India is looking at cutting capacity at its biggest oil refinery to match lower fuel demand projections and contain costs which jumped to $60 billion due to meeting stringent environment norms and relocation of the plant, top officials said
Govt plans to add over 78,000 petrol pumps is uneconomical, will only cut into each other's sale: Crisil report
The government plan to more than double the number of petrol pumps in the country does not make economic sense as more number of outlets would only cut into each other's sale, leading to some unprofitable, Crisil Research said in a report on Thursday
Sources said HPCL has not made any firm proposal for the acquisition to ONGC
Centre asks ONGC to list overseas investment arm OVL on bourses to help achieve govt disinvestment target
ONGC had helped the government meet its disinvestment target last fiscal when it bought a 51.11 percent stake in state-owned Hindustan Petroleum Corp Ltd (HPCL) for Rs 36,915 crore
Oil and Natural Gas Corp (ONGC) had in January this year bought the government's entire 51.11 percent stake in HPCL for Rs 36,915 crore. Post that, HPCL had become a subsidiary of ONGC.
High operating profit to help ONGC cut borrowings; free cash flow will improve financial flexibility: Moody's
ONGC increased its borrowings by about Rs 25,000 crore in January 2018, when it acquired a 51.11 percent stake in Hindustan Petroleum Corp Ltd for Rs 36,915 crore.
Budget 2018: Oil ministry seeks cut in excise duty on petrol, diesel to cushion impact of rising crude prices
Prime Minister Narendra Modi, who faces elections in key states later this year, and a nationwide election in early 2019, has faced pressure over a rise in retail prices of petrol and diesel to a record level.
The price of subsidised LPG was last raised by Rs 4.50 per cylinder on 1 November to Rs 495.69
At present, ONGC owns 71.63 percent stake in MRPL while HPCL has 16.96 percent
A subsidised 14.2-kg LPG cylinder will now cost Rs 488.68 in Delhi as against Rs 487.18 previously, IOC said.
India, the world's third-biggest oil consumer, imports about 80 percent of its crude needs and Prime Minister Narendra Modi has set a target to cut dependence on oil imports by 10 percent by 2020.
Indian Oil Corp (IOC) will be the lead partner with 50 percent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 percent stake each, IOC Chairman Sanjiv Singh said.
This is the fourth increase in petrol price in six weeks and the third in case of diesel in one month.
One person was killed and 33 injured in the fire, said police inspector Ranganadh from Andhra Pradesh.
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.
Indian Oil Corp will start work on its first liquefied natural gas (LNG) plant at Ennore in the east coast by the end of this year, its chairman said on Tuesday, as it sees a gradual rise in local acceptance of the costly imported fuel.