Oil Companies

  • Petrol price cut by 70 paise per litre April 15, 2014

    New Delhi: In a good news for the people, petrol price has been cut by 70 paise per litre. The price changes announced by oil companies are excluding local sales tax or VAT with effect from Tuesday midnight. Earlier, petrol and diesel prices were hiked by 75 paise and 50 paise a...
  • Petrol prices to be reduced by over Re 1 March 26, 2014

    Petrol prices are likely to be cut by over one rupee a litre early next week, as appreciation in value of rupee against US dollar and fall in global oil rates has made imports cheaper. However, diesel rates will go up by 50 paisa per litre in line with the practice...
  • Cabinet nod for shale gas exploration on nomination basis September 24, 2013

    New Delhi:The Cabinet Committee on Economic Affairs on Tuesday approved exploration and exploitation of shale gas and oil by national oil companies (NOCs) on acreages given on a nomination basis. "This policy will allow NOCs to carry out exploration and exploitation of unconventional hydrocarbon resources particularly shale gas and oil in...
  • Fuel prices hiked; Petrol dearer by Rs 2.35 per litre, diesel by 50 paise August 31, 2013

    Petrol price was Saturday hiked by a steep Rs 2.35 per litre, the sixth increase in rates in three months, and diesel by 50 paise per litre on falling rupee and firming international oil prices. ...
  • Libya warns will destroy tankers illegally exporting oil August 27, 2013

    Tripoli: Libya warned on Monday it will attack and destroy any tanker illegally exporting oil after forces last week fired at a Liberian-flagged tanker close to the country's largest crude oil export terminal. The tanker, which sought to load crude oil that armed protesters blocking the country's main export ports were...
  • 'Fall to impact oil companies' August 16, 2013

    Oil manufacturing companies will have no option but to increase prices, claims Oil expert. "Oil companies will have no option but to force the government to allow them increase oil prices," Oil expert Narendra Taneja said. ...
  • SL takes over oil storage depot from IOC March 22, 2013

    New Delhi: A day after India voted in favour of the UN resolution on war crimes in Sri Lanka, sources said diplomatic ties between the two neighbouring countries are beginning to crackdown. On Thursday, Sri Lanka announced plans to partially take over an oil storage depot from the Indian Oil...
  • India rejects reports of SL taking over parts of IOC depot March 21, 2013

    New Delhi: India on Thursday denied reports that Sri Lanka had decided to reposses a part of a strategic oil depot Indian Oil as was announced by Information Minister Keheliya Rambukwella. An official spokesperson of the Ministry of External Affairs said that India has been assured that such reports were...
  • Petrol prices hiked by Rs 1.50 per litre, diesel by 45 paise a litre February 16, 2013

    New Delhi: The oil firms on Friday decided to increase fuel prices again. While the price of petrol have been increased by Rs 1.50 per litre, that of the diesel have been hiked by 45 paise per litre. The hike was expected this week as the oil firms were slated...
  • Diesel hike impact: How it will hit your life January 19, 2013

    New Delhi: The government has finally taken the first step towards deregulation of diesel prices. A 45 paise increase per month would mean Rs 10 hike every year. A 45 paise hike in diesel prices might seem small but even this small quantum is expected to make life costlier for...
  • Should oil prices be decided by government or market forces? January 17, 2013

    The government on Thursday allowed oil companies to increase diesel price by 50 paise per litre every month. ...
  • Oil cos have liberty to make small changes in diesel prices: Moily January 17, 2013

    New Delhi: The government on Thursday took the first step towards diesel decontrol and allowed the oil companies to raise prices from time to time, but kept the mechanism to be followed unclear. While speaking to IBN18 EditorinChief Rajdeep Sardesai, Union Petroleum and Natural Gas Minister Veerappa Moily said that...
  • Kingfisher gets NOC from oil cos, leasers January 16, 2013

    New Delhi: Kingfisher Airlines has been given a "no objection certificate" from oil companies and some aircraft leasing companies to restart operations, a senior regulatory source said on Wednesday. Kingfisher shares extended gains to 6 percent on the news. The airline, which lost its operating licence at the end of 2012...
  • Rs 26.5 hike in cooking gas cylinders put on hold November 1, 2012

    New Delhi: Facing stiff opposition, the government on Thursday put on hold the Rs 26.50 increase in price of cooking gas cylinders that consumers buy beyond their quota of six subsidised bottles. "The price hike has been put on hold," a top oil company official said declining to give a...
  • OMCs to fast track foolproofing of gas delivery system October 14, 2012

    Mumbai: Oil marketing companies have decided to bring in technological interventions with a view to remove bottlenecks in distribution system and aim to make the system foolproof by the end of this fiscal against the backdrop of capping in the number of subsidised cylinders. The three OMCs, which distribute gas to...
  • No ban on new cooking gas connections: Oil cos October 14, 2012

    New Delhi: Stateowned oil companies on Saturday said there is no ban on issuing new subsidised cooking gas (LPG) connections which will be issued after completion of multiple connection checks. It is confirmed that new connections are being released after receipt of completed Know Your Customer (KYC) forms and multiple...
  • No plans to go on strike: Petroleum Traders body September 30, 2012

    New Delhi: Federation of All India Petroleum Traders, an umbrella body which claims to represent most of the 42,000 petrol pump operators in the country, on Sunday said it has no plans to go on strike as the government was considering raising dealers commission. FAIPT said there was "no truth"...
  • CAG to audit underrecoveries of oil companies September 2, 2012

    New Delhi: After oil and gas field contracts, the Comptroller and Auditor General (CAG) wants to audit huge underrecoveries or revenue losses reported by staterun 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)...
  • Rupee at 1week high; some see bottom June 4, 2012

    Mumbai: The rupee rose on Monday to its highest against the dollar in a week, despite a steep selloff in global risk assets, on the back of dollar sales by corporates and exporters, as well as unwinding of longdollar positions by banks. The recovery comes after the rupee had hit a...
  • Oil companies deny Vayalar Ravi's profit claim June 4, 2012

    New Delhi: Three stateowned 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...
  • Petrol prices likely to be revised on Friday May 31, 2012

    New Delhi: Petrol prices may be revised on Friday with companies talking about a scope of cutting rates by Rs 1.501.60 a litre. On a day when BJPled NDA and the Left parties called a Bharat Bandh against petrol price hike, the government appeared in no mood to announce a...
  • Oil price hike not a correct step: AK Antony May 29, 2012

    New Delhi: Defence Minister AK Antony on Tuesday slammed the UPA government for the steepest ever petrol price hike, saying it was not a correct step and that the oil companies should have shown some "propriety" before hiking the prices. "The hike in petrol price was not a correct step," Antony...
  • Oil price rollback will hurt India badly: Basu June 1, 2012

    Amid raging protests by parties cutting across the political spectrum for a partial rollback on the petrol price hike, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will hurt India's fiscal deficit target badly, leading to price increase in general. In an interview with Karan Thapar...
  • Protests on petrol prices may delay diesel reform May 24, 2012

    Mumbai: The UPA government came under intense pressure on Thursday from within the ruling coalition and protesters to roll back the steepest petrol price hike in the country's history, less than 24 hours after it took the unpopular decision cheered by investors. There had been signs that the beleaguered government was...
  • After petrol, brace for diesel, LPG price hike May 24, 2012

    New Delhi: The sharpest petrol price hike that was announced on Wednesday evening by oil companies is not the only burden that the UPA government has given to the common man on its third anniversary. Sources say the Empowered Group of Ministers (EGoM) will meet on Friday to discuss a...
  • Petrol price in major cities after hike May 23, 2012

    New Delhi: Petrol prices have been increased by Rs 7.50 a litre from midnight. Here are the rates of petrol in four major metros: Petrol in Delhi currently costs Rs 65.64 a litre and after Rs 7.54 increase it will be priced at Rs 73.14 per litre. In Mumbai, the petrol...
  • Gujarat: IB issues possible LeT terror alert May 5, 2012

    New Delhi: The Intelligence Bureau has issued an alert of a possible terror strike in Gujarat. A specific input from the Intelligence Bureau indicated that six terrorists from the LashkareTaiba are likely to target Ahmedabad and Jamnagar. Police on Saturday searched residential areas around major petroleum refiners in the Jamnagar city,...
  • Oil firms cut jet fuel price by Rs 170 per litre April 15, 2012

    New Delhi: After three rounds of price hike, stateowned oil companies today announced a reduction in jet fuel prices by a marginal Rs 170 per kilolitre (kl). The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 169.3 per kl, or 0.25 per cent,...
  • Oil companies flout aviation fuel testing norms April 3, 2012

    New Delhi: After fake pilots, another serious air safety issue stands exposed. CNNIBN has accessed a report by the Director General of Civil Aviation (DGCA) that shows how oil companies have been flouting its regulations on Aviation Turbine Fuel (ATF) testing for close to a decade. The DGCA report said that...
  • Oil firms warn of disruptions in fuel supply April 2, 2012

    New Delhi: Stateowned 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...