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.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are reportedly incurring losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel, as they continue to absorb rising crude oil costs without increasing retail prices. This situation is leading to expectations of a fuel price hike after upcoming state elections.
The Indian government has allocated an additional 40,000 kilolitres of kerosene to states as an alternative fuel to LPG, amid the ongoing crisis in West Asia. The government assures a comfortable crude oil supply situation in the country.
Several petrol pumps in Kolkata and south Bengal went dry with the strike by oil tankers entering the third day today as industry officials sought the intervention of the state government to end the impasse.
With no immediate solution in sight, over 2,500 petrol pumps in West Bengal remained closed on Tuesday following a three-day strike.
Only one petrol pump has stock but it will supply petrol and diesel only to school buses and school vans, official sources said.
The incident has resulted in an almost kilometer-long traffic jam on both sides of the SV/LJ Road.
Safety standards are thrown to the wind as government urges consumers to use mobile wallets at petrol pumps, Shine Jacob & Karan Choudhury/Business Standard report from New Delhi.
The Morena administration in Madhya Pradesh has banned sand mining and transportation from the Chambal River, along with restricting fuel sales to unregistered vehicles, following criticism from the Supreme Court regarding illegal mining activities.
Do you think the petrol dealers are right in their demands? Or should they not go on a strike? Or is the Maharashtra government to blame for this crisis?
A man was arrested in Kannur, Kerala, for allegedly stealing a police vehicle parked inside a police station compound. The accused, identified as Hamsath, allegedly trespassed into the cyber police station compound, stole an SUV, and was later apprehended after arousing suspicion at a local eatery.
Indian oil marketing companies are incurring significant losses, selling petrol at a Rs 14 per litre loss and diesel at Rs 18 per litre, as elevated global crude oil prices, exacerbated by the West Asia crisis, outpace capped retail fuel rates, according to rating agency Icra.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
About 410 petrol pumps in the national capital were to shut shop on Friday to protest against the hike in the VAT rate on diesel, which was driving vehicles to neighbouring Gurgaon for refueling.
Dealer-operated petrol pumps across the country would be open for business as usual on Wednesday, even as officers of state-owned oil companies plan to strike work.
Petrol pumps in the city are likely to go dry soon as dealers have decided not to buy fresh stock to protest high sales tax levied by the state government.
Oil Minister Dharmendra Pradhan said the new timing of the price change was agreeable to the dealers and so daily price revision will be implemented from June 16
As many as 67 petrol pumps across Delhi, Noida, Gurgaon and Rohtak will offer 50 paise per litre discount on petrol to consumers who exercise their voting rights on April 10.
Pakistani security forces killed a suspected militant driving an explosive-laden vehicle towards a check post in Khyber Pakhtunkhwa province, resulting in an explosion that injured seven civilians.
With the steep rise in international price of oil, the two largest retailers in the oil-rich United Arab Emirates have threatened to shut down their petrol pumps.
About 32,000 petrol pump dealers across the country will go on a day-long strike on April 13 to press for their demands and have threatened to launch an indefinite shutdown from April 28 if their demands are not met by then.
Banks and oil companies are in discussions as to who should bear these charges, it said a day after averting a crisis that would have hit millions of people as oil pump owners threatened to stop taking card payments.
Bangladesh is importing 5,000 tonnes of diesel from India through a cross-border pipeline on Tuesday, according to officials. The fuel consignment will enter Bangladesh through the Parbatipur point, said Muhammad Rezanur Rahman, chairman of the Bangladesh Petroleum Corporation (BPC).
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
Move is aimed at providing better service to the customers.
Both TMC and CPI-M today walked out from Rajya Sabha opposing fuel price hike.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
Amidst a storm over proposal to shut petrol pumps during night to taper fuel demand, Oil Minister M Veerappa Moily on Monday said the government had not made any such proposal and the idea had come from public.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
Facing difficulties in daily operations due to constant increase of fuel prices by oil marketing companies, the Consortium of Indian Petroleum Dealers' Association have threatened to go on a one-day strike.
Petrol pumps across the country will go on strike from September 20, with a petroleum traders' union warning of "no money, no purchase, no sale..." after talks with the Oil Ministry to hike the rate of commission on fuel sales fell through.
Railway tickets can now be booked at select Indian Oil petrol pumps and LPG stations, following an agreement between IOC and Indian Railway Catering and Tourism Corporation in this regard.
Almost all petrol pumps across the country on Monday went on a day-long strike to press for hike in commission on sale of petrol and diesel even as handful of company-owned outlets tried to meet fuel needs of the people.
A businessman in Aligarh was allegedly murdered by his neighbour after he refused to lend him money, according to police. The accused and three associates have been arrested in connection with the crime.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
Reliance plans to shut two-third of its 1,400 petrol pumps in the country by next month as it is unable to match the fuel price offered by state-run retailers, who get compensated by the government for selling fuel below the cost. Reliance and Essar make huge losses on selling petrol and diesel at prices higher than Indian Oil, Bharat Petroleum and Hindustan Petroleum. On an average, fuel at private outlets is costlier by Rs 4 to 5 a litre than the PSU pumps.
They are already on a two-day no-purchase strike since yesterday, won't work Sundays and govt holidays
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