The finance ministry has restricted tax holidays to only new refineries run by public sector firms and has barred units under construction by private sector companies like Essar Oil from the benefit.
Indian Oil, Bharat Petroleum, Hindustan Petroleum to open over 3,000 outlets this year. Even losses of over Rs 300 crore (Rs 3 billion) per day from selling automobile fuels have not stopped government-owned oil marketing companies from expanding their retail network across the country.
PhonePe via Bharat Bill Payment System (BBPS) plans to get into a number of new verticals, including fee payments in schools and colleges, payments at hospitals and other services
State-run retailers IOC, BPCL and HPCL may lose about Rs 45,000 crore (Rs 450 billion) on selling auto and cooking fuels below cost this fiscal, two-third of which will be compensated by the government by issuing bonds.
The retail losses that the country's oil marketing companies incur on sale of petrol, diesel, cooking gas and kerosene at subsidised prices have risen by 7.3 per cent to around Rs 440 crore (Rs 4.4 billion) per day in the fortnight ended March 31.IOC lost Rs 17 for every litre of petrol it sold, up from Rs 14.65 a litre on March 15. It lost Rs 316 per 14.2-kg cylinder, compared with Rs 303.65 per cylinder in the previous fortnight.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
Petroleum Secretary R S Pandey said a revision in fuel prices was under consideration and a decision will be taken in due course. "Revision does not necessarily mean a cut in prices. We will have to wait and see on which products a reduction will be effected, by how much and when. The government will have to take a comprehensive view... What government will decide we cannot anticipate today."
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The under-realisation on fuel sales incurred by the oil marketing companies is projected to rise by 14 per cent to around Rs 760 crore (Rs 7.6 billion) per day in the first fortnight of July from Rs 680 crore (Rs 6.8 billion) per day in the second fortnight of June.
More than one oil company bidding for same overseas assets.
OSOA, which comprises 15,000 officers from ONGC, OIL, IOCL, HPCL and BPCL amongst others, has called for an indefinite strike from Tuesday demanding salary revision and release of ad hoc payment.
Petrol price was on Wednesday hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend.
The meeting was about capex, and as the country is on the growth path, the companies were advised to increase capex, NLC India Chairman and Managing Director S K Acharya said after the meeting.
International oil and gas giant Royal Dutch Shell is all set to foray into distribution of Aviation Turbine Fuel, fuel for airplanes.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
Government had last week issued bonds worth Rs 11,256.92 crore (Rs 112.56 billion) to three PSU oil marketing companies to compensate them for under-recoveries on selling petrol, diesel, domestic LPG and PDS kerosene in April-September 2007 period.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Fuel stations operated by companies like Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation (IOC) are increasingly looking at co-branding and space-sharing to boost revenues.
If you are pressed for time, you could eat, shop, as well as service your car, or fill up diesel or petrol.
Steel baron Lakshmi N Mittal is eyeing to buy half of Hindustan Petroleum Corp's exploration arm Prize Petroleum for about Rs 200 crore (Rs 2 billion). Mittal, which made rapid advances in oil sphere this year first with a 49 per cent stake in HPCL's Bhatinda refinery and then partnering the state-run firm for a separate refinery on the east coast, is in talks with financial institutions to buy out their 50 per cent stake in Prize Petroleum.
The Sensex zoomed past the 3,800-mark and closed with a gain of 65 points at 3,807.
The government owned oil companies have proposed to pay interim dividend for the financial year 2006-07
All subsidies will be eliminated by March 2018
Oil and Natural Gas Corporation has been adjudged the greenest company in the country, while Reliance Industries has been ranked second in a survey conducted by Business Today-ACNielsen ORG-MARG.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
BPCL's impending privatisation and RIL's stake sale to Saudi Aramco raise questions about the future of the West Coast Refinery, once touted as the world's largest.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Even as Minister of State for Petroleum Dinsha Patel has told the Rajya Sabha that new connections are easily available for genuine customers, householders all over India are facing an acute shortage of LPG cylinders.
Mumbai Police has banned the use of flying lanterns during Diwali celebration in a bid to avert possible fire and security threats caused by them to high rise buildings.
When the news of steel baron LN Mittal getting into the energy sector without his Indian exploration and production partner, Oil and Natural Gas Corporation surfaced, there was much speculation about whether the alliance was on the verge of a break-u
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
Officers of Central Public Sector Units will go an indefinite nationwide strike from December 22, demanding higher salaries and autonomy for the public sector.
Reliance Industries Ltd is seeking export-oriented unit status from the government for its existing 33 million tonne per annum refinery in Jamnagar.
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
Mittal, who is partnering HPCL for the project, will bring to the joint venture his vast expertise in project execution and unparalleled skills in managing governments.
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