The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
IOC had challenged the Uttar Pradesh government decision.
Government-owned companies are more generous in rewarding their shareholders with dividends.
OMCs losing Rs 20 crore daily on sales, 18 months after prices were deregulated.
These firms are expected to incur an under-recovery of over Rs 121,000 crore (Rs 1,210 billion) during this financial year, compared to Rs 78,000 crore (Rs 780 billion) in 2010-11.
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
Ujjwala Yojana was launched on May 1, 2016 at Ballia district in Uttar Pradesh and has so far covered 47.3 million consumers in 715 districts
Three petroleum teams -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Oil and Natural Gas Corporation (ONGC) -- all boasting experienced Indian stars in their ranks, start as favourites in the Development Credit Bank Aga Khan hockey tournament, which commences at the Bombay Gymkhana on Sunday, May 15. The final is on May 21.
This Teacher's Day, students remember Syed Feroze Ashraf, 'Uncle' who changed the lives of many children forever.
Gazprom says it considered India as one of its key LNG markets.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
All subsidies will be eliminated by March 2018
The price of aviation turbine fuel, or jet fuel, in Delhi was hiked by Rs 2,797.41 per kilolitre (kl), or 4.5 per cent, to Rs 65,005.59, according to Indian Oil Corp, the nation's largest oil firm.
Amid a spate of government proposals at its door, the Election Commission has asked all Union government departments to route their proposals through the Cabinet Secretariat.
State-owned fuel retailers, which last week raised petrol price by Rs 1.80 per litre, reported a net loss of over Rs 8,000 crore (Rs 80 billion) in July-September quarter and are borrowing heavily to even buy crude oil.
Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price, state-owned oil companies on Friday said they will roll back the increase in rate if the government gives a directive to that effect.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
The company has begun discussions with foreign players besides Petronet LNG Ltd for jointly developing the Rs 4,500-crore (Rs 45-billion) terminal.
The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018.
Credit rating agency Moody's Investors Service on Friday assigned senior implied issuer ratings of Ba1 to India's Tata Power and Indian Oil Corp -- one notch above the sovereign rating it assigns to India.\n\n\n\n
High interest costs and a weak rupee may raise overall debt, even as refinancing may not be an issue.
IOC and other state retailers had on September 16 raised jet fuel price by 2.5 per cent.
They beat Indian Oil via the tie-breaker in the final of the Gold Cup hockey tournament.
Government headhunters Public Enterprise Selection Board selected Srinivasan after interviewing 11 candidates at its office in New Delhi on Tuesday.
State-owned oil companies on Tuesday slashed jet fuel prices by over 3 per cent as an appreciating rupee made imports cheaper.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
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 railways, the country's largest employer, will be hiring 127,000 people in 2018-2019, for which 23.7 million are competing.
With the government putting off an increase in diesel prices, Petroleum Minister Murli Deora sought an increase in government subsidy to bail out the three oil marketing companies (OMCs). Deora met finance minister Pranab Mukherjee in Mumbai to seek an immediate release of `10,000 crore as interim subsidy to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
State-owned Indian Oil Corporation (IOC) - a Fortune 500 company - dominates the Indian market with a 49.6 per cent market share.
Foreign institutional investors (FIIs) have raised their stakes in public sector oil marketing companies (OMCs) in the three months ended September 30 - the first quarter after the government decontrolled petrol prices and announced plans to decontrol diesel rates as well.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
Oil companies last week sent a notice for stopping aviation turbine fuel supplies to Air India at some airports like Calicut and Jaipur, officials said in New Delhi.
Oil & Natural Gas Corporation (ONGC), Delhi, rode on a fine hat-trick from Akashdeep Singh to trounce Indian Oil Corporation (IOC), Bangalore, 5-2, while Bharat Petroleum Corporation Limited (BPCL), Bangalore, struggled to overcome South Central Railway (SCR), Secunderabad 1-0 in the semi-finals on Friday.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances