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The Finance Ministry is finalizing the contours of the deal, and a Cabinet approval for the compensation could be sought soon, it is learnt.
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Trump's declaration of a national energy emergency, in an effort to boost oil and gas production triggered a sharp fall in crude oil prices, with Brent falling below $80 per barrel and West Texas Intermediate near $77.
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Leading sugar mills are staring at a dual setback, as Centre is prioritising ethanol procurement from cooperative mills over private companies, and is considering a less-than-expected price hike.
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The agency's estimates show that OMC's margins are much higher than what they are internationally in September 2024. Meanwhile, retail prices have remained unchanged since March 2024.
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Oil Ministry has been in talks with the Finance Ministry regarding the windfall tax, and the Department of Revenue will take a final decision in this regard. Both ministries will continue to engage in this matter, Petroleum Secy has said.
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Brent crude prices have dropped nearly 7 percent in five sessions, driven by weak demand from China and expectations of increased OPEC+ production in October to offset Libya's output decline.
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These investments come amid weak global demand for traditional fuels. While the petrochemical sector offers growth potential, state-run companies have underperformed in this area, adding a layer of risk.
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The latest hike in windfall tax marks the fifth such increase since February. The move by the Indian government comes as global oil prices continue to rise amid concerns over potential disruptions in supply due to escalating geopolitical tensions.
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The poultry industry anticipates that 10-20 percent of maize could be used for ethanol production, which would increase the demand-supply gap further, causing a spike in maize prices.
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According to ICRA estimates, OMCs’ net realisation was higher by Rs 11/litre for petrol and Rs 6/litre for diesel vis-à-vis international product prices in January 2024
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As per the IOCL website, the cost of commercial LPG—used in establishments like hotels and restaurants—will now be Rs 1,755.50 per 19-kg cylinder in the national capital Delhi, down by Rs 1.50 from the previous price of Rs 1,757.
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Oil marketing companies could soon face a double whammy with rising oil prices and falling finished goods prices
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Strong refining margins and inventory gains, however, could partly offset the slump in marketing margins of downstream oil companies, say analysts. About RIL, they said the company has showcased noteworthy resilience and growth during Q2FY24
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In the first quarter of the previous financial year, they posted losses due to record-high crude oil prices amid geopolitical tensions
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While the bottomline seems to be improving, the brokerage’s analysts do not believe that the buoyancy will last in the near term
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OMCs’ margins will be weighed down, according to the brokerage.
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At present, the OMCs continue to incur losses from the sale of diesel, which will reduce as crude oil prices are now stabilising opines Union Minister of Petroleum and Natural Gas Hardeep Singh Puri.
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"It will help the PSU OMCs to continue their commitment to the Atmanirbhar Bharat Abhiyaan, ensuring unhindered domestic LPG supplies," the Centre said.
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"BPCL is doing well now, divestment is not on the table right now," the minister said.
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Most airlines in India are in talks with oil marketing companies including Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Indian Oil Corporation and will sign supply agreements with OMCs by October.
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The government has raised the windfall profit tax on the export of diesel to Rs 13.5 a litre and the levy on ATF has been increased to Rs 9 a litre
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This additional demand for ATF at a time when they are selling at record high prices will boost revenue of the OMCs at a time when they are booking losses on the retail sale of fuel.
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The Universal Service Obligation will make it obligatory for OMCs to provide supply to retail pumps across the country for the benefit of the end-customers.
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There is no change in the basic price of ethanol from the different feedstock and the vendors have to maintain the prevailing rates in the invoices.
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AIPDA, which represents 22 state fuel dealers associations in India, met petroleum ministry officials, who assured them that their demand will be fast-tracked and that the centre will set up a meeting between fuel dealers and oil marketing companies.
