Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
The ethanol vehicles will have the flexibility to switch to other fuels
The company feels valuations are low and the demand would later rise.
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
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.
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
The government on Wednesday more than doubled the price of natural gas produced by state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to $4.20 per mmBtu, at par with the rate at which Reliance sells its gas.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
However, supermajors Chevron, ExxonMobil and Conoco Philips of US, who were expected to partner Reliance Industries, did not participate.
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.
The government was planning to come up with a new fiscal model giving 'special incentives' for fields that were given out on nomination to ONGC and Oil India, reports Shine Jacob.
Divestment Minister Arun Shourie will soon make a statement on stake sales in two state-run oil firms following a consensus reached on the issue by a group of top ministers.
HDFC, ONGC, Maruti Suzuki, HeroMoto Corp and Bajaj Auto gained the most on BSE Sensex
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will buy a 15 per cent stake in Brazilian oil field from Royal Dutch/Shell.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has acquired a 30 per cent stake in seven oil and gas blocks in Cuba, which hold more than 4 billion barrels of oil reserves.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, has acquired stake in two oil blocks in Sudan for $136 million.
The company raised Rs 53,124 crore through a rights issue and sold nearly 33 per cent stake in Jio Platforms Ltd - the firm that houses telecom business and apps - to likes of Facebook and Google for Rs 152,056 crore.
The company is in advanced talks with Hindustan Petroleum Corp, Chennai Refinery and Kochi Refineries for sale of 34,000 barrels per day of oil it will start producing from the gas-rich KG-D6 block on Krishna Godavari basin from September. The company is investing $2.234 billion in developing the MA-1 and MA-2 oil fields in the predominantly gas-rich block.
State-owned Oil and Natural Gas Corp (ONGC) will add about Rs 8,000 crore (Rs 80 billion) to its profits annually from near doubling of natural gas prices from next fiscal.
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
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.
The market breadth, indicating the overall health of the market was strong
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
Oil companies choose to skip the revision this time.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, said on Thursday that it will acquire Anglo Dutch oil giant Royal Dutch/Shell's entire 50 per cent stake in an oil block in Angola for about $600 million.
'Gorkhas are terrific soldiers. They are known the world over for their fighting qualities.'
Reliance Industries Ltd, India's sole private sector refiner, on Monday sought Petroleum Minister Ram Naik's help in getting public sector oil companies to buy fuel from its 33 million tonne Jamnagar refinery in Gujarat.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, on Friday announced acquisition of US firm Vanco Energy Co's 30 per cent stake in an exploration block off the Ivory Coast, West Africa.
Many users did not know that their entitlement was not coming to their regular bank account but going to an account which they had not applied for.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
India's Reliance has submitted the best offer into Sri Lanka's tender to buy gas oil and gasoline for June 16-17 delivery, a company source said on Thursday.
Oil and Natural Gas Corp, the Cabinet Committee on Economic Affairs has shot down its proposal to acquire a 45 per cent stake in a Nigerian oil and gas field for close to $2-billion saying the deal was 'too risky.'
Based on this settlement, the Supreme Court has disposed of the case on February 20.
Falling oil rates have made rigs available for hire at a cheaper rate. Oil and Natural Gas Corporation planned to foray into building rigs in June 2008 owing to its short supply as crude oil prices zoomed northwards.
India-born billionaire Lakshmi Mittal will pay Russia's Lukoil $980-million
Cooking gas (LPG) dealers on Monday threatened to go on an indefinite strike from January 19 unless oil companies stop appointing new distributors.
This is the third increase in two months
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances