The three firms had planned to jointly buy or lease plantations and related units for producing ethanol, a by-product of sugarcane that is doped in petrol to reduce dependence on imported oil. The three firms have suffered a Rs 14,700-crore (Rs 147 billion) net loss in the first-half of the current fiscal and were living on borrowed money as they lost heavily on retail fuel sales domestically.
Many of the 37,000 petrol pumps across the country could go dry by Thursday if the indefinite strike by executives from public sector oil companies continues. Over 55,000 oil PSU officers from 14 oil companies -- under the umbrella of the Oil Sector Officers Association (OSOA) -- began their indefinite strike on Wednesday demanding higher wages.
OMCs losing Rs 20 crore daily on sales, 18 months after prices were deregulated.
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
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.
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
GAIL (India) Ltd and its partners on Wednesday signed the Exploration and Production Sharing Agreement with government of Oman for Block 56 in Muscat.
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.
Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
State-owned fuel retailers, which last week raised petrol price by Rs 1.80 per litre, reported a net loss of over Rs 8,000 crore (Rs 80 billion) in July-September quarter and are borrowing heavily to even buy crude oil.
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.
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.
The country's oil marketing companies are preparing for another round of increase in the price of aviation turbine fuel on July 1 as the average price of the fuel in international markets has shot up to around $160 per barrel in June from $150 per barrel in May.
IOC and other state retailers had on September 16 raised jet fuel price by 2.5 per cent.
The oil marketing companies are driving credit growth. The banking sector -- which typically sees credit contraction in the initial months -- has managed to buck the trend and has added nearly Rs 16,000 crore (Rs 160 billion) of advances in the first seven weeks of the current financial year thanks to the demand from the two sectors.
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.
The retail losses that the country's oil marketing companies incur on sale of petrol, diesel, cooking gas and kerosene at subsidised prices have risen by 7.3 per cent to around Rs 440 crore (Rs 4.4 billion) per day in the fortnight ended March 31.IOC lost Rs 17 for every litre of petrol it sold, up from Rs 14.65 a litre on March 15. It lost Rs 316 per 14.2-kg cylinder, compared with Rs 303.65 per cylinder in the previous fortnight.
Oil India chief reveals plans of the upcoming IPO and future investment strategies.
Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have restarted their Mumbai-based refineries, which were partially shut following incessant rains.
Jet fuel will cost Rs 37,300 per kl in Mumbai, home to the nation's busiest airport, from Rs 38,246.60. The reduced rates will help cash-strapped airlines cut fuel cost, which constitutes roughly 40 per cent of their operational cost.
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.
The revenue loss, termed as under-recovery by oil firms, will be the highest-ever.
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.
State-owned Indian Oil Corp (IOC) today said it is losing Rs 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.
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.
State fuel retailers IOC, Bharat Petroleum and Hindustan Petroleum sell diesel, domestic LPG and kerosene at government dictated rates which are lower than cost of production.
The government will take home Rs 4,022 crore (Rs 40.22 billion) by way of interim dividend bonanza declared by the state-owned oil companies in the last one week.
The fuel price revision on Wednesday is likely to wipe out the Rs 1,100 crore net revenue earned by the three oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in the last one month, say officials from these companies.
The government owned oil companies have proposed to pay interim dividend for the financial year 2006-07
State-run oil refiners are likely to report profits on daily sale of petrol, diesel, cooking gas and kerosene in the fortnight ending December 31, after average crude oil prices have been nearly 3 per cent lower and the rupee has appreciated 3.2 per cent compared with the first fortnight of this month.
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