The government on Thursday sanctioned Rs 17,772 crore (Rs 177.72 billion) cash subsidy to fuel retailers like IOC to cover for half of the revenues they lost on selling diesel and cooking fuels below cost in the September quarter.
.jpg)
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.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
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 report, 'Road Ahead Clears Up for Oil PSUs', says the decline in underrecoveries, or losses oil-marketing companies incur on selling petroleum products below market price, will have a significant positive impact on both upstream and downstream public-sector oil companies.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
'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.
For BCPL's branded petrol, Speed, the price differential with regular petrol is now between Rs 2.74 and Rs 3.75 per litre.
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.
In Maharashtra, the oil industry had tenancy protection till 1999.
In a tweet, Modi said India is 'delighted to welcome' the Crown Prince of Saudi Arabia.
BSE Smallcap index outperformed the frontline indices to rise 0.6%, while the BSE Midcap was flat
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
I admire Kejriwal's intelligence but pity the fact that he had to use all the ingenuity and scheming to achieve his revenue enhancement goal, says Sudhir Bisht.
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.
Global crude oil prices have slumped by 49 per cent during the same period
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.
Older workers are headed for the VRS exit in larger-than-expected numbers even as unrest stirs over unrevised wage settlements.
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
IOC, BPCL and HPCL on Thursday afternoon stopped ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. AI flights from these places were tanking up from other airports.
The companies' underrecoveries stood at a whopping Rs 1,39,869 crore last financial year. Of that, Rs 62,837 crore was accounted for by diesel alone.
Markets crashed due to domestic worries; bluechip stocks tanked too.
Oil imports are a third of India's total import bill.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
D-Street is hoping RBI policy review meeting on Tuesday will uphold its stand on easing of interest rates
The 30-share Sensex ended down 538 points at 26,781 and 50-share Nifty ended down 152 points at 8,067.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
Inclusive of the July hike of 25 paise, a monthly increase of similar amount would result in a saving of Rs 2.25 a litre for the current financial year alone.
Reason behind for the change in his stance: gas price increase.
These firms offer job security and lucrative salries.
ONGC is raising debt for a spate of acquisitions over the past year
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
This will encompass the sale of Air India, a number of other privatisation initiatives, mergers, initial public offerings, the Centre's two exchange-traded funds, buybacks and offers-for-sale, and even monetisation of land assets.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances