Chidambaram dubs imposition of taxes on fuel as 'cruel' in times of distress; says govt must borrow to meet deficits
Governments must borrow to meet their deficits and not impose higher tax burdens when economic activity has ground to a halt amid the coronavirus pandemic, senior Congress leader P Chidambaram said on Wednesday after the Centre and the Delhi government hiked taxes on petroleum products
Shares of oil marketing companies -- Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd -- on Wednesday plunged up to 13 percent, a day after a hike in excise duty on petrol and diesel
Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel
The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown
Stock markets open flat: Sensex sheds over 200 points, Nifty below 9,200-mark; ITC, OMCs among major losers
Shares in consumer goods conglomerate ITC and lender Axis Bank Ltd fell 6 percent and 3.8 percent, respectively, after a news report that the government is planning to sell its stakes in the two companies.
Hunt for storage space turns urgent as oil glut grows, flips US crude prices negative for first time
In addition to the onshore glut, there are about 160 million barrels of oil sitting on tankers waiting for buyers.
Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic
Govt approves 2,636 new charging stations in 62 cities under FAME India scheme for e-vehicle push: Prakash Javadekar
The Department of Heavy Industry had invited the expressions of interest from entities for availing incentives under the FAME India Scheme Phase II for deploying charging stations within cities.
Non-subsidised LPG price hiked by Rs 19 per cylinder, jet fuel cost up 2.6% on rise in international rates
Jet fuel or ATF price was on Wednesday hiked by 2.6 percent and that of non-subsidised cooking gas LPG by Rs 19 per cylinder on the back of a rise in international rates
Relief for Air India: OMCs defer decision to suspend fuel supplies after national carrier promises to clear dues
State-owned fuel retailers on Friday decided to defer their decision to suspend jet fuel supplies to Air India after the national carrier promised to make regular payments to clear outstanding dues, officials said
State-owned oil companies on Tuesday accused Air India of not honouring its commitment to pay Rs 100 crore every month to clear overdue ATF outstanding of over Rs 5,000 crore and will be forced to snap supplies at major airports from Friday if no solution is offered
Air India says fuel payment issues with oil PSUs will be resolved soon; assures customers of 'smooth' operations
Late August, IOCL, BPCL, HPCL had stopped fuel supplies to Air India at 6 airports of Kochi, Mohali, Pune, Patna, Ranchi and Vizag over payment defaults
An industry official said the oil companies have decided to discontinue the discount on all credit card payments from 1 October.
Fuel price cut by Rs 2.50 to be effective from midnight; government asks oil companies to absorb Re 1
Price cut in states like Gujarat and Maharashtra would be Rs 5 after they matched the announcement with a similar reduction in local sales tax or VAT rates
With the rupee continuing to touch new lows, the Reserve Bank on Wednesday allowed forex borrowings for working capital by oil marketing companies--the largest consumers of foreign currency--under the automatic route with immediate effect.
The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 percent of its crude demand. Its currency has fallen sharply this year against the US dollar, amid a wider sell-off in emerging markets.
The price of subsidised LPG was last raised by Rs 4.50 per cylinder on 1 November to Rs 495.69
This is the second meeting Prime Minister Narendra Modi had with CEOs of oil majors
The comments come amid criticism by opposition parties of a sharp rise in oil prices after the daily rate revision mechanism was introduced by the government recently.
Petrol and diesel prices were de-regulated, or freed from government control from 1 April, 2002 and the fortnightly revision in rates kicked in.
The government has not spelt out is a monitoring mechanism on how they will ensure the right prices are being displayed at the petrol pumps