Indian Oil Corporation on Tuesday said it may lose over Rs 25,000 crore (Rs 250 billion) in revenues this fiscal on selling fuel below imported cost.
More than one oil company bidding for same overseas assets.
Reliance Industries Ltd will sell 4.3 million tonnes of petroleum products from its 33 million tonnes Jamnagar refinery in Gujarat to public sector oil retailing companies in 2004-05.
The Centre may overshoot the Rs 56,260 crore target for dividend receipts from central public-sector enterprises (CPSEs) set for FY25 and is likely to end up getting around Rs 65,000 crore this financial year, according to a senior government official. This excludes dividend from nationalised banks and financial institutions. As on October 21, the Centre collected Rs 28,913 crore as dividend and other investment from CPSEs, accounting for over 50 per cent of the Budget Estimate for FY25.
The government on Friday said it will not increase prices of domestic cooking gas (LPG) and kerosene despite the Budget cutting to half the subsidy on the two mass consumed cooking fuels from April 1.
Notwithstanding its divestment setback, Hindustan Petroleum Corporation Ltd is planning to enter the exploration segment and foray into the markets of Sri Lanka and Bangladesh.
After three consecutive hikes, state-run oil companies on Thursday reduced jet fuel or ATF prices marginally by about one per cent in tandem with international rates for the same.Indian Oil, Bharat Petroleum and Hindustan Petroleum cut aviation turbine fuel (ATF) price by Rs 311 per kilolitre in Delhi to Rs 31,615 per kl with effect from midnight tonight, an IOC official said.
Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP will turn financially sick by next year as losses arising from freeze on fuel prices are set to erode their net worth, according to oil ministry estimates.
There has been a sharp recovery in the headline corporate earnings in the April-June 2023 quarter (Q1FY24), after a dismal showing by early bird companies. The combined net profit of the 983 listed companies that have declared their quarterly results, so far, was up 64.7 per cent year-on-year to record a high of Rs 2.68 trillion in the first quarter, but growth in earnings remained lopsided because most of the incremental gains came from a handful of companies. Moreover, the quarterly numbers showed a continued slowdown in revenue growth.
State-run Hindustan Petroleum Corporation is eyeing oil blocks in African countries, its Chairman and Managing Director, Subir Roy Choudhari said on Friday.
Indian Oil Corporation is India's only Fortune 500 company.
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
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.
After two months of price cuts, the state-run oil companies on Friday hiked aviation turbine fuel (ATF) price by a steep 6.5 per cent in step with hardening international rates.
The government is keen on getting global oil majors like Saudi Aramco and National Iranian Oil Corp on board Hindustan Petroleum and Bharat Petroleum through the market route even though privatisation of the state-run oil refining and marketing compa
For the second time this month, state-run oil companies on Tuesday cut jet fuel prices to ease the burden on cash-strapped airlines. Aviation turbine fuel (ATF) prices in Delhi was reduced by Rs 649 or 1.6 per cent to Rs 39,319 per kilolitre, effective midnight tonight.
Public sector Hindustan Petroleum Corporation is planning to invest $1.5 billion in its petrochemical complex project, featuring refinery, naphtha cracker and aromatic plant.
Reliance has shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition. Public sector currently sells petrol at a loss of Rs 13.97 a litre and diesel at a discount of Rs 20.97 per litre. This revenue loss is made up by the Government through issue of oil bonds. Private firms were not entitled for the subsidy and priced fuel from their pumps at Rs 8-10 a litre higher.
For the first time in seven months, state-run fuel retailers are making losses on selling diesel and together with negative returns on petrol, LPG and kerosene, the companies may lose Rs 38,700 crore (Rs 387 billion) in revenues this year.
The petroleum ministry has invited bids from companies willing to share Hindustan Petroleum Corporation Ltd's proposed Rs 1,367 crore Mundra-Delhi product pipeline capacity.
State-run oil companies on Wednesday raised prices of aviation turbine fuel, or ATF, for the third time in a month, this time by about 6.7 per cent, in step with international rates, which are firming up.
Share prices of both upstream and downstream public sector oil companies fell up to two per cent on Monday. Even Essar Oil, a private fuel retailer, fell 1.50 per cent on the Bombay Stock Exchange.
Public sector oil firms plan to set up over 4600 petrol stations and 907 LPG sale agencies in the current fiscal, Petroleum Minister Mani Shankar Aiyar said on Thursday.
Bharat Sanchar Nigam Ltd Employees Union on Friday extended support to the proposed indefinite strike of employees of public sector oil companies against privatisation of HPCL and BPCL.
Aramco also plans to invest in building India's largest oil refinery on the country's west coast.
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.
