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.
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.
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."
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
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.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers queries on how to invest in stocks.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
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.
'I have been advising investors since the last couple of months to at least take their capital out.' 'Most of the people have made 50-60 per cent in the market, if not more, they must at least take their capital out.'
'At this time, staying in the game is more important.' 'If we do that, then wealth can be generated.'
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
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.
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 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.
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.
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.
BSF routed Bharat Petroleum 4-1 while Air India scored a 3-0 victory over Army XI in the Bombay Gold Cup hockey tournament.
the Sensex lost 23 points to close at 28,185 levels and the Nifty shed 7 points to end at 8,515 mark.
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.
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.
The Petroleum Sports Promotion Board cueist won the National 9-Ball Pool Championship for the fourth title.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
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.
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.
Gurpreet Singh scored thrice to beat Bhopal XI in the semis of the 44th Bombay Gold Cup hockey tournament.
Reliance Industries Ltd is seeking export-oriented unit status from the government for its existing 33 million tonne per annum refinery in Jamnagar.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
P Dasgupta was on Thursday appointed the managing director and CEO of Petronet LNG Ltd, India's largest liquified natural gas importer.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
The government has decided to go ahead with the privatisation of Hindustan Copper Ltd, setting aside concerns over the fate of units, which were partially nationalised.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
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.
All subsidies will be eliminated by March 2018
The markets opened in the positive terrain but slipped and are trading flat as selling was seen in banking and pharma stocks
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.
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.
