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: In a major breather for cash-strapped Kingfisher Airlines, the oil companies on Thursday resumed fuel supply to it after reportedly receiving full payment from the crisis-hit airlines. On Wednesday, oil companies had pulled the plug on supply to the cash-strapped airlines due to non-payment of dues. The International Air Transport Association (IATA) too barred its agents from booking any flights, seriously jeopardising the company's international bookings. The Income-Tax...
09:00 AM, Mar 08, 2012
New Delhi: It couldn't have gotten worse for the people looking to celebrate the festival of colours with their near and dear ones. Crisis-hit Kingfisher Airlines looks set to cancel more flights on Thursday and coming days. On Wednesday, oil companies pulled the plug on supply to the cash-strapped airlines due to non-payment of dues. The International Air Transport Association (IATA) too barred its agents from booking any flights, seriously...
07:06 AM, Mar 08, 2012
New Delhi: Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week. State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said. Oil firms had last revised petrol prices on December 1 after which rates have not been changed because of Assembly Elections. The industry, they said,...
08:52 PM, Feb 27, 2012
New Delhi: Air India has settled a "major portion" of dues owed to state-run oil marketing companies and will pay the remainder on Friday, a spokesman for the ailing national carrier said on Thursday. The oil marketing firms had earlier threatened to halt fuel supplies to Air India, reeling under a debt pile of $4 billion, from Friday for non-payment of dues. "We made some payment yesterday, some even today....
01:29 AM, Feb 03, 2012
New Delhi: State-owned oil companies on Thursday snapped supplies of jet fuel (ATF) to Air India after the national carrier failed to honour payments even after 90-day credit period. "All three oil companies (Indian Oil, Bharat Petroleum and Hindustan Petroleum) have stopped ATF supplies to Air India at the four metros, Trivandrum and Kochi from 1600 hours," an oil company official said. The move follows Air India not honouring its...
04:55 PM, Feb 02, 2012
New Delhi: As the government mulls allowing Kingfisher Airlines to import ATF directly, oil companies have opposed the move saying the proposal was "bad economics" for the beleaguered airline in view of high taxes and handling cost. In a detailed response to the application made by Kingfisher to import aviation turbine fuel (ATF) directly, oil firms stated that India is surplus in jet fuel and exports half of its production...
10:52 AM, Jan 15, 2012
New Delhi: Petrol prices will not be raised this fortnight as state-owned oil firms apparently could not get political clearance for the over Rs 2 per litre hike in rates needed to achieve parity with the imported cost on account of the weakening rupee. Indian Oil (IOC) and other state-run firms, which had last month refrained from hiking petrol prices as the government was wary of protests while Parliament was...
06:20 PM, Jan 02, 2012
New Delhi: With global crude rates coming down, petrol price has been cut by Rs 0.78 per litre, the second reduction in two weeks. The reduction, which will be effective from midnight, was lower than the anticipated cut of Re 1 per litre because of drop in rupee and firming of international prices during the past 48 hours. Petrol in Delhi will cost Rs 65.64 per litre as against Rs...
08:24 PM, Nov 30, 2011
New Delhi: State-owned oil marketing companies will meet later on Wednesday to review petrol prices and may cut the prices by Rs 1.02 a litre, the second reduction this month, on falling global oil rates. The PSU oil companies, which on November 16 cut petrol price by Rs 2.22 per litre, may cut rates by another Rs 1.02 a litre on November 30 when they review the retail rates in...
03:47 PM, Nov 30, 2011
New Delhi: Petrol prices have been cut by Rs 1.85 per litre, the first cut in the last 33 months. But what forced oil companies to roll back prices just after the hike a fortnight back? Is it the angry 'aam admi' on the street that has forced the oil marketing companies to rollback petrol prices or is it sensible economics? The government claims the consumers are benefiting due to...
07:13 AM, Nov 16, 2011
Kolkata: West Bengal Chief Minister Mamata Banerjee, who had threatened that her Trinamool Congress would quit the UPA if the prices of petro products were raised again, on Tuesday, said she was happy that the Centre had decreased the price of petrol. Reacting to the reduction in price of petrol price by Rs 1.85 a litre for the first time in three years, Mamata told reporters, "We are happy. Thanks...
08:49 PM, Nov 15, 2011
New Delhi: Oil companies have reduced petrol prices by Rs 1.85 per litre across India. This means that in Delhi petrol prices will get cheaper by Rs 2.22 per litre, after the reduction of VAT. "States have the option to reduce VAT," reports said. Petrol price in Mumbai has been reduced by Rs 2.34 per litre to Rs 71.47 per litre, while in Kolkata the cut is Rs 2.31 to...
06:38 PM, Nov 15, 2011
New Delhi: In what comes as a major relief for the 'Aam Aadmi', the petrol prices are likely to be brought down by Rs 2. According to sources in the Oil Ministry, though the cut down cannot be termed as a rollback, it is the government that has suggested the reduction in the prices. The sources further said that the slashing of the prices would be a political decision, adding...
07:56 AM, Nov 15, 2011
New Delhi: Prime Minister Manmohan Singh has said that any fresh subsidies for oil marketing companies to bring down fuel prices would only increase the government's budgetary burden, which eventually could aggravate the inflationary pressures even further. "If the (fuel) prices go up, we have to either raise domestic prices or absorb the increased cost in asking the oil marketing companies to subsidise other elements of the petroleum sector, or...
06:35 PM, Nov 13, 2011
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11:52 PM, Nov 11, 2011
New Delhi: Oil companies may finally succumb to public pressure as a possible Re 1 cut in petrol prices is likely to happen next week. Sources told Network 18 on Friday that oil marketing companies might roll back petrol prices next week. The oil retailers had on November 4 hiked petrol prices by Rs 1.8 rupees per litre citing high crude prices. This was the fifth hike in the petrol...
09:49 PM, Nov 11, 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
New Delhi: The Government has been blaming oil companies for increasing petrol prices as it is the only oil product that is deregulated. But how true is its claim that not raising prices will bleed these companies to death? Every time petrol prices are raised the nation goes through a wave of protests. Indian Oil Corporation, a Navratana company with an annual income of Rs 313000 crore, in the first...
07:00 AM, Nov 09, 2011
