-
Energy experts told Moneycontrol that the companies are unlikely to cut fuel prices as OMC profitability has dipped in the current fiscal so far compared to last year.
-
Petrol and diesel prices will, in fact, fall in states such as Odisha, Chhattisgarh, and Himachal Pradesh due to a rationalisation of intra-state freight.
-
With the upcoming elections in key states of Maharashtra and Haryana, and crude at a record-low levels, OMCs could be prodded into a price cut.
-
Crude oil prices settled for the third straight weekly gain on June 28, and are currently trading over $83 per barrel. On July 1, Brent prices were hovering around $83.61 a barrel.
-
In line with the increase in sales tax, petrol prices in Bengaluru rose to Rs 102.84 per litre from Rs 99.84 per litre, and diesel prices rose to Rs 88.95 a litre from Rs 85.93 in the city.
-
The Karnataka government on June 15 hiked sales tax on fuel, making petrol and diesel costlier. Petrol prices have gone up by Rs 3 per litre and diesel by Rs 3.5 per litre.
-
OPEC+’s ministerial committee has confirmed that the group’s production would remain unchanged till mid-2024.
-
There will be a reduction in the Retail Selling Price (RSP) of petrol and diesel at Kavaratti and Minicoy by around Rs 5.2 per litre. In Andrott and Kalpeni it will be reduced by around Rs 15.3 per litre, the release said.
-
With global crude oil prices trading around $80 a barrel since late 2023 and oil marketing companies turning profitable, consumers have been expecting a cut in fuel prices
-
The state-run oil marketing company posted a 207 percent standalone growth, or over a three-fold jump, in profit at Rs 529 crore for the December quarter of fiscal 2023-24 as against Rs 172 crore reported a year back.
-
The minister added that oil marketing companies (OMCs) are posting profits currently but had incurred huge losses earlier.
-
Amid media reports of fuel price reduction, the Consortium of Indian Petroleum Dealers has written a letter to government to immune dealers from the losses incurred by them during instances of sudden price cuts.
-
With international crude oil prices cooling down in 2023 from high levels witnessed in the previous year, expectations are high for price reduction of diesel and petrol by oil marketers in 2024.
-
Demand from China, the largest energy importer in the world, has remained weak due to economic distress in the country. Meanwhile, crude stocks in the US rose by 3.6 million barrels recently.
-
Marketing margins for fuel retailing companies are set to shrink because petrol and diesel prices haven’t changed
-
The oil marketers including Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) are also incurring loss of Rs 1- Rs 2 per litre on petrol.
-
The Ministry of Finance on Friday night announced the price hike of petrol by Rs 26.02 and diesel by Rs 17.34 per litre following clearance from caretaker Prime Minister Anwaarul Haq Kakar.
-
Essential items such as food and fuel occupy a greater share in the consumption basket of lower income classes
-
At the end of this year, assembly elections are scheduled to take place in five states, followed by Lok Sabha elections in early 2024.
-
Speaking at CNN-News18’s Town Hall, Puri said, Oil Marketing Companies (OMCs) took a hit to protect consumers and have left diesel and petrol prices unchanged for over a year now.
-
Crude oil prices have gained momentum in recent weeks amid supply cuts from Saudi Arabia and easing inflation in the US. The price of crude oil has been hovering around $80 per barrel in July.
-
Following the increase in VAT, retail prices of petrol (in Mohali) rose to Rs 98.95 a litre and of diesel to Rs 89.25 per litre, fuel pump owners said on Sunday.
-
OMCs are expected to pass on the benefits to the consumers as their performance is now 'close to normalcy, a senior petroleum ministry official has said
-
In Delhi, petrol costs Rs 96.72 per litre while diesel is selling at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.
-
Petrol and diesel rates remained unchanged in major metro cities across the country.
