S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
With an eye on bigger imports, the oil marketing firm may get its French partner Total to set it up.
The Western Ghats Ecology Expert Panel report, submitted by ecologist Madhav Gadgil last year, was further delaying the Rs 30,000-crore (Rs 300-billion) refinery project of Hindustan Petroleum Corp Ltd (HPCL) in Maharashtra, a senior official of the state-run oil marketing firm said. The project has already been delayed due to bureaucratic red tape.
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
Indian state-run oil giants HPCL and BPCL reported on Wednesday no supply disruptions as result of a two-day-old strike by workers opposing privatisation of the refiners.
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Attorney General Soli Sorabjee has said the sale of stakes in two state-run oil refiners does not need parliamentary approval.
The shutdown of the gasoline making units would result in the production of high sulphur gasoline that cannot be sold in India.
The government will press ahead with its stalled privatisation programme and sell stakes in two refiners, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd, Divestment Minister Arun Shourie said.
Private sector low cost airline SpiceJet has entered into a strategic tie-up with Hindustan Petroleum Corp Ltd to sell air-tickets through the latter's petrol stations.
India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday. India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast. Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.
NRI steel tycoon Lakshmi N Mittal may partner with Hindustan Petroleum Corp Ltd in the state-run firm's under-construction $3 billion refinery at Bhatinda in Punjab.
India-born billionaire Lakshmi N Mittal may take 49 per cent stake in Hindustan Petroleum Corp Ltd's under-construction $3 billion refinery at Bhatinda in Punjab.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
ChevronTexaco has bid for a stake in state-run Hindustan Petroleum Corp Ltd, India's second-largest oil refiner and retailer.
The official, who did not wish to be identified, said the government will wrap up the stake sale in HPCL by November.\n\n
Indian Oil Corporation, the nation's largest fuel retailer, is likely to hike petrol prices by Rs 0.33 per litre from Tuesday. IOC Chairman B M Bansal said international crude oil prices have risen since the last price revision, necessitating an increase in domestic retail prices.
Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm Kingfisher Airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore (Rs 1.76 bilion).
State-run Hindustan Petroleum Corp Ltd plans to invest over Rs 13,000 crore to raise the capacity of its Vizag refinery and set up an aromatic plant there.
Petrol price in Delhi was hiked to Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19, according to a price notification from State oil marketing companies. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
An HPCL-led consortium had put the project on hold in 2009.
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
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.
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
In 12 hikes, petrol price has gone up by Rs 6.55 per litre and diesel by Rs 7.04 a litre.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
A parliamentary panel has rapped the government for bypassing Parliament in deciding to privatise oil refiners Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
SpiceJet grounded all its aircraft due to payment woes
Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.
Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively. The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai.
Diesel price on Friday was hiked by 20 paise per litre - the first increase in rates in over two months - as international oil prices neared their highest since 2018. Price of diesel was hiked to Rs 88.82 per litre in Delhi and to Rs 96.41 in Mumbai, according to a price notification of state-owned fuel retailers. Petrol price was not changed. It costs Rs 101.19 a litre in Delhi and Rs 107.26 in Mumbai.
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'.
The three state-owned oil companies have decided to defer snapping fuel supplies to Air India. The airline owes the three firms over Rs 5,000 crore in past fuel bills.
British oil major BP Plc on Thursday signed an agreement with state-run Hindustan Petroleum Corp Ltd to negotiate a stake in HPCL's Rs 12,000 crore (Rs 120 billion) Bhatinda refinery in Punjab.
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.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
India plans to complete by 2006 a 180,000-bpd refinery, which has been under a cloud because of the proposed privatisation of the company that is building it, Oil Minister Ram Naik
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances