The drop in volumes follows India's threat to order state refiners - Hindustan Petroleum, Bharat Petroleum, Mangalore Refinery and Petrochemicals Ltd, and Indian Oil Corp - to reduce purchases from Iran if an Indian consortium is not awarded the rights to develop Iran's huge Farzad B natural gas field.
State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum and Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily, executives from the firms told the daily.
The current trend in India is to change fuel rates every fortnight. A shift to daily change would mean that prices don't drop or rise sharply, as prices may only change by a few paise everyday and will not lead to shock to customers.
They are expected to step up investments in upgrading refineries to meet cleaner fuel standards, improve yields and create flexible refinery configurations in product pipeline and gas infrastructure capacities, it said.
Indian Oil Corp is ranked highest at 161st among Indian firms, while another state-run firm ONGC has moved out of the rankings for 2016. Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies that are the principal retailers of petroleum products, says Fitch Ratings.
Government of India's (GoI) decision to raise the cap on the number of subsidised LPG cylinders could impact the stand alone financial profiles of public sector oil marketing companies in FY15, says India Ratings.
The total amount of oil swap which the RBI engaged in between August 28 and the first week of December was USD 12 billion, he said. The measures were initiated after the rupee touched a lifetime high of 68.85 to the dollar on August 28.
Trend Micro helps the company strengthen its security posture and boost productivity.
The Competition Commission of India (CCI) is currently looking into suspected unfair trade practices by state-run oil marketing firms while setting petrol prices.
ATF had last scaled the high of Rs 71,028.26 per kl in August 2008, but four consecutive increases since June this year that has been necessitated by the falling rupee, has seen the fuel price break all records.
Hindustan Petroleum Corp has shut part of its 166,000 barrel per day (bpd) Vizag refinery after a fire in the cooling tower, which killed one person and injured 33 others.
Direct benefit transfer scheme is off to a strong start, Rs 41 crore has already been sent to customer accounts
With the rupee depreciating sharply against the US dollar, the Reserve Bank of India (RBI) on Tuesday ordered state-owned oil companies (OMCs) to purchase their dollar requirements from the State Bank of India to curb volatility in the currency.
Hindustan Petroleum is expected to post around 43%YoY jump in Q4 profit on improved GRMs.
The finance ministry‘s best and only option is to free market pricing of diesel and cap the subsidies on kerosene and cooking gas so that subsidies can be cut.
HPCL is aiming to restart the unit by the last week of June, which is expected to create a domestic oil product shortfall in the interim, traders said.
Kirit Parikh, former Planning Commission member and oil-and-gas expert, says in an interview to CNBC-TV18, that consumers have accepted revisions in petrol prices and less frequent price revisions would lead to OMCS charging more.
As the government introduces dual pricing of diesel, companies are losing bulk buyers to retail petrol pumps
Jet fuel (ATF) prices were today cut by a steep 5.5 per cent, reversing the rising trend of past two months.
State-run Hindustan Petroleum has signed an agreement with Rajasthan government to build 9 million tones per annum refinery-cum petrochemical complex for Rs 37,230 crore.
The government is working towards making the country self-sufficient for its petroleum needs by 2030, Petroleum Minister M Veerappa Moily said today. "We are working with a programme that by 2020, 50 percent of import of petroleum should be stopped and 75 percent imports should be stopped by 2025.
In a move that will hit oil PSUs hard, the Finance Ministry wants changes in the way petrol and diesel are priced by suggesting excluding the element of import duties to save about Rs 18,000 crore in subsidy bills.
Shares of oil marketing companies rose anything between 7%-15% after the government allowed them to raise diesel price in small quantum periodically till such time they are able to make up their losses.
Cooking gas consumers can now change their dealers as the government has launched LPG portability scheme on the lines of mobile phone services.