India's move to raise the price of subsidised diesel should help with its plans to sell shares in state companies including Oil India Ltd to help bridge the government's fiscal deficit and gives a boost to private oil refiners looking to enter the market for bulk diesel sales. ...
04:59 PM, Jan 18, 2013
New Delhi: India will pay Rs 30,000 crore to state-owned fuel retailers forced to sell at cheaper government-set rates in the first half of the year, said three sources who saw the finance ministry's confirmation letter. The government fixes retail prices of liquefied petroleum gas, kerosene and diesel to protect the poor, leading to revenue losses at state-run Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. The payout...
08:50 AM, Nov 09, 2012
New Delhi: Petrol price may be cut by about Rs 1.60 per litre later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel. Indian rupee appreciated to five-month high since the government announced allowing foreign direct investment (FDI) in multi-brand retailing. This has eased the cost of imports for oil firms, helping them make profit on sale of petrol. "Yes,...
10:29 AM, Oct 04, 2012
New Delhi: The steepest ever Rs 5.63 a litre hike in price not withstanding, diesel in India is still cheaper than its neighbours Pakistan and Bangladesh as also the US and the European countries. Diesel prices were on September 14 raised by Rs 5.63 per litre to Rs 46.95 a litre in Delhi. Even so, diesel in India costs less than Bangladesh where a litre costs Rs 49.08, and in...
02:14 PM, Sep 16, 2012
New Delhi: Even as the diesel price hike has sparked a nationwide protest, BPCL has defended the decision saying the rise was long overdue. BPCL CMD RK Singh has also said that the diesel price should have been increased by Rs 17, but has been increased only by Rs 5. "In my opinion this hike was long overdue. A little dose of increase is a welcome sign. There will be...
12:50 PM, Sep 14, 2012
Mumbai: The eastern belt of Mumbai is one of India's most sensitive zones. Adjacent to the Bhabha Atomic Research Centre are the HPCL and BPCL oil refineries - one of India's most important fuel supply hub. While BARC is now on a high alert after an inter-state terror module was busted, its now the storage depots of these refineries which face a specific terror threat. The number of terrorists plotting...
07:59 PM, Sep 06, 2012
Mumbai: Mumbai's oil refineries have been put on a high alert after an intelligence warning of a possible terror attack. The security at the oil refineries has been stepped up. This comes after an intelligence alert about a plot to target HPCL and BPCL oil depots. The alert specifies the number of terrorists, their method and the target spot. It even states the name of the area they hail from....
01:31 PM, Sep 06, 2012
New Delhi: After oil and gas field contracts, the Comptroller and Auditor General (CAG) wants to audit huge under-recoveries or revenue losses reported by state-run oil retailers on sale of diesel and cooking fuels. Indian Oil Corp (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) sell diesel, domestic cooking gas (LPG) and PDS kerosene at government controlled rates that are way below market price. The difference between the retail sale...
11:17 AM, Sep 02, 2012
New Delhi: Petrol prices may be revised on Friday with companies talking about a scope of cutting rates by Rs 1.50-1.60 a litre. BPCL CMD RK Singh said on Thursday that prices could be cut by 1.5 to 2 rupees a litre if there is a drop in international crude prices. Indian Oil, Hindustan Petroleum and Bharat Petroleum had over the past one week indicated of a scope of reducing...
08:36 AM, Jun 01, 2012
There has been a lot of political uproar over the recent petrol price hike since a week. But there could be some talk of rolling petrol prices back partially. It may be recalled that last week, oil marketing companies announced an 11 per cent hike in petrol prices to cut down their losses of around Rs 6-8 which they incurred on selling petrol. However, the hike didn't go well with...
12:40 PM, May 31, 2012
Mumbai: State-run oil companies rallied after the government allowed them to raise the prices of petrol, though the action was more mixed for auto stocks. BPCL gained 3 per cent, HPCL added 2.3 per cent, while IOC advanced 2.7 per cent. The impact on auto stocks was more mixed given the proportion of petrol and diesel vehicle sales are different per company. Maruti Suzuki shares fell 2.6 per cent, while...
12:44 PM, May 24, 2012
New Delhi: State-owned oil firms are pushing for at least Rs 3 per litre hike in petrol price from April 1 to cover part of the spike in cost of raw material. "We are losing Rs 6.43 per litre on petrol and after adding 20 per cent sales tax, the desired increase in rates in Delhi is Rs 7.72 per litre," a senior oil company official said. "We understand that...
10:09 PM, Mar 30, 2012
Mumbai: In a new development, oil distribution company BPCL has suggested that petrol prices are likely to change again over the next few days. According to the company, a regular fortnightly revision is likely to happen in petrol prices. It has further said that rupee depreciation and crude prices would be reflected in petrol in the next fortnight. This comes a day after petrol prices were slashed by Rs 1.85...
12:44 PM, Nov 16, 2011
New Delhi: Kingfisher Airlines is going through troubled times as over 100 pilots have quit after they were not paid their salaries even as the company cancelled over 80 flights in the last two days. The cancellation of 80 flights in the past couple of days left thousands of passengers in the lurch prompting the Directorate General of Civil Aviation to demand an explanation from Kingfisher. Kingfisher Airlines chief Vijay...
05:35 PM, Nov 10, 2011
b>New Delhi: Over 100 Kingfisher pilots have submitted their resignations, sources said on Thursday. It is reported that the reason behind the mass resignation is because employees are yet to get their salary for the month of October. The cash-strapped airline cancelled almost 80 flights saying it had to drop flights as the company were trying to reconfigure its aircraft. Chaos followed after passengers complained that they were not intimated...
02:53 PM, Nov 10, 2011
Mumbai: Shares of oil marketing companies Indian Oil, HPCL and BPCL recorded smart gains in early morning trade on Friday, despite an overall downward move on the bourses. Analysts said that the stocks have added value amid reports that the government was moving in direction of de-control of diesel prices. The gains in these stocks were in sharp contrast to huge losses suffered by the overall market in early morning...
09:46 AM, Aug 05, 2011
Tehran: The Iran's Foreign Minister will visit India in the coming weeks, news agency ISNA quoted an official on Saturday as saying, as the two countries seek a way of ending a standoff over unmet payments for oil exports. Ali Akbar Salehi will hold talks with his Indian counterpart on bilateral and international issues, Mehdi Nabizadeh, Iran's ambassador to India, told ISNA. "(Salehi) will travel to India within the next...
12:44 PM, Jul 24, 2011
Mumbai: Led by BPCL, state-run oil companies rallied in morning trade on the BSE on Monday after the government announced a hike in fuel prices to ease pressure on their margins. Shares of Bharat Petroleum Corporation Ltd (BPCL) surged by 8.29 per cent to touch a month's high of Rs 687 on the BSE, while Hindustan Petroleum Corp Ltd (HPCL) gained 6.12 per cent to touch a one-month high of...
11:32 AM, Jun 27, 2011
New Delhi: Encouraged by the marginal decline in inflation, Finance Minister Pranab Mukherjee on Monday said he was hopeful prices would come down further in the coming months amidst increase in foodstocks and decline in costs of manufactured items. "The April prices have come down both on the manufacturing sector and food sector. Therefore, this is good trend and if it continues, then perhaps it will be more moderated," Mukherjee...
02:13 PM, May 16, 2011
New Delhi: State-owned oil companies on Saturday raised petrol prices by Rs 2.50-Rs 2.54 per litre, the second hike in a month, on back of rising crude oil prices. Indian Oil Corp, the nation's largest fuel retailer, will raise petrol prices by Rs 2.50 per litre with effect from midnight on Saturday, while Hindustan Petroleum Corp Ltd (HPCL) would hike rates by Rs 2.54 a litre, an industry official said....
07:12 PM, Jan 15, 2011
