Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like Oil and Natural Gas Corporation.
Embarking on a major promotional drive to popularise value-added products of coconut, the Coconut Development Board has tied up with BPCL to put up kiosks in petrol stations throughout the country.
Analysts are enthused by BPCL's upstream foray and have re-rated the stock in the past couple of years.
Shankar Sharma of First Global says that earnings for HPCL, BPCL can quadruple, factoring in oil bonds.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
bp had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel stations owned by RIL for $1 billion.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
State-owned oil companies IOC, BPCL and HPCL are likely to post net losses in the first quarter of the current fiscal as a result of selling fuel below cost price.
This is the second hike in diesel price this month.
Prime Minister Manmohan Singh on Monday pushed for phased rationalisation of energy prices to bring them in line with international prices to meet the targeted rapid inclusive and sustainable growth.
At a poll rally on Monday, Prime Minister Modi said the protests against the new citizenship law in Shaheen Bagh and other areas in New Delhi are not a coincidence but an 'experiment' ('sanyog nahi prayog') and a political conspiracy to destroy the country's harmony. Taking on the PM, Priyanka Gandhi said a report recently said 3.5 crore jobs have been lost in the last five years in seven important sectors.
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
Oil firms' borrowings could fall by up to Rs 15,000 cr, govt's subsidy bill by 12% .
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
.jpg)
Investment can only be by prospective dealers.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
To help them make up for the revenue lost on selling auto and cooking fuel below cost.
Among top losers that dragged down key indices were Infosys, TCS, Reliance, SBI, Tata Steel and ITC, falling up to 2.15 per cent.
Abhijeet Gupta's silver medal ended a long drought for Indians in the Open section of the Chess Olympiad. After a gap of 22 years -- the last one being Dibyendu Barua's gold medal on board two in Novisad 1990 -- an Indian won a medal for individual performance.
Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
Walmart CEO Douglas McMillon came first in the CEOWORLD magazine's global ranking of the best chief executives across all industries for 2019.
IndianOil Corp Ltd, for instance, saw a growth of around 22 per cent in volumes and nearly two per cent in its market share. It traded nearly 10,517 million tonnes (mt) of auto gas in December against 8,593 mt of auto gas in September.
The government on Thursday sanctioned Rs 17,772 crore (Rs 177.72 billion) cash subsidy to fuel retailers like IOC to cover for half of the revenues they lost on selling diesel and cooking fuels below cost in the September quarter.
According to data compiled by BS Research Bureau for BSE 100 companies, seven public sector companies -- Indian Oil Corporation (IOCL), Bank of India, Union Bank, Bharat Petroleum (BPCL), Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum (HPCL) and GAIL -- have reduced their employee costs ranging from one per cent to 21 per cent.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
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 queries.
BPCL plans to save Rs 500-800 cr, while HPCL eyes 10% reduction in total costs.
"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.
'By holding forth on Swadeshi economics, Bhagwat is showing his intent to fight back,' says Shekhar Gupta.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Viswanthan Anand got back into the reckoning by defeating compatriot M Shyam Sundar in a one-sided affair in the Isle of Man International chess tournament on Wednesday. On a good day for Indians, former World junior champion Abhijeet Gupta tamed the highly-regarded Liem Le Quang of Vietnam.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Attractive pricing coupled with improving prospects make the offer lucrative
The countdown for BG's stake sale in Gujarat Gas Company (GGCL) begins tomorrow. Three months after BG made its intention of divesting its stake clear, over half a dozen potential bidders are likely to submit non-binding bids for BG's 65.12 per cent stake in the country's largest natural gas distributor by sales.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances