Industry sources said the carrier owed over Rs 620 crore to BPCL and HPCL, besides Rs 160 crore to IOC. However, Kingfisher Airlines is not the only company with oil dues. Kingfisher Airlines, Jet Airways and state-owned Air India started this financial year with accumulated dues of Rs 4,000 crore to oil companies and airports, sources said. The three airlines are collectively projected to incur operating losses of Rs 5,000 crore, industry estimates suggest.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
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 public sector oil refining and marketing companies Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are back on the radar of investors as their profit levels reach record highs.
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.
The players' group has suggested a few options like having a short-term contract only for the duration of the IPL, so the cricketer is free to do commentary or coaching assignment for the rest of the year.
After GAIL, Indian Oil Corp has expressed interest in buying out Asian Development Bank's 5.2 per cent stake in Petronet LNG Ltd, company chairman Sarthak Behuria said. However, if the state-run promoters of Petronet are not allowed to raise stake in the company for fear of it becoming a public sector unit, Behuria suggested selling ADB's shareholding to the public.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
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."
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
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 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.
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.
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.
Top losers in the Sensex pack include Bharti Airtel, Infosys, Asian Paints, RIL, Coal India, HDFC Bank, HDFC, TCS, ONGC and M&M, falling up to 3.09 per cent.
International oil and gas giant Royal Dutch Shell is all set to foray into distribution of Aviation Turbine Fuel, fuel for airplanes.
the Sensex lost 23 points to close at 28,185 levels and the Nifty shed 7 points to end at 8,515 mark.
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.
All subsidies will be eliminated by March 2018
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
The National Commodity and Derivatives Exchange Ltd plans to rope in oil companies like Indian Oil Corporation and Reliance Industries Ltd to boost Brent crude futures trading on the bourse.
FMCG players -- Dabur, HLL, PSU BPCL, Korean car maker Hyundai, liqour barron Vijay Malaya's Mcdowell and TVS motors -- are among the major companies found to violate Advertising Standards Council of India code.
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.
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.
BSF routed Bharat Petroleum 4-1 while Air India scored a 3-0 victory over Army XI in the Bombay Gold Cup hockey tournament.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
The Petroleum Sports Promotion Board cueist won the National 9-Ball Pool Championship for the fourth title.
With India reluctant to pay a higher price for the liquefied natural gas contracted in 2005, Iran has proposed to sell the fuel to the Indian private sector.
Officers of Central Public Sector Units will go an indefinite nationwide strike from December 22, demanding higher salaries and autonomy for the public sector.
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
10 central trade unions have called a nationwide shutdown against 'anti-worker policies' of the central government. Apart from being successful in Bengal, Kerala and NE states, the bandh has also got support from Cong leader Rahul Gandhi and Shiv Sena in Maharashtra.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
Petronet LNG Ltd, India's largest liquefied natural gas importer, will raise $100 million through foreign currency convertible bonds in June-July, which would result in its promoters ONGC, GAIL IOC and BPCL shareholding falling by 7.5 per cent.
Reliance Industries Ltd is seeking export-oriented unit status from the government for its existing 33 million tonne per annum refinery in Jamnagar.
Gurpreet Singh scored thrice to beat Bhopal XI in the semis of the 44th Bombay Gold Cup hockey tournament.
P Dasgupta was on Thursday appointed the managing director and CEO of Petronet LNG Ltd, India's largest liquified natural gas importer.
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