According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
Given that the target was to reach 80.34 million families under PMUY - within three months starting April 1 - the government should have distributed at least 241.02 million cylinders by the end of June. It actually ended up distributing only 119.7 million cylinders.
The fuel delivery scheme mainly targets consumers that buy in bulk.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
Cover inadequate for even one refinery.
The ministry of petroleum and natural gas is evaluating a threshold at which the subsidy on liquefied petroleum gas (LPG or cooking gas) will be reinstated. According to a senior government official in the know, a survey is currently being conducted to determine the price at which maximum consumers will keep buying domestic cylinders. One of the options also being considered is to limit any subsidy disbursal only to Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.
The phased increase of prices is being done to sell the fuel at international prices.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
SpiceJet grounded all its aircraft due to payment woes
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
A probe is on into the accident, though prima facie a gas leak in the sea cooling water system was attributed to the fire.
OMCs' Digital India move is likely to have an impact on more than 80.3 million Pradhan Mantri Ujjwala Yojana consumers, majority of whom are not exposed to digital transact.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
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.
RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Dealers are not happy with the company's latest retailing policy and decided not to re-open their pumps.
Other shortlisted chief executives include Abdulrahman Ali Al-Abdulla of Muntajat, Peabody Energy's Gregory Boyce, Pailin Chuchottaworn of PTT Public Company Ltd, Repsol's Antonio Brufau and Ian Taylor of Vitol.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
Govt looks to take cooking gas to tiger reserves, Naxal-hit areas
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
The accident occurred around 11.25 am at Visakhapatnam Port Trust's Single Point Mooring Terminal, where crude and oil supplies are handled.
India's top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states, including Uttar Pradesh, Moody's Investors Services said on Thursday. State fuel retailers did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $120 per barrel compared to around $82 in early November when the hiatus began. "Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively," Moody's said in a report.
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
Under-recovery or revenue loss on diesel has risen to Rs 10.48 per litre from Rs 9.99 a litre in the first fortnight of December, an official statement said in New Delhi.
He is acknowledged as the person behind transforming Tata Steel into the world's 11th largest steel-maker.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
The smaller cylinders will be sold at market rates.
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.
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
Jet fuel or ATF prices were on Thursday were cut by a steep 4.5 per cent, the first reduction in rates in six months.
Stocks of public sector companies, especially the oil refining and marketing companies (OMCs) - Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOC) - logged gains on Tuesday in a weak market. While the Nifty lost nearly 1 per cent in trade on Tuesday, the Nifty CPSE index - a gauge of performance of central public sector enterprises on the National Stock Exchange (NSE) - gained over 3 per cent in intra-day trade. The rally in PSU stocks comes on the back of the BPCL chairman, Arun Kumar Singh suggesting in the company's annual general meeting (AGM) on Monday that the government intends to complete the divestment process in the OMC by March 2022.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
