Private carriers Jet Airways and Kingfisher owed over Rs 1,050 crore (Rs 10.50 billion) to the public sector oil marketing companies (OMCs) like Indian Oil, HPCL and BPCL towards the payment of jet-fuel bills as on November 15.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
State-owned Indian Oil Corp (IOC) today said it is losing Rs 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.
The government on Monday approved Rs 8,000 crore (Rs 80 billion) in cash subsidy to state-owned fuel retailers to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
About 48.5 million shares, or 20 per cent of the shares on offer, are reserved for retail investors
The post fell vacant after incumbent Prasad Dasgupta took early retirement. Dasgupta's five-year term was to come to an end on August 31 and he was eligible for a two-year extension till he attained superannuation at the age of 65 in 2012.
State-owned Indian Oil Corporation said it has earmarked Rs 43,250 crore for capacity expansion over the next five-year period. This was announced by the company's Chairman S Behuria at its annual general meeting in Mumbai
Facing criticism for increasing the retail price of petrol, government-owned Indian Oil Corporation has said the desired increase was actually Rs 3.72 a litre but it chose to "soften the impact on customer" by increasing the price by only Rs 2.50 a litre.
State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil).
State-owned Indian Oil Corp (IOC) is losing Rs 151 crore per day in revenues on selling diesel, domestic LPG and kerosene below their imported cost, a company official said on Thursday.
Net profit in the January-March quarter stood at Rs 3,905.16 crore (Rs 39.05 billion) from Rs 5,556.77 crore (Rs 55.56 billion) a year ago, IOC chairman R S Butola told reporters in New Delhi.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
However, disinvestment secretary Sumit Bose said right now there is nothing on the cards.
State-owned oil firms on Friday hiked jet fuel prices by almost 2 per cent, the sixth straight increase in rates since October when international crude oil prices started climbing.
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.
The minister said necessary orders have been issued to oil depots asking them to conform to the safety norms.
More than 40% of the companies surveyed showed job contraction in FY18, says a report by CARE Ratings
Petrol prices were freed from government control last month, resulting in a Rs 3.50 per litre rate hike in Delhi.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
India should learn to live with high energy prices for rapid economic growth, said Planning Commission Deputy Chairman Montek Singh Ahluwalia after two of the state-owned oil companies hiked petrol rates this week.
Indian companies have become bigger and stronger in the last ten years with the average revenue of a company on the Fortune India 500 list standing at Rs 7,632.5 crore (Rs 76.32 billion).
IOC has hired six banks, Merrill Lynch, Citigroup and ICICI Securities, to handle the public offer.
Government doctors were visiting severely affected areas to distribute medicine for the residents to safeguard themselves against diarrhoea and other water-borne infections.
The multilateral lending agency holds 3.9 crore (Rs 39 million) shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore (Rs 4.48 billion).
At present, to be eligible for the job of chairman, a person from within the company should not be even a day older than 58 years.
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
They want more cash, forex, higher bond coupons and increase in market prices for petrol, diesel, LPG.
Indian Oil Corporation, the nation's largest fuel retailer, is likely to hike petrol prices by Rs 0.33 per litre from Tuesday. IOC Chairman B M Bansal said international crude oil prices have risen since the last price revision, necessitating an increase in domestic retail prices.
From automobiles, cement, infrastructure to oil and gas and banking, Indian companies have established themselves as one of the most successful in the world.
Hike comes on back of a massive 6.14 per cent increase in rates effective from March 16 in line with rising crude oil prices.
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.
Having made a forgettable ODI debut against Sri Lanka in July 2005, Raina makes history on his Test debut against the same opponents five years on.
State fuel retailers IOC, Bharat Petroleum and Hindustan Petroleum sell diesel, domestic LPG and kerosene at government dictated rates which are lower than cost of production.
Aiming to raise Rs 40,000 crore (Rs 100 billion) from disinvestment, the government on Wednesday said it will sell its stake in 10 more PSUs, including IndianOil, MMTC, Coal India Ltd, SAIL, RINL and Shipping Corporation, in the current financial year.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
The hike comes on back of two massive hikes effected on February 1 and 16.
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
State-run Indian Oil Corporationon Tuesday said that it has earmarked $1 billion for the acquisition of good-quality producing or developing E&P assets abroad.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
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