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 merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
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.
The three state-owned oil companies have decided to defer snapping fuel supplies to Air India. The airline owes the three firms over Rs 5,000 crore in past fuel bills.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
The shutdown of the gasoline making units would result in the production of high sulphur gasoline that cannot be sold in India.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
Diesel price on Monday was hiked by 25 paise per litre -- the third increase since last week -- and more rate hikes for both diesel and petrol are in the offing in the coming days as international oil prices have soared to a three-year high. The price of diesel was hiked to Rs 89.32 per litre in Delhi and to Rs 96.94 in Mumbai, according to a price notification of state-owned fuel retailers. This is the second straight day of increase in diesel prices and the third since September 24 when the state-owned oil firms ended a three-week hiatus in rates.
Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,025.34 per kilolitre, or 4 per cent, to Rs 71,800.21 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
The loss on diesel sales has inched up marginally to Rs 8.37 a litre even as a surge in international oil rates and a weakening rupee wiped out gains from a 50 paise increase in the price of the fuel.
The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
The Union Cabinet on Thursday allowed Non-Resident Indian steel baron Lakshmi N Mittal to pick up 49 per cent stake in state-run Hindustan Petroleum Corp's Bhatinda refinery.
State-run Bharat Petroleum Corp Ltd on Wednesday said it has tied up with Hindustan Lever Ltd and three other kitchenware brands for selling grocery items to its LPG customers through its distributor network.\n\n\n\n
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
The Centre-appointed committee on Saturday launched its probe into the Gas Authority of India Limited pipeline fire tragedy in East Godavari district of Andhra Pradesh that has claimed 16 lives.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
IOC is building a 5 million tonnes per annum LNG terminal at Ennore near Chennai which is to be completed by 2017.
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry and Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh
The Cabinet Committee on Economic Affairs at its meeting this morning approved the project, official sources said.
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The Oil Ministry on October 31 issued orders asking upstream oil and gas producers like ONGC and Oil India Ltd to give Rs 16,729.74 crore (Rs 167.29 billion) to make up for 47 per cent of the Rs 35,328-crore (Rs 353.28 billion) revenue that retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in second quarter.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
Indian basket at 6-month low of $49.11 a bbl
Many users did not know that their entitlement was not coming to their regular bank account but going to an account which they had not applied for.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
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.
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