As many as 11 Mercedes models are impacted by the ban.
The loss, which is made good through government subsidy, has declined since March as the rupee strengthened against the dollar and global oil prices softened.
The firms were till last month selling diesel at a profit of 32 paise a litre, which helped them partly neutralise the losses on the sale of petrol, domestic LPG and kerosene. But from Monday, IOC, BPCL and HPCL are at breakeven on diesel while they lose Rs 3.68 a litre on petrol, Rs 69.49 per 14.2-kg LPG cylinder and Rs 12.65 on every litre of kerosene, industry sources said.
While petrol prices are de-controlled, diesel prices are partially deregulated.
RIL, which had over 1,470 retail outlets, is said to be running only 350 of those at present.
Reversing his predecessor's decision to set up a diesel engine facility in Chennai, Hyundai Motor India's new managing director and CEO Han-Woo Park on Wednesday said as of now there was no such plan.
Isonox Bio-Energy, the first bio-diesel manufacturing unit in Nashik, has started operations at the Ambad area of MIDC Nashik. The unit will manufacture bio-diesel from Jatropha curcas seeds.
The government, however, stood firm, ruling out any immediate rollback but promising to reduce the prices as and when the international crude prices drop. It went on to assert that the increase in the fuel rates was minimal, keeping in mind the 'interests of the aam aadmi.' Petroleum Minister Murli Deora said, "In view of the continuous rise in global crude prices, a marginal increase had become unavoidable."
After 16 days of intense efforts by multiple agencies, all 41 workers trapped in Uttarakhand's Silkyara tunnel in Uttarkashi have safely been evacuated on Tuesday evening.
Petroleum and oil marketing companies raised the price of commercial liquid petroleum gas (LPG) cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit with immediate effect from Wednesday.
Domestic car market leader Maruti Udyog Limited, which had till recently refrained from making a serious foray into the diesel-powered segment, foresees 20 per cent of its sales coming from such cars by 2010.
A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry and Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh
The oil mafia sheltered the 10 Pakistani terrorists in Machhimarnagar in Colaba and in fact a woman even showed Ajmal Kasab and his accomplice the way to Cama and Albless Hospital. The many theories floated before the Ram Pradhan committee, that looked into the attacks.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
It hopes to enter the business in 9-15 months. "We have plans to enter diesel generator, petrol, LPG and kerosene segment, but it will be too early to comment on any specific deal," said Kalyan Bhattacharya, president and CEO, Birla Power Solutions. "The size of the acquisition will depend on the horse power of the engines manufactured by the company. BPSL is looking at a company manufacturing diesel engines of capacities ranging between 25 horse power and 200 horse power."
The company is setting up a diesel engine plant at Gurgaon, investing close to Rs 1,700 crore.
The railways buy an average of 2.4 billion litres of diesel every year spending around Rs 4,500 crore (Rs 45 billion) annually on diesel fuel expenses for operating locomotives.
Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum may post a combined loss of Rs 10,700 crore in June quarter on selling petrol and diesel at rates below cost, a report said on Monday. While the raw material (crude oil) prices soared in April-June, petrol and diesel prices were not revised, leading to marketing losses which offset strong refining margins, ICICI Securities said in the report. The three state-owned oil marketing companies -- IOC, BPCL and HPCL -- control 90 per cent of the retail petrol and diesel sales in the country.
Diesel prices have cumulatively risen by Rs 10.68 a litre in 17 instalments since January 2013 when the United Progressive Alliance government had decided on the monthly hikes.
Their first target would be bulk buyers.
In August, passenger car sales dropped 18 per cent to 118,142 units, the sharpest decline in nearly 10 months, due to weak consumer sentiment and a month's lockout at Maruti Suzuki. Sales of diesel-driven utility vehicles grew 70 per #162 this is likely to be affected by the price rise.
Maruti Suzuki India (MSIL) will issue equity shares on a preferential basis to parent Suzuki Motor Corporation (SMC) to acquire 100 per cent stake in the latter's Gujarat plant. This deal is expected to increase the share base of MSIL by about 4 per cent. And consequently, it will raise SMC's shareholding in Maruti by around 1.8 percentage point. "Whether it is in terms of PAT (profit after tax) or earnings per share (EPS) or dividend per share (DPS) of MSIL, the share-swap option will give shareholders a better deal than any other option such as cash payment," MSIL chairman RC Bhargava told reporters during a press conference.
The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
Petroleum minister Mani Shankar Aiyar on Wednesday ruled out hiking petrol and diesel prices in step with the firming up of international oil prices and the increase in excise duties.
A meeting of a ministerial panel headed by Finance Minister Pranab Mukherjee, to consider raising diesel price by at least Rs 2 a litre, was deferred twice last month and no new date has been notified yet.
State-owned Indian Oil Corporation (IOC) - a Fortune 500 company - dominates the Indian market with a 49.6 per cent market share.
For the second time in as many months, the Government on Wednesday night cut petrol price by Rs 5 a litre and diesel by Rs 2 per litre, while the domestic LPG rate was also slashed by as much as Rs 25 per cylinder.
Kareena in a Kalimpong murder mystery, Priyanka in a Hollywood rom-com, a South Korean style western and lots, lots more on OTT this week.
The international crude oil price of Indian Basket was $60.10 (Rs 3,765.27) per barrel on December 15, down from $60.58 (3,782.62) per bbl on December 12.
The Cabinet, scheduled to meet on Thursday, may reduce petrol price by Rs 5 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 25 per cylinder, giving relief to the common man and further easing inflationary pressures.
The Japanese auto major says the ban has made it difficult to launch new products or commit fresh investments
The new Porsche Cayenne Diesel will not come to the Middle East and Asia right away, but talks are underway with Germany to attempt to secure the vehicle for this market, Porsche said in a statement
The new diesel engine powered Nissan Micra will get the same motor that powers Mahindra Logan. The 1.5-litre DCI motor is capable of generating top power of 63bhp and 16.3kgm of max torque. The trims for the diesel version of the Micra will be XV and XV Premium.
As crude oil prices hover around four-year lows, the government may look at slashing diesel prices further that will help cool inflation by lowering goods transportation charges.
The government wants to bring down the subsidies on kerosene, LPG and diesel in a way that does not impact the people in a major manner and takes away subsidies from people who do not deserve them.
The fatal flaw of Fast X is that it's trying to be smarter than it really is and the result is a convoluted mess with nothing novel at display.
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