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.
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.
The fall in crude prices has added to the gains.
The permission right now is for delivery only for stationary usage. This limits the service to those who operate units like diesel generation sets.
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
'We aren't so unreasonable as to demand that he should have fully reversed Indira Gandhi's worst economic legacy, bank nationalisation.' 'But he could have made a beginning by selling off the two most stressed small public sector banks, and then announced that each year for the next 10, one government bank with the most messed-up balance sheet will be sold.' 'It would have electrified the markets, shocked his other banks into better behaviour, and marked his name among the great reformers,' argues Shekhar Gupta.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
Jet fuel (ATF) prices have been hiked by a steep 6.9 per cent, taking the rates to lifetime high of Rs 75,031 per kilolitre.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In Mumbai, jet fuel costs Rs 71,940.36 per kl as against Rs 73,306.89 per kl previously, IOC said.
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
In a presentation prepared for the incoming Narendra Modi-government, the ministry listed national oil companies losing focus on domestic exploration as well as legal disputes around signed contracts with private explorers among the five things that went wrong during the United Progressive Alliance regime.
Attractive pricing coupled with improving prospects make the offer lucrative
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.
'Sachin Pilot once calculated that with a million Indians flooding the labour market every month, only an additional 12 million jobs annually could keep unemployment at the same level.' 'That's chickenfeed for the functionaries who cram my e-mail inbox every day with such a constant flow of job offers that trying to empty it is like trying to drink dry the horn connected to the ocean in Norse mythology,' says Sunanda K Datta-Ray.
More than 40% of the companies surveyed showed job contraction in FY18, says a report by CARE Ratings
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
This comes even after the Indian ambassador there had said this would affect the interests of other Indian companies.
While consumer electronics, technology, mobile phones, auto and sports-wear categories dominate the top 20, FMCG has only one entry in the list
A bonus is given to existing stockholders in proportion to the number of shares they already hold.
Modelled loosely around the National Highway System of the US, he in 2001 launched the Golden Quadrilateral and the North-South & East-West Corridor projects to build 4/6 lane highways between four top metropolitan cities of Delhi, Mumbai, Chennai and Kolkata as well as from Srinagar to Kanyakumari and Porbandar to Silchar.
Oil companies choose to skip the revision this time.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
The loss, which is made good through government subsidy, has declined since March as the rupee strengthened against the dollar and global oil prices softened.
BSE Smallcap index outperformed the frontline indices to rise 0.6%, while the BSE Midcap was flat
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
In the broader market, BSE Midcap and BSE Smallcap indices mirrored the gains in headline indices and rose 1% and 0.9% respectively.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
RIL might see its September quarter's profit between Rs 5,600 crore and Rs 5,670 crore.
The new prices will be effective from Friday midnight.
India is the 4th largest oil consumer after the US, China and Japan.
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.
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
RBI's steps will prevent rupee from slipping, even if OMCs meet entire $ demand from market
The market breadth in BSE remains healthy with 1,829 shares advancing and 721 shares declining
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