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
Shares in Oil & Natural Gas Corp rose as much as 3.6 per cent on January 10 as part of a rally across oil companies after the oil ministry moved a proposal to raise diesel prices to the federal cabinet. ...
11:26 AM, Jan 10, 2013
Diesel prices may be hiked by Rs 10 per litre over a 10-month period and kerosene rates increased by same quantum over the next two years if a proposal of the Oil Ministry is accepted. The price hike is being considered as the government scrambles to find ways to meet an unprecedented Rs 160,000 crore deficit expected this fiscal on selling diesel, cooking gas (LPG) and kerosene below their production...
04:32 PM, Dec 27, 2012
New York: Eight Indian companies have made the cut in the list of world's 500 largest companies compiled by Fortune magazine, with Indian Oil and Reliance Industries finding a place in the top 100. Out of the eight, five are state-run entities. With an annual revenue of $86,016 million, Indian Oil has cornered the 83rd spot up from 98th place last year. Mukesh Ambani-led Reliance Industries is the first Indian...
09:08 PM, Jul 09, 2012
New Delhi: State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices. "The Greece vote is behind us now. But the Fitch rating downgrade has led to a sharp fall in rupee against the US dollar. There is high volatility in the market. For now we will watch the situation," said a top official at one of the three state-owned...
08:17 PM, Jun 18, 2012
New Delhi: In a major relief to cash-strapped airlines, jet fuel (ATF) prices were on Friday reduced by a massive 5 per cent, the steepest reduction in rates since February 2010. The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 3,260 per kl, or 5 per cent, to Rs 62,410 per kl with effect from midnight tonight, according to Indian Oil Corp, the...
02:31 AM, Jun 16, 2012
New Delhi: Three state-owned oil companies have issued a statement denying that they are making huge profits and stated that the petrol price hike was necessary. The statement came in response to a letter by Overseas Indian Affairs Minister Vayalar Ravi to Oil Minister S Jaipal Reddy saying the claim made by oil companies that they are running in loss seems to be untrue in view of the profits they...
07:08 AM, Jun 04, 2012
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: Stating that India faces "formidable" challenges on the energy front, Prime Minister Manmohan Singh today said spiralling international oil prices have put a strain on the country's import bill and domestic prices need to be rationalised. "With imports accounting for about 80 per cent of our crude supplies, the spiralling prices of crude in the international market have put a severe strain on our import bill," he said...
11:50 AM, Apr 28, 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: Public sector oil companies have warned of disruptions in fuel supply if they are not allowed to raise petrol prices. Oil companies want the government to compensate them for the Rs 48 crore per day loss that they are incurring by not hiking petrol prices. The Indian Oil Corporation has warned that the situation is critical, claiming the oil marketing companies are bleeding and loosing Rs 7.67 per...
04:03 PM, Apr 02, 2012
New Delhi: State-owned oil companies on Monday warned of disruptions in fuel supplies if they are not allowed to raise petrol price or compensated for the Rs 48 crore per day loss they incur on selling fuel below cost. "The situation is very critical. We are losing Rs 7.67 per litre on petrol and after adding 20 per cent sales tax, the desired increase in rates in Delhi is Rs...
02:44 PM, Apr 02, 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: Tata Steel has topped a list of India's 50 most admired companies, while four other companies from the steel-to-software conglomerate Tata group have also made to the first such rankings. However, the first such list for India, compiled by business magazine Fortune and global management consultancy Hay Group, has nearly half of the total 50 positions being occupied by the Indian units of the foreign companies. Tata Steel...
02:46 PM, Mar 06, 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: In a significant policy change, the government plans to reserve 27 per cent of new petrol pumps and LPG agencies for Other Backward Classes (OBCs). Presently, 25 per cent of the sites for new petrol pumps are reserved for Scheduled Caste (SC) and Scheduled Tribe (ST) persons. "We are in the process of formulating new guidelines for setting up of retail outlets and LPG distributorships. The new guidelines...
07:09 PM, Jan 20, 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: Oil Minister S Jaipal Reddy on Wednesday called for a meeting of the Empowered Group of Ministers (EGoM) to decide on revising the prices of diesel and LPG. "I have asked for a meeting of the Empowered Group of Ministers (EGoM)," Reddy told reporters after a meeting with Finance Minister Pranab Mukherjee, who heads the EGoM. State-owned oil firms are currently losing Rs 9.27 per litre of diesel,...
02:31 PM, Nov 02, 2011
New Delhi: Faced with a twin attack from oil PSUs and operators of Delhi and Hyderabad airports asking it to clear their dues, Air India on Saturday drew up plans to combine13 flights spread over a few sectors till the start of the lean season from mid-June. In a bid to face the fresh financial crisis, the ailing national carrier sent a letter to the Civil Aviation Ministry urging the...
06:56 PM, May 28, 2011
