Flying high on the country's aviation industry boom, Indian Oil Corporation expects to continue its double digit growth in the aviation fuel business despite the entry of Oil and Natural Gas Corporation into the segment.
The proposal was under consideration of the Cabinet, Sarthak Behuria, chairman, Indian Oil Corporation, told reporters in Chennai after presiding over a memorandum of collaboration event.
IOC and its sister PSUs, Hindustan Petroleum and Bharat Petroleum, sell diesel, domestic LPG and kerosene at rates way lower than their imported cost to help government keep general price inflation under check.
SAARC nations, including Bangladesh, Pakistan, Sri Lanka and Nepal are projected to have a fuel deficit of 17.05 million tons by 2015 and 20.85 million tons by the year 2020. IOC has said if the SAARC countries accept a long-term tie up with IOC for the supply of petroleum products, it can suitably expand some of its existing refineries to meet their requirement on mutually agreed terms based on international prices.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Billionaire Mukesh Ambani's Reliance Industries has maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication. The company has gained a whopping 67 places in the last two years from number 155 in 2021.
IOC sales rose to Rs 109,859.49 crore (Rs 1,098.59 billion) in Q2 from Rs 105,791.29 crore (Rs 1,057.91 billion) in the same period of 2012-13 fiscal, the company said in a filing to the stock exchanges.
The International Olympic Committee (IOC) too, is going big on popularising e-Sport with Singapore being confirmed to host the inaugural Olympic Esports Week in June next year.
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Athletes at the Winter Olympics in Sochi may be punished for making statements on the podium against Russia's anti-gay laws or human rights record but can do so at news conferences without fear of sanction, the IOC said.
Indian Oil Corporation may bid for acquiring petrol pumps owned by Kuwait Petroleum Corporation and Jet, a subsidiary of Canoco Philips, in Thailand to expand its retailing operations beyond India.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
Indian Oil Corporation, the country's largest oil firm, lost about Rs 4,900 crore (Rs 49 billion) in revenues during the first quarter of the current fiscal on selling fuel below the cost.
North Korean shooters snub South Koreans on podium
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
