The Indian government has issued a stern warning to industrial users who are reportedly procuring cheaper retail fuel instead of industrial-grade fuel, leading to significant losses for state-run oil marketing companies (OMCs) and potential local shortages. This diversion, driven by a substantial price difference between retail and bulk diesel, is adversely impacting OMCs, which are absorbing daily losses of approximately 550 crore to keep retail prices stable.
India's fertiliser subsidy bill for the current financial year (FY27) is projected to increase by approximately 20% due to surging global prices, primarily driven by the West Asia crisis, a senior official confirmed. Despite this, retail prices for urea and di-ammonium phosphate (DAP) will remain unchanged, ensuring adequate supply for the kharif season.
The wholesale price-based inflation eased marginally to 12.07 per cent in June as crude oil and food items witnessed some softening in prices. However, WPI inflation remained in double digit for the third consecutive month in June, mainly due to a low base of last year. WPI inflation was (-) 1.81 per cent, in June 2020. Snapping the five straight months of uptick, the wholesale price index (WPI)-based inflation in June softened as prices of food articles and crude oil eased, even though manufactured products hardened.
Oil marketing companies IOC, BPCL and HPCL have invited expressions of interest from start-ups that wish to be enrolled as fuel entrepreneurs for doorstep delivery of high-speed diesel through mobile petrol pumps.
Rail Budget caters to all sections of the society and showcases a vision to reorganise and rejuvenate the national transporter
The hike in Custom and Excise duty on crude oil and petroleum products will be passed on by the refineries as well as oil marketing companies
The Railway Budget has impressed industry watchers.
IBP Company Ltd will invest Rs 500 crore (Rs 5 billion) in setting up 500 fuel retail outlets during the next financial year, Arun Jyoti, managing director of the company, said in Korba (Chhattisgarh) on Monday.
Reflective of the conglomerate's ambition to turn into a consumer-driven business, most of the 33 acquisitions in the last financial year were for its digital, retail, or related verticals.
The retail selling price of petrol at Delhi would come down by Rs 1.82 a litre.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
