New Delhi: Union Minister for Overseas Affairs Vayalar Ravi on Saturday pushed for reduction in petrol prices and said that the oil marketing companies are making false claims that they are incurring losses. He suggested that bold steps should be taken to reduce the recent increase in petrol prices. In a letter to Union Minister for Petroleum S Jaipal Reddy, Ravi questioned the claims of oil companies that they are...
08:11 PM, Jun 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
New Delhi: Days after raising petrol price by a steep Rs 7.54 a litre, nation's largest oil firm Indian Oil Corp (IOC) hinted at a Rs 1.25-1.50 per litre cut in rates later this week. "We will certainly pass on any decline in international oil price to consumers," IOC chairman R S Butola told reporters in New Delhi. Oil companies revise petrol prices on 1st and 16th of every month...
06:39 PM, May 28, 2012
New Delhi: Indian Oil Corporation (IOC) on Thursday said that the decision to hike the petrol prices was tough but there was no option left to tackle the impact of rising crude prices. IOC Chairperson RS Butola, however, hoped that the prices will come down in the near future. "If government orders us for rollback we will certainly do that but so far we have not received any order," he...
05:30 PM, May 24, 2012
New Delhi: State-run oil companies have served an ultimatum to the government that they will raise petrol prices by Rs 9.6 a litre if excise duty is not cut or they are not provided compensation for Rs 49-crore per day loss on fuel sale. "We have been very patient, not raising prices since December despite our cost of production spiralling. But there is a limit to which we can borrow...
06:30 PM, Apr 17, 2012
New Delhi: Indian Oil Corporation Chairman RS Butola has asked for a Rs 8 hike in petrol prices. IOC has said that oil manufacturing companies are losing Rs 50 crore on petrol everyday. Petrol prices in India have risen by almost 50 per cent in the past two years. The last petrol hike was in December, 2011. ...
12:19 PM, Apr 13, 2012
New Delhi: With electioneering in five states coming to an end, state-owned oil companies are pushing for raising petrol price by over Rs 5 per litre but the actual increase would depend on the government nod. "We are losing Rs 5.10 per litre on petrol currently," a senior oil company official said. "With counting for Assembly elections in five states ending today, we would be approaching the government for appropriate...
05:59 PM, Mar 06, 2012
New Delhi: Indian Oil Corp (IOC), the nation's largest oil firm, on Monday said it along with other state-owned fuel retailers has asked the government to compensate them for revenue losses incurred on selling petrol below imported cost. "We have requested (the government) to make good of our losses on petrol," IOC Chairman RS Butola told. IOC has lost about Rs 443 crore since the last revision in petrol price...
01:08 AM, Feb 14, 2012
New Delhi: State-owned oil companies on Thursday halted supplies of jet fuel to Air India for failing to honour payments even after expiry of the 90-day credit period, partially affecting the airline's flights. Air India officials said on Thursday night around a dozen flights were delayed, mainly in Delhi, Mumbai and Cochin, by a few hours but there were no cancellations or grounding of flights. The oil companies later resumed...
09:51 PM, Feb 02, 2012
New Delhi: Oil companies will meet on Monday to revise rates of petrol because of the weakening rupee. But any hike will need a political clearance given that Assembly Elections in five states are around the corner. A hike of about Rs 2.10-2.13 per litre in petrol price is likely. State-owned oil companies, as per practice, revise rates of petrol on 1st and 16th of every month based on the...
07:21 AM, Jan 02, 2012
New Delhi: After three consecutive price hikes, state-owned oil companies on Thursday cut jet fuel rates by 1.3 per cent in step with softening in commodity's international rates. The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was cut by Rs 833 per kilolitre (kl), or 1.3 per cent, to Rs 63,739 per kl, with effect from midnight, an official of Indian Oil corp, the nation's largest...
07:06 PM, Dec 15, 2011
New Delhi: State-owned Indian Oil Corp, the nation's largest oil firm, on Wednesday reported its worst-ever quarterly net loss of Rs 7,485.55 crore for the second quarter of the 2011-12 financial year due to mounting under-recoveries on fuel sales that were not compensated by the government. The net loss of Rs 7,485.55 crore for the July-September quarter was in sharp contrast to the net profit of Rs 5,293.95 crore posted...
05:02 PM, Nov 09, 2011
New Delhi: A day after the latest hike of Rs 1.80 in the petrol prices, the Indian Oil Corporation on Friday justified the move saying that no entity could provide products on loss. Addressing a press conference, IOC chairman R S Butola said that though the firm understood that the price increases were steep, there was a situation before them. Pointing that the oil marketing companies had suffered losses of...
05:47 PM, Nov 04, 2011
New Delhi: The objection from the UPA allies over the petrol price hike has forced the government to rethink, according to sources. Sources have said that a rollback of the fuel hike cannot be ruled out. This came after UPA allies like the Trinamool Congress expressed anger over the issue. TMC Chief Mamata Banerjee said that the UPA never pays heed to the Trinamool's views. Mamata said, ""We are accountable...
04:16 PM, Nov 04, 2011
New Delhi: Oil companies brought yet another steep hike in petrol price, by Rs 1.80 per litre with effect from Thursday midnight making life more difficult for the aam aadmi. This is the fifth increase since December 2010 coming on top of falling rupee and rising cost of imported crude. This means Fuel prices have been upped by 23 per cent in the last 10 months. Interest rates have shot...
07:13 AM, Nov 04, 2011
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