Oil Cos again pitch for fuel price hike
State-run oil marketing companies fear that they will not be able to meet the country’s fuel demand after two and a half months unless the government raises fuel prices or immediately transfers cash to
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State subsidy on LPG cylinders not a good idea: OMCs
Securing timely payment from states against sale of subsidised cylinders beyond six would be a challenge Oil marketing companies (OMCs) are wary of the populist step of states to increase the number of subsidised cylinders. Securing timely payment from states against sale of subsidised cylinders beyond six would be a challenge, the companies said. According to last week’s decision, a consumer would get only six subsidised cylinders a year, at Rs 399 in the capital, and would have to pay around Rs 750 for each additional refill. But Delhi, Haryana and Assam have announced a subsidy cover for three more cylinders.
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ONGC may bid for $5-bn Conoco oil sands assets
Kuala Lumpur Oil and Natural Gas Corp (ONGC), India’s biggest government-owned energy explorer, is considering bidding for part of ConocoPhillips Canadian oil sands holdings worth around $5 billion, a source with direct knowledge of the situation told Reuters on Tuesday. The Houston-based company has been looking to sell assets in a number of countries including Nigeria as part of a global restructuring. ConocoPhillips recently completed the spin-off of its refining activities into Phillips 66, a newly created independent US company.
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Govt restricts subsidised LPG, raises diesel price
The two moves to cut OMCs' underrecovery by Rs 20,300 cr this year In the second major oil sector reform after petrol decontrol of June 2010, the government on Thursday capped subsidised domestic liquefied petroleum gas (LPG) for a consumer to six per year. For a consumer using 12 LPG cylinders annually, the extra outgo on six additional cylinders at current market price will be Rs 2,106. Also, the diesel price was increased by Rs 5 a litre, while the excise duty on petrol was reduced by Rs 5.30 a litre to avoid a price increase.
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CCEA to take up award of 8 blocks under NELP today
New Delhi The Cabinet Committee on Economic Affairs (CCEA) is likely to consider awarding of eight more oil and gas blocks that were offered in the ninth round of bidding under New Exploration Licensing Policy (NELP), on Tuesday. The government had offered 34 areas for exploration and production of oil and gas in NELP-IX in 2010 and bids for 33 were received at the close of bidding on March 28 last year. Of these, CCEA in March awarded 16 blocks to firms, while bids for 10 blocks were rejected due to bidders offering lesser than expected profit petroleum.
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Petrol prices increased by 70-89 paise
New Delhi After three consecutive price cuts in petrol since the first week of June, oil marketing companies IOC, HPCL and BPCL on Monday raised the price by 70-89 paise a litre citing increase in global oil prices and movement in the rupee-dollar exchange rate. With this price revision, petrol price in New Delhi will cost R68.48 per litre, as against R67.78 a litre earlier. Petrol price in Mumbai has been increased by 88 paise to R74.23 per litre while in Kolkata, the fuel will cost R73.61 per litre. In Chennai, the price has been raised by 88 paise to R73.16 per litre.
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E-way to keep Uttar Pradesh mining mafia at bay
Uttar Pradesh, which has about 4,000 mines of coal, silica, bauxite and granite – mostly in Bundelkhand region, has mandated e-tendering for future allotment of mining leases in the state. This step is aimed at preventing hitherto rampant illegal mining and ushering transparency in allotment of mining leases. Under the system, lease holder will have to get environment clearance for mining within 6 months if the land area is more than 5 hectares (ha), whereas, in case of lease for mining of area of less than 5 hectares, environment clearance will not be required.
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Petrol price may be cut by up to 2 a litre soon
Mumbai:Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut the prices by up to Rs 2 per litre on Friday due to international crude prices declining. Crude prices,
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SC notice to HPCL, Centre over diesel
Expressing concern over a media report that diesel sold in the National Capital Region was adulterated, the Supreme Court today issued notices to Hindustan Petroleum Corporation Ltd (HPCL) and the
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State Oil Cos may Raise Petrol Prices to Recover Past Losses
Plan to revise prices every fortnight to recover . 5k cr of revenue losses. State oil firms plan to raise petrol prices after the end of the budget session of Parliament this month and revise them every
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Govt to give oil companies Rs 30,000-cr relief
The government will not go for an immediate increase in the prices of regulated petroleum products like diesel, domestic LPG and kerosene, even as Prime Minister Manmohan Singh’s intervention has prompted
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Diesel consumption grows 11.9% in FY12
Estimates point to 4-year-high of 4.9% rise in petroleum product sale trend likely to continue, says PPAC The country’s diesel consumption rose a massive 11.9 per cent in 2011-12, leading to an expected 4.9 per cent growth in the sale of petroleum products in the just-ended financial year. That will mark a four-year-high growth, which is significantly above 2.9 per cent in 2010-11. The government’s projection for FY12 was 4.58 per cent.
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High court no to tower near refinery
MUMBAI: Authorities acted in a manner that endangered public health and human life, said the Bombay high court on Thursday while quashing the permission for a highrise next to the HPCL's refinery at Mahul
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Euro-III fuel to be phased out in 7 cities from March 31
NEW DELHI: Environment-friendly Euro-IV quality petrol and diesel will be sold in seven more cities by March 31, government and industry officials said. The seven cities where fuel of Euro-III specifications
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Rs 2 lakh-crore oil losses next year may play havoc with govt plans
The government’s plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products. Non-revision of diesel, LPG and kerosene prices, firm crude oil prices and a weak rupee may combine to foil Finance Minister Pranab Mukherjee's subsidy-reduction plans.
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Cairn India to pay landowners more for pipeline project
New Delhi Cairn India has agreed to double the compensation to the farmers and landowners resisting construction of its pipeline project in Rajasthan and Gujarat. The proposed pipeline will connect its Rajasthan oilfield to the crude oil shipping facility at Bhogat in coastal Gujarat. The company now produces one fifth of India's crude oil output. It has agreed for higher right of user payment — more than double the rate applicable in the Jamnagar district — after discussions with the local authorities and policymakers, said a source privy to the development.
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Govt-private firms tussle over petro prices intensifies
Ajay Modi / New Delhi April 13, 2009, 1:08 IST The battle between private oil companies and government oil marketing companies (OMCs) over petroleum product pricing is set to intensify. The Appellate Tribunal for Electricity (APTEL) has admitted the OMCs
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Water in fuel tanks, Rlys derailed
New Delhi: The oil mafia has struck at the IOC depot at Shakurbasti causing heavy losses to the Northern Railways. The gang siphoned off thousands of litres of kerosene and diesel from tanks at the Indian
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Big companies run chemical tanks without green nod for 18 years
Palak Shah / Mumbai September 3, 2008, 0:40 IST Over 100 chemical storage tanks built at the Pirpav jetty near Chembur have been operating without approvals from the ministry of environment and forests for over 18 years. Each of these tanks has an average capacity of 200,000 kilolitres of oil.
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Petrol prices may be cut as global crude oil eases
<p> New Delhi Prices of the fuel have gone up 33% since being decontrolled last year</p> <p> Easing global crude oil price — $103 a barrel on Monday, down from an average $113 a barrel in the first quarter — has nearly covered the losses that retailers IOC, HPCL and BPCL make on petrol, encouraging the government to indicate a price cut in the auto fuel. Since it was decontrolled in June last year, petrol prices have gone up 33%.</p>