Government has scrapped kerosene imports by private companies and decided that only state-run firms will import the fuel to end its adulteration in diesel.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Public sector oil firms have cut aviation turbine fuel (jet fuel) prices by up to Rs 745 per kilolitre or 1.85 per cent in wake of falling international prices.\n
ONGC Videsh Ltd and Oil India Ltd-Indian Oil Corp combine have won an oil block each in Libya. \n
Contrary to popular perception of public sector oil firms making huge profits on selling petrol and diesel by gold plating the cost, Indian firms have second lowest refinery and marketing margins - profits - in the world.
The government is mulling hiving off ONGC Videsh Ltd, India's flagship firm for overseas oil asset acquisition, from Oil and Natural Gas Corp into a separate entity to be owned jointly by public sector oil firms.
The government is keen on getting global oil majors like Saudi Aramco and National Iranian Oil Corp on board Hindustan Petroleum and Bharat Petroleum through the market route even though privatisation of the state-run oil refining and marketing compa
Public sector oil firms on Tuesday slashed aviation turbine fuel prices by 7.9 per cent in line with fall in international oil prices.
Public sector oil firms spent over Rs 800 crore (Rs 8 billion) on advertisements during the last three years with Indian Oil Corp topping the list with an expenditure of Rs 275.35 crore.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
Public sector oil retailing firms have lost over Rs 5,800 crore in the first six weeks of current fiscal due to non-revision of petrol, diesel, LPG and kerosene prices.
Public sector oil firms plan to set up over 4600 petrol stations and 907 LPG sale agencies in the current fiscal, Petroleum Minister Mani Shankar Aiyar said on Thursday.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
Employees of PSU oil firms said they will strike work on Tuesday against the proposed privatisation of cash-rich oil refiner Indian Oil Corp.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
State-run oil firms have stopped issuing new domestic cooking gas connections in view of the surge in steel prices, which increases the manufacturing cost of cylinders.
India's only private sector oil refiner, Reliance Industries, has sought a two-year extension of its agreement with Indian Oil Corp to sell Jamnagar refinery products through the state-run firm's retail network.
State-owned refiner Indian Oil Corp and its exploration partner Oil India Ltd plan to bid for two onshore oil and gas exploration blocks in Myanmar.
Deutsche Bank has chosen Indian Oil Corp as one of the top global stock picks in the oil and gas sector.
The initial public offering of the Sri Lankan unit of Indian Oil Corp was oversubscribed more than three times. "The IPO raised (Sri Lankan) Rs 359.99 crore (Rs 3.59 billion)," company officials said.
With the Petroleum Ministry opposing disinvestment of IOC in the market, government is exploring the option of selling its shares to other oil PSUs like ONGC and OIL.
Myanmar is likely to award at least one offshore oil and gas exploration block and refinery revamp project to Indian firms even as New Delhi is exploring the possibility of piping
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.
Credit rating agency Moody's Investors Service on Friday assigned senior implied issuer ratings of Ba1 to India's Tata Power and Indian Oil Corp -- one notch above the sovereign rating it assigns to India.\n\n\n\n
Petrol price was on Wednesday hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend.
Indian Oil Corp is unlikely to bid for a share in six new pipelines being built by Reliance Industries to transport fuel from its refinery to its planned chain of petrol stations.\n\n\n\n
The Oil and Natural Gas Corp has asked the government to review the scheme of sharing of liquefied petroleum gas and kerosene subsidy with upstream firms and said the scheme should not be extended beyond March 2004.
The US Export-Import Bank said on Tuesday that it will provide $75 million in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp's Rs 5104 crore (Rs 51.04 billion) integrated petrochemical complex at Panipat
The country's largest refiner Indian Oil Corp is planning an initial public offer of its Sri Lankan subsidiary Lanka IOC by June this year to raise between $20-25 million.
This is the third reduction in rates this month
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
New Delhi has missed its target for partial privatisations for the past five years
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.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
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.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
This is the fourth increase in auto fuel prices since May 1
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