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.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
In the broader market, BSE Midcap and BSE Smallcap indices mirrored the gains in headline indices and rose 1% and 0.9% respectively.
Ricoh India, the largest gainer among these pack, has rallied 192 per cent from Rs 294 to Rs 859 on the BSE so far in the current calendar year.
Attractive pricing coupled with improving prospects make the offer lucrative
The loss, which is made good through government subsidy, has declined since March as the rupee strengthened against the dollar and global oil prices softened.
Safety standards are thrown to the wind as government urges consumers to use mobile wallets at petrol pumps, Shine Jacob & Karan Choudhury/Business Standard report from New Delhi.
Out of nearly 30 public sector undertakings and assets under 'strategic sale' plan, only the ONGC-HPCL plan has been completed
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
Indian basket at 6-month low of $49.11 a bbl
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
RBI's steps will prevent rupee from slipping, even if OMCs meet entire $ demand from market
Older workers are headed for the VRS exit in larger-than-expected numbers even as unrest stirs over unrevised wage settlements.
Addressing his first rally in the national capital in the run-up to the February 8 Delhi Assembly polls, he said the current environment in the country, the hatred, the violence and the attacks on women were harming India and people were not benefitting from it.
Sena also said that laying a brick for the $44 billion (Rs 3 lakh crore) mega refinery project at Nanar in Ratnagiri district of Maharashtra would be akin to laying the foundation stone for a cancer hospital there.
BPCL's impending privatisation and RIL's stake sale to Saudi Aramco raise questions about the future of the West Coast Refinery, once touted as the world's largest.
RIL might see its September quarter's profit between Rs 5,600 crore and Rs 5,670 crore.
The permission right now is for delivery only for stationary usage. This limits the service to those who operate units like diesel generation sets.
The market breadth in BSE remains healthy with 1,829 shares advancing and 721 shares declining
Oil companies choose to skip the revision this time.
The national budget 2019-20 had an outlay of Rs 10,000 crore for Phase-II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme to boost electric mobility and increase the number of EVs in commercial fleets.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
The price of the Indian basket of crude oil jumped as much as 78 per cent to cross $50 a barrel last week, from a multi-year low of $28 in January.
A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry and Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh
With Iran reaching an agreement on its nuclear programme, India is expected to be one of the major gainers.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The new prices will be effective from Friday midnight.
In a tweet, Modi said India is 'delighted to welcome' the Crown Prince of Saudi Arabia.
India is the 4th largest oil consumer after the US, China and Japan.
The Petroleum Ministry has asked for Rs 26,000 crore (Rs 260 billion) as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore (Rs 100 billion) cash support.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
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.
'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.
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India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storage at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.
On Sunday, angry villagers of Leelala laid their own foundation stone - which had 'aam aadmi' inscribed as the name of the chief guest - still claiming the project was to come up in their village.
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.
Human memory about policy issues is short. That alone can explain why many are deliriously happy with his latest slogans and ignore seven years of poor 'doing business' climate, taxtortion, extortionate oil prices, and high dependence on babus and the big State that has kept the enterprise system stifled, observes Debashis Basu.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
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.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
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