The Supreme Court on Monday issued a notice to the Centre on a Public Interest Litigation challenging the legality of the government's decision to privatise public sector oil firms Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
Indian Oil Corporation and Bharat Petroleum Corporation have backed out of Gail's Vizag-Secunderabad LPG pipeline.
Diesel price on Friday was hiked by 20 paise per litre - the first increase in rates in over two months - as international oil prices neared their highest since 2018. Price of diesel was hiked to Rs 88.82 per litre in Delhi and to Rs 96.41 in Mumbai, according to a price notification of state-owned fuel retailers. Petrol price was not changed. It costs Rs 101.19 a litre in Delhi and Rs 107.26 in Mumbai.
The government will complete the sale of cash-rich oil refiners Hindustan Petroleum Corporation and Bharat Petroleum Corporation in six to eight months, Divestment Minister Arun Shourie said on Wednesday.
Balmer Lawrie & Company, whose 61.97 per cent stake is slated to be divested by the Centre, is unlikely to be sold off during the current fiscal.
The divestment ministry said on Thursday that the inter-ministerial group on the divestment of Bharat Petroleum Corporation would meet next week to discuss the quantum of shares to be offered in the domestic and global markets.
The divestment ministry is now all set to flag off the process of divestment in Bharat Petroleum Corporation with the Inter-Ministerial Group scheduled to meet on February 13.
Attorney General Soli Sorabjee has said the sale of stakes in two state-run oil refiners does not need parliamentary approval.
Attorney-General Soli Sorabjee's response on the privatisation of Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd is likely to be known later this week.
A day ahead of a crucial meeting of the Cabinet Committee on Divestment, Defence Minister George Fernandes said he favoured public sector units like Oil and Natural Gas Corporation to be allowed to bid for HPCL.
Disinvestment Minister Arun Shourie said Tuesday the SEBI has initiated an investigation into the fall of share prices of BPCL and HPCL.
Divestment Minister Arun Shourie will soon make a statement on stake sales in two state-run oil firms following a consensus reached on the issue by a group of top ministers.
The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
Shell India, the domestic arm of Royal Dutch Shell Plc, had offered for sale 20 of its 80 operational retail outlets and around 20 sites acquired earlier for setting up such outlets.
Public sector oil firms spent over Rs 800 crore (Rs 8 billion) on advertisements during the last three years with Indian Oil Corp topping the list with an expenditure of Rs 275.35 crore.
S Rajendra Babu, a Supreme Court judge, was on Thursday appointed the Chief Justice of India with effect from May 2.
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
Public sector oil retailing firms have lost over Rs 5,800 crore in the first six weeks of current fiscal due to non-revision of petrol, diesel, LPG and kerosene prices.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
Petrol price on Monday was hiked by 30 paise a litre and diesel by 35 paise, taking the total increase in rates in the last one week to Rs 4-4.10 per litre. Petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.11 previously while diesel rates have gone up from Rs 90.42 per litre to Rs 90.77, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
Petroleum Minister Ram Naik has mooted sale of 12-15 per cent of government equity in oil refiner Indian Oil Corporation and exploration giant Oil and Natural Gas Corporation in the capital markets to shore-up state finances.
Prakash Rohra, 54 shares his story.
Deputy Prime Minister L K Advani on Thursday termed as an "obstacle" the Supreme Court ruling halting the privatisation of oil firms HPCL and BPCL and said the government will "manoeuvre" it to keep the momentum of divestment programme.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
After Indian Oil Corporation, state-run Bharat Petroleum Corporation is planning to take over petrol stations in Sri Lanka, company chairman and managing director S Behuria said on Friday.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
Petronet India Ltd is likely to formally shelve the Rs 2,450 crore (Rs 24.5 billion) central India petroleum product pipeline project this month as its promoters are no longer keen on the project.\n\n\n\n
State-run Bharat Petroleum Corp has offered to take Hindustan Petroleum Corp as equal partner in the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
The five companies which topped the list are Reliance Industries Ltd, Oil and Natural Gas Corporation, Indian Oil Corporation, NTPC Ltd and Bharat Petroleum Corporation
State-run Bharat Petroleum Corporation Ltd (BPCL) is planning to expand its fuel retail outlets with food courts, cinema halls and provision stores in Haryana, Punjab, Andhra Pradesh and Tamil Nadu.
Oil major ONGC is believed to have been kept out of the bidding process for the two oil PSUs.
The government has been able to mobilise Rs 3,000 crore to Rs 3,500 crore (Rs 30-35 billion) by way of divestment during the first nine months of the current financial year, Divestment Minister, Arun Shourie.
