India, the world's third largest energy consumer, has enough petrol, diesel and cooking gas (LPG) in stock to last way beyond the three-week nationwide lockdown, as all plants and supply locations are fully operational, Indian Oil Corp (IOC) chairman Sanjiv Singh said.an Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite the loss of his father on the day the 21-day lockdown was declared, said there was no shortage of any fuel in the country and customers should not resort to panic booking of LPG refills.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
Insurance companies are anticipating claims of at least Rs 500 crore from the incessant rains and flooding in Chennai.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
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.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
The IOC share sale is the fourth disinvestment this fiscal but the biggest in 2015-16 so far.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
India will switch to the world's cleanest petrol and diesel from April 1 as it leapfrogs straight to Euro-VI emission compliant fuels from Euro-IV grades now -- a feat achieved in just three years and not seen in any of the large economies around the globe. India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities.
India has already pipped Japan as the world's third-largest oil consumer.
IOC, BPCL and HPCL on Thursday afternoon stopped ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. AI flights from these places were tanking up from other airports.
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.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
Cooking gas (LPG) dealers on Monday threatened to go on an indefinite strike from January 19 unless oil companies stop appointing new distributors.
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.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
Jet fuel or ATF prices were on Thursday were cut by a steep 4.5 per cent, the first reduction in rates in six months.
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.
The divergence shows lack of financial depth in the Indian stock markets.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
Consolidated revenue rose to a record Rs 163,854 crore.
Petrol price had been cut 10 times since August 2014.
Forex dealers said besides increased dollar selling by exporters, strength in other currencies against the American currency overseas also supported the rupee but a lower opening of the domestic equity market capped the gains.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
Air fares to go up as ATF price is hiked by 8.2%.
HDFC, ONGC, Maruti Suzuki, HeroMoto Corp and Bajaj Auto gained the most on BSE Sensex
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
The rupee was also pressured as the euro fell for a second day on Friday, hurt by the European Central Bank's surprise interest rate cut and a downgrade to France's credit rating, while the dollar inched up before a key US jobs report.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
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