Oil Companies

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Oil Companies - Total results - 46
Chidambaram dubs imposition of taxes on fuel as 'cruel' in times of distress; says govt must borrow to meet deficits
Business

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

Oil marketing companies shares drop up to 13% post govt hikes excise duty on petrol, diesel
Business

Oil marketing companies shares drop up to 13% post govt hikes excise duty on petrol, diesel

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
Business

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
Business

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
Business

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.

Coronavirus Outbreak: ONGC, IOC, other oil companies contribute over Rs 1,031 cr to PM CARES fund
Business

Coronavirus Outbreak: ONGC, IOC, other oil companies contribute over Rs 1,031 cr to PM CARES fund

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
Business

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
Business

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
Business

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 say Air India not honouring Rs 100 cr per month payment promise
Business

State-owned oil companies say Air India not honouring Rs 100 cr per month payment promise

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
Business

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

Cashback of 0.75% to be discontinued on all credit card payments at petrol pumps from today
Business

Cashback of 0.75% to be discontinued on all credit card payments at petrol pumps from today

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
Business

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

As rupee plumbs new lows, RBI eases overseas borrowing norms for oil companies
Business

As rupee plumbs new lows, RBI eases overseas borrowing norms for oil companies

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.

Govt may ask state oil firms to lock in crude futures to stem rupee slide: Source
Business

Govt may ask state oil firms to lock in crude futures to stem rupee slide: Source

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.

Gujarat election impact: After Rs 76.5 hike in LPG price, oil cos skip monthly revision in December
Business

Gujarat election impact: After Rs 76.5 hike in LPG price, oil cos skip monthly revision in December

The price of subsidised LPG was last raised by Rs 4.50 per cylinder on 1 November to Rs 495.69

Prime Minister Narendra Modi meets top global, Indian oil chiefs, talks investment
Business

Prime Minister Narendra Modi meets top global, Indian oil chiefs, talks investment

This is the second meeting Prime Minister Narendra Modi had with CEOs of oil majors

Petrol, diesel prices likely to come down by Diwali, says Dharmendra Pradhan
Business

Petrol, diesel prices likely to come down by Diwali, says Dharmendra Pradhan

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, diesel price decline: Daily rate revision benefits consumers a week later
Business

Petrol, diesel price decline: Daily rate revision benefits consumers a week later

Petrol and diesel prices were de-regulated, or freed from government control from 1 April, 2002 and the fortnightly revision in rates kicked in.

Daily petrol, diesel price revision: Without required infra in place, expect chaos at pumps
Business

Daily petrol, diesel price revision: Without required infra in place, expect chaos at pumps

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