oil marketers as subsidy concerns reduce further.
India Inc will report good set of numbers in Q4.
Reason behind for the change in his stance: gas price increase.
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
The benchmark BSE Sensex ended down 2.23 per cent. The Bank Nifty fell 3.59 per cent.
The staggered increase in kerosene rate may not have the same impact of freeing up the fuel price as for diesel.
The government shouldn't hide behind the veil of making a domestic giant out of the HPC-ONGC deal, rather it should just say it needs cash from this divestment exercise, says Sudhir Bisht.
Moving from pricing control to a free market means stiff competition.
Oil Minister M Veerappa Moily has suggested pricking the ballooning oil bill with everything from a street theatre campaign encouraging lower fuel use, to shutting fuel stations, to increasing imports from Iran.
India Inc did not perform well during December quarter.
India pacer Shantakumaran Sreesanth and his Rajasthan Royals team mate Ankeet Chavan and Ajit Chandila were on Sunday cleared of charges by a Delhi court in the spot-fixing and betting scandal in the sixth edition of the Indian Premier League in 2013. A flashback of the events that unfolded in the episode.
Given the cost structure in the country, it won't be easy for AirAsia to offer 'Nano' fares and still make money.
The entire selection process of the IOC chairman was shrouded in mediocrity and mystery.
