With the government putting off an increase in diesel prices, Petroleum Minister Murli Deora sought an increase in government subsidy to bail out the three oil marketing companies (OMCs). Deora met finance minister Pranab Mukherjee in Mumbai to seek an immediate release of `10,000 crore as interim subsidy to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
The 12-digit unique number that the UIDAI will generate will be combined with the the smart card project of the Oil Ministry for distribution of PDS kerosene and domestic LPG through biometric identification of beneficiaries.
These firms are expected to incur an under-recovery of over Rs 121,000 crore (Rs 1,210 billion) during this financial year, compared to Rs 78,000 crore (Rs 780 billion) in 2010-11.
The Supreme Court on Monday adjourned hearing till Friday on a petition challenging the decision of the government to divest its stake in oil PSUs HPCL and BPCL.
The Supreme Court on Monday issued notices to Hindustan Petroleum Corporation Limited and the Union government, taking note of a news item that said the diesel sold in the national capital region was being adulterated.
OMCs losing Rs 20 crore daily on sales, 18 months after prices were deregulated.
The accident occurred around 11.25 am at Visakhapatnam Port Trust's Single Point Mooring Terminal, where crude and oil supplies are handled.
According to the Geological Survey of India (GSI) and UP geology and mining directorate reports, gold reserves totalling 2,944 tonnes have been found in the Sona Pahadi and Hardi blocks of the backward Sonbhadra district.
State-run Hindustan Petroleum Corporation is eyeing oil blocks in African countries, its Chairman and Managing Director, Subir Roy Choudhari said on Friday.
HPCL is the largest supplier of jet fuel to Kingfisher.
State-owned fuel retailers, which last week raised petrol price by Rs 1.80 per litre, reported a net loss of over Rs 8,000 crore (Rs 80 billion) in July-September quarter and are borrowing heavily to even buy crude oil.
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
It is in talks with a local player for a discovered asset so that it can have a ready cash flow in one or two years.
Today, less than six weeks into the 2011-12 financial year, the government used up its entire budgetary provision of Rs 20,000 crore (Rs 200 billion) for petroleum subsidy.
IOC and other state retailers had on September 16 raised jet fuel price by 2.5 per cent.
The cut reflects changes in global prices of the two fuels since the last revision.
They want more cash, forex, higher bond coupons and increase in market prices for petrol, diesel, LPG.
The post fell vacant after incumbent Prasad Dasgupta took early retirement. Dasgupta's five-year term was to come to an end on August 31 and he was eligible for a two-year extension till he attained superannuation at the age of 65 in 2012.
State-run Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum currently sell petrol, a commodity which the government freed from its control in June last year, at a discount of about Rs 4.50 a litre to its imported cost.
An HPCL-led consortium had put the project on hold in 2009.
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.
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained 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.
Public sector oil marketing company Indian Oil Corporation (IOC) will raise prices of petrol by 27 paise a litre, - for the first time since decontrolling petrol prices.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
Petrol prices were freed from government control last month, resulting in a Rs 3.50 per litre rate hike in Delhi.
Despite raising petrol prices by around Rs 2.95 a litre - the second-biggest increase in this calendar year so far - public and private retailers are losing Rs 50 crore a day on selling the auto fuel.
HPCL, Bharat PetroResources Ltd -- a unit of state-owned Bharat Petroleum Corporation, Gujarat State Petroleum Corporation and Videocon Industries each have 14 per cent interest in the block.
The revenue loss, termed as under-recovery by oil firms, will be the highest-ever.
HPCL holds 50 per cent in Prize Petroleum while ICICI Bank has 35 per cent, ICICI Ventures 10 per cent and HDFC Bank 5 per cent.
With the new Bharat Stage IV emission norms coming into effect from Thursday, oil companies are gearing up to meet the requirements of Mumbai, an official said on Friday.
State-owned Indian Oil Corp (IOC) today said it is losing Rs 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.
The 7-member committee, headed by former Hindustan Petroleum chairman M B Lal attributed the fire to lack of safety procedures and human error.
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).
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
Share prices of both upstream and downstream public sector oil companies fell up to two per cent on Monday. Even Essar Oil, a private fuel retailer, fell 1.50 per cent on the Bombay Stock Exchange.
Though the government had earlier this fiscal explicitly decided to compensate Indian Oil, Hindustan Petroleum and Bharat Petroleum for the losses they incur on selling domestic LPG and kerosene through PDS by way of oil bonds, the finance ministry has not issued any bonds for the three quarters.
Given that the target was to reach 80.34 million families under PMUY - within three months starting April 1 - the government should have distributed at least 241.02 million cylinders by the end of June. It actually ended up distributing only 119.7 million cylinders.
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