RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
While the Saudi drone strike has put the focus back on anti-drone measures, caution also stems from the fact that India has a number of large oil refining assets close to India-Pakistan border.
Reliance's hydrocarbon business was adversely impacted due to reduction in demand for refined products and petrochemicals.
Poor dietary habits combined with incomplete brushing and ignorance is causing early harm, warns Dr Ambereen Ali.
All of India welcomes the Light Combat Helicopter into the Armed Forces arsenal and wishes it a safe tenure and happy shooting. May it rule the skies and ensure that the enemies are given a fitting reply when the need arises.
'Have ghee with rice, roti or dal, and remember to enjoy and cherish its impact on your life and the life of your child.'
RRR isn't the "spectacle" it is made out to be, argues Sreehari Nair.
Sugar prices reached a four-month high on Tuesday after India, the world's largest consumer, lifted duties on the import of raw sugar to bridge a shortfall in domestic production.
'In the overall global portfolio, India's weighting has come down in the past seven months.'
Refining and petrochemicals contribute around 90 per cent to RIL's overall revenue and profit.
Companies are ranked by total revenues.
Consolidated revenue rose to a record Rs 163,854 crore.
One of the challenges on diesel engine is refinement.
'Stop wearing clothes which might be trendy, but doesn't go well with your body type.'
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.
10 stocks which are most popular with brokerages right now and are expected to deliver maximum upside over the next 12 months.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
She spins Bollywood tracks when she's not doing her investment consultant job.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
Richest Indian Mukesh Ambani on Tuesday mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation. Ambani, 64, who has previously not spoken about succession plans at the country's most valuable company, said Reliance is "now in the process of effecting a momentous leadership transition." Ambani has three children -- twins Akash and Isha, and Anant.
The panel suggested the cess for BS-IV and BS-V fuels should accrue to the Oil Industry Development Board
IOC, the key importer of petrol, has sought almost 700,000 tonnes for March-September delivery.
Chinese alumina refining and metal smelting technologies have emerged as a match for the best anywhere in the world. In fact, Vedanta and Hindalco have bought technologies from China. Our aluminium makers will be haunted by twin fears of rising imports and low metal prices squeezing margins over a long time.
'As we grew up in service and became seniors ourselves, our commanders advised us to graduate to whiskey since rum did not suit the stature and 'shaan' of a senior officer.' Nitin Sathe recalls his encounters with whiskey on World Whiskey Day.
The mesmerising and familiar image of Pandit Jasraj saying 'Jai Ho' and then raising his hands to mark the beginning of his performances will now remain only in the fond memories of thousands of Jasraj's fans and followers across the globe, remembers Ankur Biplav.
The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018.
The Indian government could lose a staggering $3 billion in revenues over a five-year period on account of differential import duties levied on refined and unrefined gold, says a report.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
The government on Thursday allowed free inter-state wheeling of renewable energy used in the production of green hydrogen and ammonia as it seeks to boost usage of the carbon-free fuel and make India an export hub. Unveiling the first part of the much-awaited National Hydrogen Policy, Power and New and Renewable Energy Minister Raj Kumar Singh said the government is targeting production of 5 million tonnes of green hydrogen by 2030. Oil refineries to steel plants require hydrogen to produce finished products.
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
Cairn India is 25th on the list with 22.2 per cent CGR.
Arnab Dutta traces how Bira 91 is already among the top two in the premium segment in all the cities that it is present in today and how it is giving larger brands Kingfisher and Budweiser a run for their market share.
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.
India owes Iran around $8.8 billion primarily on account of crude oil imports.
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.
Comparing the budget smartphones from Micromax and Xiaomi.
To avoid binge eating, you need to control your mind and focus on your goal, says Komal Jethmalani.
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