The fire broke out at 4 pm and was brought under control after some time. The exact cause of the accident could not be ascertained, HPCL officials said.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
The Indian basket represents the price of Oman and Dubai sour grade crude.
Petrol prices were on Wednesday hiked by Rs 3.07.
A fire broke out because of a suspected leakage in an oil pipeline passing through a land owned by the Mumbai Port Trust in Wadala in central Mumbai, but no one was injured.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
The ethanol vehicles will have the flexibility to switch to other fuels
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
In Mumbai, jet fuel costs Rs 71,940.36 per kl as against Rs 73,306.89 per kl previously, IOC said.
In a presentation prepared for the incoming Narendra Modi-government, the ministry listed national oil companies losing focus on domestic exploration as well as legal disputes around signed contracts with private explorers among the five things that went wrong during the United Progressive Alliance regime.
The government allocated Rs 650 billion for petroleum subsidies in FY14, of which Rs 450 billion was used to pay oil marketing companies for the subsidy gap incurred in the previous financial year.
The government cleared the proposal despite opposition from the petroleum ministry, which says this is not the right time for divestment as the sector is moving from trade parity to export parity pricing.
Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,025.34 per kilolitre, or 4 per cent, to Rs 71,800.21 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
Not surprisingly, equity investors are bidding-up stock prices across sectors and the broader market is now more valuable than pre-Covid levels.
The loss on diesel sales has inched up marginally to Rs 8.37 a litre even as a surge in international oil rates and a weakening rupee wiped out gains from a 50 paise increase in the price of the fuel.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
The fall in crude prices has added to the gains.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
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.
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.
IOC said the daily price revision is an initiative for ensuring the best possible prices to the customers as well as improved transparency on the pricing mechanism.
HDFC, ONGC, Maruti Suzuki, HeroMoto Corp and Bajaj Auto gained the most on BSE Sensex
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
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.
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.
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.
Attractive pricing coupled with improving prospects make the offer lucrative
'The question often being asked is whether the demand for petrol and diesel is price inelastic?' asks Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
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.
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.
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.
Out of nearly 30 public sector undertakings and assets under 'strategic sale' plan, only the ONGC-HPCL plan has been completed
Indian basket at 6-month low of $49.11 a bbl
Benchmark BSE Sensex rallied nearly 630 points while Nifty closed above the 16,500 mark on Wednesday after sharp gains in IT and energy shares amid positive global market trends. Buying in index majors Reliance Industries, Infosys and Tata Consultancy Services and FII inflows bolstered the sentiment. Shares of firms related to oil exploration and refineries were in heavy demand, with Reliance Industries rallying 2.47 per cent and ONGC by 4 per cent, as the government slashed windfall tax on petrol, diesel, jet fuel and crude oil.
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