Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Diesel price on Monday was hiked by 25 paise per litre -- the third increase since last week -- and more rate hikes for both diesel and petrol are in the offing in the coming days as international oil prices have soared to a three-year high. The price of diesel was hiked to Rs 89.32 per litre in Delhi and to Rs 96.94 in Mumbai, according to a price notification of state-owned fuel retailers. This is the second straight day of increase in diesel prices and the third since September 24 when the state-owned oil firms ended a three-week hiatus in rates.
State-owned Indian Oil Corp and GAIL Ltd are looking at picking up an equity stake in LNG projects in Africa to meet growing energy needs of the country, Oil Minister S Jaipal Reddy said on Friday.
After GAIL, Indian Oil Corp has expressed interest in buying out Asian Development Bank's 5.2 per cent stake in Petronet LNG Ltd, company chairman Sarthak Behuria said. However, if the state-run promoters of Petronet are not allowed to raise stake in the company for fear of it becoming a public sector unit, Behuria suggested selling ADB's shareholding to the public.
State-owned Indian Oil Corp wants diesel prices to be freed from government control before its twin follow-on public offersto raise maximum funds, company Chairman B M Bansal said on Monday.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Reliance Industries Ltd will give Rs 750 crore (Rs 7.5 billion) discount on LPG and kerosene to public sector petro retailers in 2005-06.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
After two months of price cuts, the state-run oil companies on Friday hiked aviation turbine fuel (ATF) price by a steep 6.5 per cent in step with hardening international rates.
Indian Oil Corporation has been ranked as the number one oil trading company amongst national oil companies in the Asia Pacific region.\n
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
After making it available at petrol pumps, the convenient 5-kg cooking gas (LPG) cylinder will now be available at kirana stores and supermarkets in select cities.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Cooking gas (LPG) dealers on Monday threatened to go on an indefinite strike from January 19 unless oil companies stop appointing new distributors.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
Air fares to go up as ATF price is hiked by 8.2%.
Public sector oil retailing firms have lost over Rs 5,800 crore in the first six weeks of current fiscal due to non-revision of petrol, diesel, LPG and kerosene prices.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
"We will be guided by our national interest," he said.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
A major fire broke out on Saturday at a petrol storage tank of state-owned Indian Oil Corp's Hazira terminal in Gujarat.
This is the first time that petrol sales in the world's third-largest oil importer have risen since the March 25 nationwide lockdown crippled economic activity and sent demand plummeting.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
India is the 4th largest oil consumer after the US, China and Japan.
For the second time this month, state-run oil companies on Tuesday cut jet fuel prices to ease the burden on cash-strapped airlines. Aviation turbine fuel (ATF) prices in Delhi was reduced by Rs 649 or 1.6 per cent to Rs 39,319 per kilolitre, effective midnight tonight.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
The demand, which had fallen by as much as 70 per cent, has since recovered after lockdown restrictions were eased beginning early May.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
Petrol price was on Tuesday hiked by Rs 2.58 a litre and diesel by Rs 2.26 per litre, the second increase in rates this month.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
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
The cut reflects changes in global prices of the two fuels since the last revision.
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
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