The India story got stronger on the global arena with the country expanding its presence on the elite list of Fortune Global 500 companies, as the PSU banking major State Bank of India has become the sixth domestic firm to feature in the league.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
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.
Reliance Industries, the country's largest LPG producer, will be spared from footing the Rs 7,200 crore (Rs 72 billion) bill for the one year freeze in LPG and kerosene prices, despite rising cost.
Petroleum Minister Ram Naik said the terms and conditions of the strategic sale of HPCL and and public offer in BPCL would be worked out by a core group of secretaries on divestment.
A decision on sale of government equity in HPCL, BPCL could be delayed beyond the Dec 7 deadline with PetroMin Naik stating he has no idea about the next CCD meet.\n\n\n\n
The Oil and Natural Gas Corp has asked the government to review the scheme of sharing of liquefied petroleum gas and kerosene subsidy with upstream firms and said the scheme should not be extended beyond March 2004.
India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record $125 per barrel, while rupee touched its 13-month low, official sources said. The basket of crude oil India imports was at $120.65 per barrel on Thursday, a 91 per cent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007, official sources said.
Supreme Court on Friday issued notices to the Union government and public sector oil majors Hindustan Petroleum Corporation and Bharat Petroleum Corporation on a public interest litigation challenging the Centre's decision to privatise.
After the two hikes, the ATF prices had risen to above September levels, the official said. The three oil firms revise jet fuel prices on the first and the 16th day of every month based on the average global oil price in the previous fortnight.
Concerned over growing resistance from the Opposition and some of the allies of the ruling National Democratic Alliance, the divestment ministry appears to have given up hopes of any big-ticket privatisation.
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.
Reliance Industries Ltd will give Rs 750 crore (Rs 7.5 billion) discount on LPG and kerosene to public sector petro retailers in 2005-06.
Oil and Natural Gas Corporation said on Thursday that it would like to acquire public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
IOC and sister PSUs Bharat Petroleum and Hindustan Petroleum are losing Rs 4.60 on sale of every litre of petrol and Rs 2.33 per litre of diesel currently, IOC director (marketing) G C Dagga told reporters in New Delhi.
Top corporates and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter reflecting the impact of slowdown.
Prakash Rohra, 54 shares his story.
The jet fuel rate will go up by Rs 104 per kilolitre in Delhi to Rs 32,303, an IOC official said. The increase comes on the back of a 1.8 per cent hike in rates on May 16. On May 1, state-run oil firms marginally reduced the price by one per cent, which had brought the rates in Delhi down to Rs 31,614.51 per kl. In Mumbai, home to the nation's busiest airport, the rate will go up from Rs 33,138 per kl to Rs 33,261 per kl.
Indian Oil, Bharat Petroleum and Hindustan Petroleum raised the aviation turbine fuel price by Rs 585 per kilolitre in Delhi to Rs 32,199 with effect from midnight tonight, an IOC official said. The increase comes on the back of a marginally one per cent reduction effected on May 1, which had brought the rates in Delhi down to Rs 31,614.51 per kl.
The government on Wednesday admitted that it would be difficult to realise the targeted Rs 13,200 crore from divestment due to serious constraints arising as a fallout of Supreme Court's judgement on HPCL and BPCL selloff.
'2019 was fought on delivery. But in 2024, you can see the before and after effects.'
Government has scrapped kerosene imports by private companies and decided that only state-run firms will import the fuel to end its adulteration in diesel.
The Supreme Court on Monday in-principle agreed to reconsider its earlier judgement on Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd divestment, and stayed proceedings before all high courts concerning divestment.
The divestment of HPCL and BPCL may be delayed by at least three years because of "existing hurdles", prime minister's economic advisory council committee member and BJP national executive member Jagdish Shetigar said on Thursday.
Divestment Minister Arun Shourie will meet Law Minister Arun Jaitly in New Delhi on Thursday to consider options before the government and chalk out future strategy.
While BPCL has been ranked third in the poll, Reliance is at the fourth position adn HPCL 8th.
The Supreme Court on Friday reserved its order on petitions challenging the Union government's decision to privatise oil sector PSUs Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
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