Indian Oil Corporation, the country's largest oil firm, on Wednesday said it is losing about Rs 54 crore (Rs 540 million) every day on sale of petroleum products.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram next week to discuss a package to bail out public sector oil firms that have been suffering huge losses on account of selling fuel on discounted prices.
State-owned Bharat Petroleum Corporation Ltd plans to foray into providing Direct-to-Home TV or content delivery to subscriber's homes using satellite.
Spiralling crude oil prices have pushed up the revenue loss of oil firms on sale of petrol, diesel, LPG and kerosene to Rs 91,053 crore.
Bharat Petroleum Corporation Ltd on Thursday said it lost Rs 1,200 crore (Rs 12 billion) in the first quarter of the current fiscal due to selling petrol, diesel, LPG and kerosene below cost price.
Irked by angry reactions to his Facebook post on 'World UFO Day' on Wednesday, Finance Minister Arun Jaitley withdrew the message within hours.
As Prime Minister Narendra Modi is set to deliver his third Independence Day speech on August 15, he is inviting ideas from citizens on issues he should speak on
The government will cut excise and customs duty on petrol, diesel, LPG and kerosene to contain the effect of spike in international crude oil prices, which touched an all-time high of $47 a barrel.
Dairies, milk plants, grocery shops, chemists and petrol pumps, ATMs, e-commerce services of essential items like food and medicines will remain open, he said.
State-run Bharat Petroleum Corporation Ltd on Monday said it is losing Rs 3 per litre on sale of diesel and Rs 2 per litre on petrol
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.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
The outgo for major subsides, is the highest in the first quarter.
State-owned oil companies IOC, BPCL and HPCL are likely to post net losses in the first quarter of the current fiscal as a result of selling fuel below cost price.
An $1 per barrel change in crude price impacts the net import bill by Rs 3,513 crore.
The BJP president came down heavily on the Opposition saying a shocking change has happened in the country's politics with those against the prime minister resorting to lies and speaking it loudly all the time.
The loss, which is made good through government subsidy, has declined since March as the rupee strengthened against the dollar and global oil prices softened.
The Budget session of Parliament on Monday got off to a stormy start with the first day in Lok Sabha being virtually washed out on the issue of price rise and rail fare hike as a strident Opposition insisted on a discussion under an adjournment motion.
As of now, tankers carry petroleum products from India to Nepal as part of an arrangement which is in place since 1973.
The world's largest cash transfer programme has eliminated around 40 million ghost connections
In a marathon address to the nation from the ramparts of the Red Fort, Prime Minister Narendra Modi on Saturday underlined India's unity and diversity and the progress of his 15-month-old government's policies.
'Are all roads in India privatised? Are governments not playing a role in airports or ports? If they (private players) want to set up lines for a specific requirement, I see no reason to object. It will expand the opportunity and passengers will also benefit.'
Bharatiya Janata Party leader Arun Jaitley faces a tough electoral battle in his maiden bid to enter Lok Sabha from Amritsar but is unfazed by his "reluctant" heavyweight opponent Capt Amarinder Singh as he claims the groundswell against Congress "adds to my confidence".
Increase in taxes on luxury cars will not have any effect on the demand
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
At the height of the agitation against Tata Motors and after, the decibel level at Singur has always been high. The coronavirus scare, however, appears to have tempered it. The lockdown has hit Singur's inhabitants hard in more ways than one, reports Ishita Ayan Dutt.
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
'The election has to be fought on perennial issues and not on a tragedy of one moment'
India must streamline reforms, only then it will see success.
In this year's budget, Finance Minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
While the finance minister had a great opportunity to come out with flying colours while presenting this last Budget of his government, he didn't, says Omkar Goswami.
The Mahindra group's Igatpuri plant becomes the first in India to be declared carbon-neutral. Ashish Narsale / Rediff.com finds out how this was achieved.
The government's subsidy bill towards oil, fertilisers runs into lakhs of crores of rupees.
The BJP's win in the Uttar Pradesh assembly polls has emboldened the top leadership to pursue a pro-woman agenda.
The government chose moral persuasion to make people give up subsidies, notes Rahul Khullar.
Away from limelight, Jeevika Didis are silently fighting the coronavirus in rural Bihar.
If re-elected, his government will set up a National Traders' Welfare Board, bring trader credit cards and a pension scheme for small shopkeepers besides making a provision to provide loans of up to Rs 50 lakh without collateral.
