The oil firms on Friday decided to increase fuel prices again. While the price of petrol will be increased by Rs 1.50 per litre, that of the diesel will be hiked by 45 paise per litre. The hike was expected this week as the oil firms were slated to begin to exercise the recently accorded freedom to adjust rates in step with cost. ...
06:49 PM, Feb 15, 2013
The government has finally taken the first step towards de-regulation 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 the common man. ...
06:41 AM, Jan 19, 2013
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. ...
04:42 PM, Jan 17, 2013
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. ...
11:34 AM, Jan 16, 2013
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 fool-proof by the end of this fiscal against the backdrop of capping in the number of subsidised cylinders. The three OMCs, which distribute gas to over 14 crore registered customers across the nation, are currently piloting three different interventions based on bar-coding, an RFID...
11:15 AM, Oct 14, 2012
New Delhi: State-owned 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 connection check, the companies said in a statement. "Those who are desirous of availing new LPG connections are also requested...
02:38 AM, Oct 14, 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" in petrol pumps not making any fuel purchases on October 1 and 2. "Petrol pumps all over the country shall...
10:29 AM, Sep 30, 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
Mumbai: The rupee rose on Monday to its highest against the dollar in a week, despite a steep sell-off in global risk assets, on the back of dollar sales by corporates and exporters, as well as unwinding of long-dollar positions by banks. The recovery comes after the rupee had hit a string of record lows against the dollar in the second half of May, with the latest on Thursday when...
03:05 PM, Jun 04, 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: Petrol prices may be revised on Friday with companies talking about a scope of cutting rates by Rs 1.50-1.60 a litre. On a day when BJP-led NDA and the Left parties called a Bharat Bandh against petrol price hike, the government appeared in no mood to announce a cut. "To my mind, there will be no revision in rates tonight," a senior official at one of the three...
09:45 PM, May 31, 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 said, adding, "The oil companies should have shown some propriety." The UPA government is under intense pressure from even...
07:50 PM, May 29, 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 on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a...
08:10 PM, May 26, 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 preparing to take the bolder step of cutting subsidies on other fuels weighing on its budget deficit, but after...
09:35 PM, 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 possible hike in diesel and LPG prices too. Sources also say that oil companies are pushing for a Rs 5...
07:45 AM, May 24, 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 now costs Rs 70.66 a litre but after midnight it will go up to Rs 78.16. Kolkata too faces...
06:34 PM, May 23, 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 Lashkar-e-Taiba are likely to target Ahmedabad and Jamnagar. Police on Saturday searched residential areas around major petroleum refiners in the Jamnagar city, and released photographs of six suspected LeT terrorists. Coast Guard has beefed up the security along the Jamangar coast...
09:39 PM, May 05, 2012
New Delhi: After three rounds of price hike, state-owned 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, to Rs 67,631 effective from Sunday midnight, Indian Oil Corp, making the announcement on behalf of the industry, said. The...
06:32 PM, Apr 15, 2012
New Delhi: After fake pilots, another serious air safety issue stands exposed. CNN-IBN 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 it found that the oil companies had reduced the testing time for fuel purity from two minutes to one....
06:12 PM, Apr 03, 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
