Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
"Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," DIPAM Secretary Tuhin Kanta Pandey tweeted.
This is the first time that petrol sales in the world's third-largest oil importer have risen since the March 25 nationwide lockdown crippled economic activity and sent demand plummeting.
The three oil PSUs have told Air India that if it did not make the monthly lump sum payment, they will stop fuel supply from October 11 at six major domestic airports.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
SpiceJet grounded all its aircraft due to payment woes
Videocon Industries on Tuesday said a well drilled to confirm an oil discovery in its Brazilian offshore block has struck 200 feet of high-quality hydrocarbon zone.
Petrol price was on Wednesday hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
Referring to Modi, Adityanath and Union Home Minister Amit Shah as 'outsiders', the farmer leader said he has no objection if they become prime ministers after winning polls from Uttarakhand or Gujarat.
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
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.
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
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.
The sale is key to meeting the government's disinvestment target of Rs 2.1 trillion in the financial year 2020-21. So far, the disinvestment exercise has fetched the government Rs 34,845 crore during the current financial year.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
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).
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.
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.
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.
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
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.
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.
Cairn India is 25th on the list with 22.2 per cent CGR.
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
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
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.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
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.
IOC is building a 5 million tonnes per annum LNG terminal at Ennore near Chennai which is to be completed by 2017.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
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