Concerned over growing resistance from the Opposition and some of the allies of the ruling National Democratic Alliance, the divestment ministry appears to have given up hopes of any big-ticket privatisation.
Petrol and diesel prices were raised for the second day in a row on Wednesday as state-owned fuel retailers resumed daily rate revision after a more than two-week long hiatus during assembly elections in states like West Bengal. Petrol price was increase ford by 19 paise per litre and diesel by 21 paise a litre, according to a price notification of state-owned fuel retailers. Petrol in the national capital now costs Rs 90.74 a litre and diesel comes for Rs 81.12 per litre.
The Supreme Court on Monday issued a notice to the Centre on a Public Interest Litigation challenging the legality of the government's decision to privatise public sector oil firms Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
The Core Group of Secretaries on Divestment is believed to have favoured the appointment of HSBC as the global advisor for managing the privatisation of oil PSU Hindustan Petroleum Corporation.\n\n
Divestment Minister Arun Shourie said on Tuesday that his ministry had furnished all the facts to Attorney General for getting his opinion on the legal aspects of privatising public sector oil company, Hindustan Petroleum Corporation.
Petroleum ministry strongly supported the proposal of 26 per cent government holding in Hindustan Petroleum Corporation in the post disinvestment era to prevent new management from stripping or re-selling of company's assets to third party.\n\n
Petrol price on Tuesday breached the Rs 85 a litre mark in the national capital and diesel neared record high after rates were raised for the second consecutive day. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. This took the petrol price in Delhi to Rs 85.20 per litre and to Rs 91.80 in Mumbai. Diesel rate climbed to Rs 75.38 a litre in the national capital - just shying away from its record high - and to an all-time high of Rs 82.13 in Mumbai, the price data showed.
The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 per cent rise in international oil prices, but retail rates at petrol pumps remain unchanged, sources said. Petrol pump sales have jumped by a fifth this month after bulk users like bus fleet operators and malls queued up at petrol bunks to buy fuel rather than the usual practice of ordering directly from oil companies, widening the losses of retailers. Worst hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales.
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 nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
Hindustan Petroleum Corporation is all set to sell half its stake in the Vishakapatnam refinery to French firm Total SA, which will bring in Rs 6,000 crore (Rs 60 billion).
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
State-owned oil companies such as HPCL, BPCL, IOC, ONGC and OIL plunged on worries that the government may ask them to share the burden of higher petrol and diesel prices.
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
India's appetite for imported crude oil may wane in fiscal year (FY) 2023 from record levels in pre-pandemic 2019-20 fiscal as higher oil prices, a spillover from the conflict in Ukraine, and increasing use of biofuels affect domestic demand for petroleum products. Brent crude surged to a nine-year high, shy of a July 2008 record $147.50 a barrel, before declining to around $100 a barrel - but the volatility in commodity rates will slow global economic growth and use of fuels. Demand for all oil products may grow at only 2-3 per cent in FY23, slower than the current fiscal and nearly half the 5.5 per cent growth estimated by the petroleum ministry, according to industry officials.
Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as State-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
Other shortlisted chief executives include Abdulrahman Ali Al-Abdulla of Muntajat, Peabody Energy's Gregory Boyce, Pailin Chuchottaworn of PTT Public Company Ltd, Repsol's Antonio Brufau and Ian Taylor of Vitol.
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.
Stocks of public sector companies, especially the oil refining and marketing companies (OMCs) - Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOC) - logged gains on Tuesday in a weak market. While the Nifty lost nearly 1 per cent in trade on Tuesday, the Nifty CPSE index - a gauge of performance of central public sector enterprises on the National Stock Exchange (NSE) - gained over 3 per cent in intra-day trade. The rally in PSU stocks comes on the back of the BPCL chairman, Arun Kumar Singh suggesting in the company's annual general meeting (AGM) on Monday that the government intends to complete the divestment process in the OMC by March 2022.
The field operations are on in the sub-Himalayan terai region stretching from the Gorakhpur district in eastern UP to Bijnore district in western UP. The two companies were given prospecting licences sometime back, he informed. The licence allows the licence holder to undertake mineral substance prospecting works within a specific area.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
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.
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.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The Supreme Court on Friday reserved its order on petitions challenging the Union government's decision to privatise oil sector PSUs Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
Workers of state-owned Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd returned to work on Friday after a three-day strike to oppose privatisation of the cash-rich oil refiners.\n\n\n\n
The strike by workers of state-owned oil firms Hindustan Petroleum Corp and Bharat Petroleum Corp to oppose privatisation of the cash-rich refiners entered the second day on Wednesday but operations and petroleum product supplies remained unaffected.
Petrol and diesel prices on Tuesday were hiked for the sixth time this month, propelling prices to cross the Rs 100-a-litre-mark in places from Nanded in Maharashtra to Rewa in Madhya Pradesh to Jaisalmer in Rajasthan. Petrol price was hiked by 27 paise a litre and diesel by 30 paise per litre, according to a price notification by state-owned fuel retailers. The increase took petrol and diesel prices to their highest-ever level across the country. In Delhi, petrol now comes for Rs 91.80 per litre and diesel is priced at Rs 82.36.
Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday. Petrol now costs a lifetime high of Rs 84.95 per litre in Delhi while diesel comes for Rs 75.13, according to a price notification from oil marketing companies. The price hike on Monday came after three days of unchanged rates. Prices were last hiked by 50 paise a litre in two instalments on January 13 and 14.
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