State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
Dealers are not happy with the company's latest retailing policy and decided not to re-open their pumps.
Mukesh Ambani-owned Reliance Industries Limited, which closed down fuel pumps in UP last month due to mounting losses, has denied plans of converting the defunct outlets into malls. The company was forced to shut the outlets as the petrol and diesel sold there were costlier by nearly Rs 10 and Rs 6, respectively, vis-a-vis public sector retailers.
'The work is already on with various data being studied.'
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.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
Indian Oil Corporation Ltd will start manufacturing fuel used in F1 racing in three months' time.
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
Oil Minister Dharmendra Pradhan said the new timing of the price change was agreeable to the dealers and so daily price revision will be implemented from June 16
People in some border villages of Ferozepur district in Punjab began moving to safer areas amid soaring tensions between India and Pakistan.
Petroleum Minister Murli Deora on Tuesday renewed his plea to the Maharashtra government to cut sales tax on petrol and diesel to give relief to fuel pump dealers, who were losing high volume business to neighbouring states where tax rates were much
The iCNG version of the Tata Nexon is quick, safe, eco-friendly, and it is affordable too, notes Rajesh Karkera/Rediff.com.
ISRO's vendor policy and quality control processes are under scanner.
'Oil companies like IOC, BPCL and HPCL have to set up world class systems where they are always two steps ahead of the crooks,' says Sudhir Bisht, a veteran of the petroleum industry.
This rule came after Prime Minister Narendra Modi's call to conserve oil in 'Man Ki Baat'
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.
As the government announced a Rs 7.50 per litre hike in petrol price from midnight, anger was written on the faces of many people.
Preity Zinta, like Punjab Kings, is a fighter. Her disappointment today only adds to the fire for tomorrow. The tears she held back will likely fuel next season's charge. Because if there's one thing the IPL has taught us, it's that passion like hers doesn't fade. It only comes back louder.
Global energy supermajor BP plc on Thursday said it is about to open its first 'Jio-bp' branded petrol pump in partnership with Reliance Industries near Mumbai.
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
'The satellite's condition is healthy.'
'This market for diesel starts at around Rs 6.3 lakh and goes up to Rs 7 lakh, and with Saathi we have our usual price set at Rs 6.5 lakh, so we are slightly on the lower side with a superior product.'
What could be more uncertain than Virat Kohli's agonising wait for a century for over two years? Perhaps it's what you will pay tomorrow morning to fill your vehicle's tank. Pump prices have joined cricket scores as the country's favourite discussion topic. Steep increases invite widespread protests, while moderate additions make the government anti-reformist. The ongoing fuel price conundrum is no different.
RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
The government has slashed allocation of natural gas used for LPG production, and diverted the low-priced fuel to city gas retailers like Indraprastha Gas Ltd and Adani-Total Gas Ltd to meet a part of their requirement for CNG/piped cooking gas supplies, according an official order. The government had in October and November last year cut supplies of low-priced natural gas coming from old fields such as Mumbai High and Bassein fields in the Bay of Bengal, to city gas retailers by as much as 40 per cent in view of limited output.
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
Kimi Raikkonen made a forgettable start to his world title defence when a fuel pump problem ruined his chances of securing pole position at the season-opening Australian Grand Prix. The Finn will start Sunday's race from the unfamiliar place of 16th on the grid after his Ferrari broke down at the end of Saturday's first qualifying session at Albert Park.
The dealers claim that the oil marketing companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- are rationing normal petrol and diesel to their retail outlets. As a result, premium fuels make up almost 50 per cent of the sales of the 410 outlets in Delhi. Oil companies add certain additives to normal petrol and diesel that offer better performance of vehicle engines.
'Primary buyers are commercial taxi and fleet operators and small businessmen.' 'CNG prices have been remarkably stable unlike petrol.'
bp had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel stations owned by RIL for $1 billion.
Two teams of the NDRF along with the fire brigade and police have been working relentlessly since the last two days to rescue the people trapped under the billboard that collapsed on a petrol pump in Chheda Nagar area of Ghatkopar on Monday evening due to gusty winds and unseasonal rains.
Reliance Industries, India's largest private sector oil company that shut down all of its petrol pumps earlier this year because of huge losses, wants to restart selling petrol and diesel after margins on the two fuels turned positive.
India's fuel sales surged past pre-pandemic levels in March on twin impact of the economy rebounding from the lifting of pandemic-related restrictions and anticipation of price increases leading to stocking. In the first two weeks of March, dealers, as well as the public, topped up their tanks in anticipation of an increase in prices that had been on hold in the run-up to the elections in states like Uttar Pradesh. While daily price revisions restarted on March 22, the increases were calibrated.
Move is aimed at providing better service to the customers.
It was amazing to see models who had different body types, and belonged to different age groups, on the Victoria's Secret runway.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
India's fuel sales fell in the first half of April as a record rise in prices in a short 16-day period dented demand, preliminary industry data showed on Saturday. Petrol sales fell almost 10 per cent in the first half of April when compared with the same period in the preceding month, while diesel demand slid 15.6 per cent. Even cooking gas LPG, which had consistently shown growth even during the pandemic period, saw a 1.7 per cent month-on-month fall in consumption during April 1-15.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
