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.
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.
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.
At present, India has 56,999 fuel outlets. Of those, only 6,276 are owned by private companies
Sachin Tendulkar in numerous interactions with him has spoken more about mental aspects of batting rather than technical ones, said young opener Prithvi Shaw. The Mumbai youngster feels privileged that Tendulkar even now from his busy schedule takes time out to watch him practice.
Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
Government-controlled oil-marketing companies (OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far.
India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in the third quarter ended December 31, 2020, mainly due to gains from higher commodity prices and a big swing in banks' earnings. The combined net profit of 3,323 listed companies that have declared results so far was up 68.6 per cent year-on-year (YoY). In comparison, earnings were up six times (534 per cent) in the second quarter and 6.5 per cent in the corresponding period last year.
The Cabinet on Wednesday approved the National Mission on Edible Oils - Oil Palm (NMEO-OP) with a financial outlay of Rs 11,040 crore to promote domestic cultivation of oil palm in the next five years, and reduce the country's dependence on edible oil imports. The decision comes after Prime Minister Narendra Modi announced the new central scheme on August 15 during his Independence Day speech at Red Fort. Briefing the media, Union Information and Broadcasting Minister Anurag Thakur said the Cabinet approved the NMEO-OP with a focus on the northeast region and the Andaman and Nicobar Islands with a financial outlay of Rs 11,040 crore.
Assam-based athlete Das shared a glimpse of her flood-stricken neighbourhood, and appealed big corporates and followers to contribute to the CM's Relief Fund.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
Indian Oil Corp is ranked highest at 161st in the Fortune 500 list.
Oil marketing companies IOC, BPCL and HPCL have invited expressions of interest from start-ups that wish to be enrolled as fuel entrepreneurs for doorstep delivery of high-speed diesel through mobile petrol pumps.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Besides, the BAI also recommended renowned National Institute of Sports (NIS)-certified coaches -- S Murlidharan and Bhaskar Babu -- for the Dronacharya Award.
The demand, which had fallen by as much as 70 per cent, has since recovered after lockdown restrictions were eased beginning early May.
Indian Oil till last month has automated more than 6,200 retail outlets and is planning to automate 7,500 more in the current fiscal across the country.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
The earnings are, however, expected to be down around 2 per cent on a sequential basis due to pent-up demand getting exhausted and the adverse impact of rising metals and energy prices on consumer goods and manufacturing companies.
With the price of a cylinder touching Rs 800, it's becoming increasingly unaffordable to an already price-sensitive population, threatening to risk one of the most-celebrated campaigns of the Modi regime, reports Twesh Mishra.
"Under the CO-JEET" plan, personnel of the three wings of the armed forces -- the Army, the Indian Air Force and the Navy -- have been pressed into service to help restore oxygen supply chains, set up COVID beds and provide help to the civilian administration in its fight to control the pandemic," said the Lt General, whose post of deputy chief integrated defence staff (medical) comes under the Chief of Defence Staff.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
'Indian and Iranian sources both confirmed to me that India and Iran are moving ahead to implement a payment system on buying oil from Iran and hope to finalise it very soon,' says Aveek Sen.
At the same time, the Cabinet approved reducing government's stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
Soaring fuel prices give birth to a jugaad system in Bihar's border towns abutting Nepal with residents smuggling in India-supplied cheaper petrol and diesel from the mountain kingdom.
Given that the target was to reach 80.34 million families under PMUY - within three months starting April 1 - the government should have distributed at least 241.02 million cylinders by the end of June. It actually ended up distributing only 119.7 million cylinders.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
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.
Not surprisingly, equity investors are bidding-up stock prices across sectors and the broader market is now more valuable than pre-Covid levels.
The ICC Cricket Committee, led by former India captain Anil Kumble, last month recommended a ban on using saliva on the ball as an interim measure to deal with the COVID-19 pandemic.
Nandigram, 126 km south of Kolkata, is Suvendu Adhikari's bastion, where he has vowed to defeat Mamata Banerjee by 50,000 votes or quit politics.
Hockey coach Ramesh Parameswaran applies for Dronacharya Award
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.
This is the second hike in diesel price this month.
Manjunath (27), a sales officer with Indian Oil Corporation and a graduate from Indian Institute of Management, Lucknow, paid with his life for exposing an alleged petrol adulteration racket.