The employees unions of Hindustan Petroleum and Bharat Petroleum said on Tuesday that they will strike work for three days starting March 25 in protest against the proposed privatisation of two oil majors.
Many believe that marketing budgets could be a hurdle.
The Petroleum Ministry has asked for Rs 26,000 crore (Rs 260 billion) as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore (Rs 100 billion) cash support.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
In Maharashtra, the oil industry had tenancy protection till 1999.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
The top-100 wealth creators generated Rs 49 lakh crore during 2014-19, the highest-ever quantum of wealth added, according to Motilal Oswal's Annual Wealth Creation Study 2019. According to the study, Reliance Industries, Indiabulls Ventures and IndusInd Bank are the biggest, fastest and most-consistent wealth creators, respectively. The number of PSUs in the top-100 wealth creators is only nine, namely IOC, BPCL, HPCL, Power Grid Corporation, Petronet LNG, Indraprastha Gas, LIC Housing, Bharat Electronics and NBCC.
While seven companies bagged orders worth Rs 42,000 crore, industry experts said most of this new order activity was a spillover, and fresh project finalisation remains weak.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
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.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
Since UK referendum outcome to exit European Union last Friday, 32 companies have hit record highs.
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.
These have been selected based on the earnings growth prospects and favourable (buy) ratings by brokerages
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.
Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said.
"This is a big scam. The country is being looted. Please allow us to speak," Congress leader in Lok Sabha Adhir Ranjan Chowdhury said.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
In the year to date, 61 PSUs have lost an average of 22 per cent, with five companies losing more than half their share value. The BSE PSU index is down 10.6 per cent.
IOC has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput, while OIL has been forced to shut LPG production and its crude oil production has dropped by 15-20%. Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG from the refineries to different parts of the North East.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
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.
Oil firms' borrowings could fall by up to Rs 15,000 cr, govt's subsidy bill by 12% .
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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.
To help them make up for the revenue lost on selling auto and cooking fuel below cost.
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.
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.
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.
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