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.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
Petroleum and oil marketing companies raised the price of commercial liquid petroleum gas (LPG) cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit with immediate effect from Wednesday.
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.
The government on Wednesday admitted that it would be difficult to realise the targeted Rs 13,200 crore from divestment due to serious constraints arising as a fallout of Supreme Court's judgement on HPCL and BPCL selloff.
Government has scrapped kerosene imports by private companies and decided that only state-run firms will import the fuel to end its adulteration in diesel.
The Supreme Court on Monday in-principle agreed to reconsider its earlier judgement on Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd divestment, and stayed proceedings before all high courts concerning divestment.
After the two hikes, the ATF prices had risen to above September levels, the official said. The three oil firms revise jet fuel prices on the first and the 16th day of every month based on the average global oil price in the previous fortnight.
The divestment of HPCL and BPCL may be delayed by at least three years because of "existing hurdles", prime minister's economic advisory council committee member and BJP national executive member Jagdish Shetigar said on Thursday.
Divestment Minister Arun Shourie will meet Law Minister Arun Jaitly in New Delhi on Thursday to consider options before the government and chalk out future strategy.
While BPCL has been ranked third in the poll, Reliance is at the fourth position adn HPCL 8th.
The Supreme Court on Friday reserved its order on petitions challenging the Union government's decision to privatise oil sector PSUs Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
Investors are showing some interest in the downstream energy cycle. Refiners and marketers, especially the public sector (PSU) oil marketing companies (OMCs) could see a revival of marketing margins. Lower crude oil and gas prices may also improve margins in industries like paints, logistics, synthetic fabrics, plastics, and fertilisers. In the medium-term, however, there could be a supply overhang affecting OMCs as new refining capacities are scheduled to be commissioned, especially in China, and this may lead to a drop in the refining margins as capacity would be surplus to demand until and unless there's a pick-up in global growth.
IOC and sister PSUs Bharat Petroleum and Hindustan Petroleum are losing Rs 4.60 on sale of every litre of petrol and Rs 2.33 per litre of diesel currently, IOC director (marketing) G C Dagga told reporters in New Delhi.
Opposition in the Lok Sabha on Thursday took the government to task for its moves to divest its stake in oil majors -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation
Angry Congress, Samajwadi Party and Left party members on Thursday stalled Question Hour in Lok Sabha for about 15 minutes.
Workers of state-owned Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd returned to work on Friday after a three-day strike to oppose privatisation of the cash-rich oil refiners.\n\n\n\n
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
Saudi Aramco will bid government's 34.01 per cent stake in oil refiner Hindustan Petroleum Corporation Ltd.
The employees unions of Hindustan Petroleum and Bharat Petroleum said on Tuesday that they will strike work for three days starting March 25 in protest against the proposed privatisation of two oil majors.
No divestment of oil PSUs during during the month-long recess of the current Budget session of Parliament beginning March 14, Parliamentary Affairs Minister Sushma Swaraj categorically assured Lok Sabha on Thursday.\n\n
The government on Wednesday ruled out privatisation of Indian Oil, Oil and Natural Gas Corporation and Gas Authority of India Ltd and assured all security concerns would be taken care of while divesting public sector oil
Along with the opposition, key BJP allies Shiv Sena and Samata Party also slammed Divestment Minister Arun Shourie for going ahead with the strategic sale of the equity of the two public sector oil giants.
Along with the opposition, key BJP allies Shiv Sena and Samata Party also slammed Divestment Minister Arun Shourie for going ahead with the strategic sale of the equity of the two public sector oil giants.
Kicking off the divestment process in the two public sector oil companies, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, the government
The Delhi High Court on Thursday dismissed a petition challenging the government's decision to divest equity in the oil public sector units HPCL and BPCL as the findings of the Supreme Court relating to privatisation of Balco came in its way.
SBI Capital Markets Limited, the merchant banking arm of SBI, is eyeing the twin accounts of HPCL and BPCL for managing the divestment programmes of the 2 oil cos.
India's minister for privatisation on Friday said a much-awaited stake sale in state-run refiners Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited could go ahead as soon as the prime minister gave his approval.
Divesment Minister Arun Shourie said on Tuesday he had apprised Prime Minister Atal Bihari Vajpayee about the Attorney General Soli Sorabjee's opinion on privatisation of HPCL, BPCL.
The attorney-general is understood to have said that the government need not go to Parliament prior to privatisation of the oil PSUs.
