Petrol price cut by Rs 1.46, diesel by Rs 1.53 per litre
A bench of Justice R Y Ganoo and Justice N M Jamdar ordered service of notices to the respondents, who apart from the central ministries also include the oil marketing companies, namely the Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd.
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Even as automobile manufacturers are considering increasing the prices of their products, an increase in auto fuel prices is also imminent.
A 14.2-kg LPG cylinder that consumers will have to buy after they exhaust their enhanced quota of 9 subsidised bottles in a year, will cost Rs 942 from today, according to Indian Oil Corporation.
Modi said that the ocean economy held 'enormous promise'.
Losses on sale of diesel at government-controlled rates have hit a record Rs 19.26 a litre, sending state-owned oil companies scrambling for ways to cover the mounting losses.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
India's companies are today amongst the biggest companies in the world.
Rates at different airports vary because of differential in local sales tax or value added tax.
State-run banking giant SBI has said it temporarily exceeded RBI-prescribed credit exposure limit for the fourth year in a row in 2011-12 with regard to loans given to Mukesh Ambani-led Reliance Industries (RIL).
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
The proposed China visit of Oli, who took over as prime minister in October, is in marked contrast to the usual practice the new prime ministers of Nepal follow. Most of the Nepalese premiers have visited India, ahead of China.
GAIL will have 36 months to lay and commission the pipeline with a capacity to transport up to 60 mscmd of gas.
Indian Airlines beat Bharat Petroleum while Indian Oil beat Air India in the Super League stage of the Maharaja Ranjit Singh hockey tournament.
Jet fuel prices were on Thursday hiked by 3.8 per cent, the second increase in rates in as many months.
This is the third increase in two months
Condemning moves by the government to privatise IOC, its employees unions on Wednesday threatened to go on an indefinite strike until the issue was resolved, but ruled out seeking judicial intervention on the matter.
ATF price in Delhi has been raised by Rs 272.77 to Rs 42,452.02 per kilolitre, an Indian Oil official said.
Aiming at nurturing management leaders in the energy sector, Indian Oil Corporation on Friday signed a MoU with the Indian Institute of Management, Ahmedabad
IOC urged the government to cut excise duty by Rs 8 (the current revenue loss) to Rs 6.78 per litre. It also demanded a cut in state-level taxes.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
In a major relief to cash-strapped airlines, jet fuel (ATF) prices were today reduced by a massive 5 per cent, the steepest reduction in rates since February 2010.
The last week of March saw a series of new refining capacity going on stream. HPCL-Mittal Energy, Essar Oil and Mangalore Refinery & Petrochemicals (MRPL) were able to announce completion of capacity additions a couple of days before the seven-year tax holiday in this regard came to an end, on March 31.
In a major relief to cash-strapped airlines, jet fuel (ATF) prices were on Monday cut by a steep 4.3 per cent, the first reduction in rates in three-and-a-half months.
In the semi-finals, Punjab Police beat Bharat Petroleum 2-1 while BSF upset Indian Oil 4-3 via the tie-breaker.
A higher government borrowing will 'crowd-out' the private borrowing and push interest rates higher.
The crisis is not upon India immediately, as the US sanctions give a six-month breathing space for countries to act.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
In Mumbai, jet fuel will cost Rs 72,830.64 per kl from tomorrow as against Rs 68,103.26 per kl at present.
IBP's strong presence in the northern markets will complement IOC's marketing strengths and therefore, on a consolidated basis, the combined entity will benefit (but in FY05, the merger is likely to affect IOC's profitability marginally). \n
With the government preparing to restrict the number of subsidised cooking cylinders, oil marketing companies have launched a 'transparency' portal that allows customers to keep an eye on the number of cylinders sold in their account by the dealer.
Top corporates and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter reflecting the impact of slowdown.
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