The company and other public sector fuel retailers Bharat Petroleum and Hindustan Petroleum are currently selling petrol at Rs 3.68 a litre below cost and diesel at Rs 2.90 per litre lower than cost.
Radical changes to how cities will bid to host Olympic Games, and rules allowing more sports to feature, were among 40 innovations ushered in on Monday as International Olympic Committee members took bold steps to revamp their movement.
Former Olympic champions Alexander Popov of Russia and Moon Dae-sung from South Korea are among four new members elected to the International Olympic Committee's athletes commission. Popov, 50 meters freestyle gold medalist at the 1992 and 1996 Games, and Moon, a taekwondo gold medalist at the 2004 Athens Olympics, were joined by German fencer Claudia Bokel and Cuban volleyball player Ruiz-Luaces Yumilka.
Wrestling was welcomed back into the Olympic fold on Sunday after a seven-month exile.
The IOC had also stated that its Executive Board reserves the right to take any further action at any stage of the process depending on how the situation develops.
Wrestling was in a state of shock after the International Olympic Committee (IOC) made a surprise recommendation on Tuesday to drop the sport from the 2020 Games.
The FIH Athletes Committee serves as a consultative body and makes recommendations to the FIH Executive Board, FIH Committees, Advisory Panels and other bodies.
A day after India was suspended by the International Olympic Committee, Sports Minister Jitendra Singh said he does not have the mandate or the jurisdiction to interfere in the matter but will still try to engage with the IOC to get the ban reversed.
IOC owns about 74 per cent in BRPL and the merger would be effective on Wednesday, the company said in a statement to the Bombay Stock Exchange. Shareholders of BRPL will get four shares of IOC for every 37 shares they held.
Indian Oil Corporation is mulling setting up a wholly-owned overseas investment vehicle if the government rejects the plan to create a second incarnation of ONGC Videsh Ltd with the participation of all state-owned oil firms.
IOC is desperate to avoid the sporting event being torn asunder by the bloody conflict unfolding in Ukraine.
The fate of a doping-tainted US Olympic relay gold medal is expected to be sealed next month at an International Olympic Committee meeting in Dubai, the IOC said on Friday. The women's 4x400 metres relay team could be stripped of their Athens 2004 Olympics gold medal after relay alternate Crystal Cox was handed a four-year ban earlier this year for using banned substances between 2001 and 2004.
Athletics will get a lower share of Olympic revenues in the future after the International Olympic Committee on Wednesday recalculated the federations' revenues according to their contribution to the Games.
Indian Oil Corporation Ltd is to submit an expression of interest to acquire the marketing assets of an oil company in Thailand.
The Court of Arbitration for Sport have rejected Japanese hammer thrower Koji Murofushi's appeal against the blocking of his election to the International Olympic Committee's Athletes Commission, CAS said on Wednesday.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
Ace shooter Abhinav Bindra on Saturday applauded IOC's decision to not change its stance on barring charge-sheeted persons from contesting Indian Olympic Association (IOA) elections, saying it is heartening to see the world body keen on cleaning up sports in the country.
International Olympic Committee (IOC) Vice President John Coates has urged Tokyo to consider moving more events to venues outside the capital, including one hundreds of kilometres away, in a bid to rein in spending for the 2020 Summer Games.
IOC President Jacques Rogge said he was "very concerned" after protests disrupted the Olympic torch relay in London.
After getting an entry into Olympics, the women boxing is now all set to make its debut in the Youth Olympics Games in 2014.
In the semi-finals of the DDA invitation hockey tournament, IOC will play Punjab Police, while Punjab and Sind Bank will meet Army XI.
The proposed chemical plant will use 2,50,000 tons of naphtha produced by IOC's Barauni refinery and the natural gas that GAIL plans to bring from eastern offshore and imported LNG through the planned Jagdishpur-Haldia pipeline. The two firms by the fiscal year would prepare a techno-economic feasibility study for the unit that would take up to five years for construction.
About 48.5 million shares, or 20 per cent of the shares on offer, are reserved for retail investors
Yogeshwar Dutt, Indian Olympic grappler and 2012 Olympics bronze medallist, has strongly objected to the International Olympic Committee's (IOC) decision to exclude the sport from the 2020 event.
ONGC Videsh Ltd and Oil India Ltd-Indian Oil Corp combine have won an oil block each in Libya. \n
Wrestling should be removed from the 2020 Olympic Games, the International Olympic Committee's Executive Board said in a surprise recommendation on Tuesday as it looks to revamp the Games sports programme.
Not even IOC President Jacques Rogge knows who will light the cauldron at the opening ceremony of the London Olympics. Rogge says 'I'd love to know" but 'this is one of the best kept secrets.'
Indian Oil Corporation sought an increase in prices of petrol, diesel, domestic LPG and PDS kerosene on Tuesday as spiralling global oil prices had put "enormous" burden and may result in a revenue loss of over Rs 8,500 crore (Rs 85 billion) this fiscal. While the government and oil companies were bearing their share of the burden, the consumers have so far been spared from any hike in fuel prices despite crude oil touching a historic high of $93 per barrel.
In a significant move towards resolving the issues that led to India's ban from the Olympic family, the International Olympic Committee has asked the Indian Olympic Association to fix a date, in consultation with the Sports Minister, for a meeting before the end of this month in its headquarters in Lausanne.
'The IOC was not consulted about the OCA decision with regard to the Asian Winter Games and was not involved in the decision-making process.'
The IOC's financial situation remains solid despite the global economic crisis, with reserves of $558 million and continuing increases in television and sponsorship revenues.
International Cycling Federation (UCI) president Pat McQuaid enjoys the support of the International Olympic Committee despite the sport's tarnished image and the UCI's bitter row with the World Anti-Doping Agency, the IOC said.
Gamers meet Games in inaugural Olympic Esports Week
An oil pipeline at Makum in upper Assam's Tinsukia district was on Tuesday damaged in an explosion, for which the United Liberation Front of Asom claimed responsibility. The explosion in the pipeline of the IOC-Assam Oil Division created a 4-ft crater in Pachim Mamarani area, AOD sources said, adding that there was no report of any casualty.
State fuel retailers IOC, Bharat Petroleum and Hindustan Petroleum sell diesel, domestic LPG and kerosene at government dictated rates which are lower than cost of production.
The acquisition of stake in Progress Energy Resources Corp's shale gas assets and Pacific NorthWest LNG for 1 billion Canadian dollars ($900 million) marks IOC's maiden entry into North America.
IOC president Jacques Rogge hopes India would have become a 'sporting tiger' by the 2020 Olympics.
IOC is planning to sell its bonds worth Rs. 2, 000 crores to face the financial crunch caused due to non-revision of fuel price.
'Bach's latest statement goes against Olympic principles.'
