The government owned oil companies have proposed to pay interim dividend for the financial year 2006-07
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.
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have restarted their Mumbai-based refineries, which were partially shut following incessant rains.
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.
All of these companies are present in India.
Indian Oil, Bharat Petroleum and Hindustan Petroleum recorded profit on the sale of petrol and diesel, the first in three years, on the back of falling international oil prices, industry sources said. The three firms are moping up a neat Rs 11.99 per litre margin on petrol and Rs 4.13 a litre on diesel sale.
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.
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.
The India story got stronger on the global arena with the country expanding its presence on the elite list of Fortune Global 500 companies, as the PSU banking major State Bank of India has become the sixth domestic firm to feature in the league.
Last month, Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum were losing Rs 390 crore (Rs 3.9 billion) per day on sale of petrol, diesel, kerosene and domestic LPG. This month, losses have come down to Rs 352 crore (Rs 3.52 billion) per day, an industry official said.
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.
Seven companies including Royal Dutch/Shell, BP Amoco, Reliance Industries and Kuwait Petroleum Corporation were left in the fray for acquiring government stake in oil PSU Hindustan Petroleum Corporation Ltd after bidders were shortlisted.
Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum have seen revenue losses on sale of petrol, diesel, LPG and kerosene coming down to Rs 450 crore (Rs 4.5 billion) per day from Rs 600 crore (Rs 6 billion) per day, industry sources said. The basket of crude that India buys has averaged $114.37 a barrel this month as against the July average of $132.47 per barrel.
Hindustan Petroleum Corporation and Petronet LNG will partner with Oil and Natural Gas Corporation in the liquefied natural gas import terminal ONGC plans to put up at Mangalore in Karnataka.
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.
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
The under-realisation on fuel sales incurred by the oil marketing companies is projected to rise by 14 per cent to around Rs 760 crore (Rs 7.6 billion) per day in the first fortnight of July from Rs 680 crore (Rs 6.8 billion) per day in the second fortnight of June.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
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 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.
Even as Minister of State for Petroleum Dinsha Patel has told the Rajya Sabha that new connections are easily available for genuine customers, householders all over India are facing an acute shortage of LPG cylinders.
India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record $125 per barrel, while rupee touched its 13-month low, official sources said. The basket of crude oil India imports was at $120.65 per barrel on Thursday, a 91 per cent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007, official sources said.
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.
Government had last week issued bonds worth Rs 11,256.92 crore (Rs 112.56 billion) to three PSU oil marketing companies to compensate them for under-recoveries on selling petrol, diesel, domestic LPG and PDS kerosene in April-September 2007 period.
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