The U.S.-China trade war and the growth of American oil supply will keep crude prices in check, notwithstanding Middle East tensions, according to the head of one of India’s biggest refiners.
Government’s focus on electric vehicles (EVs) is not a matter of concern as it will not have any impact on demand of petrol and diesel for next 10-15 years, says Mukesh Kumar Surana, Chairman & Managing Director, Hindustan Petroleum Corporation Limited (HPCL).
The higher cess, as it will be passed through to the customers, will be neutral for oil companies, says MK Surana, CMD, HPCL.
Shares of state-run Indian oil marketing companies (OMCs) extended their losses on Monday, after closing lower on Friday, the day the Union Budget was presented in Parliament.
Daimler India Commercial Vehicles, a subsidiary of German commercial vehicle-maker Daimler, Wednesday said it has launched a co-branded fleet card in association with oil marketing major Hindustan Petroleum Corporation Ltd to offer its services for its entire range of trucks.
A huge first stage reactor weighing 1,646 tonnes was successfully erected at HPCL’s facility in the city on Tuesday, marking a milestone in the public sector undertaking’s modernisation drive.
Hindustan Petroleum (HPCL), the country’s third-largest fuel retailer, in a response to an excise department’s show cause notice — seeking additional payment of excise duty from the Visakh refinery — said that the demand is legally not tenable and the notice would be suitably replied to.
The Indian benchmark indices have extended the morning gains with Nifty jumping 134 points, trading at 11,791 while the Sensex added 442 points and is trading at 39,253 mark.
Hindustan Petroleum Corporation Limited (HPCL) Chairman Mukesh K. Surana on Tuesday said that they expect the new government to bring petroleum products under the GST regime.
Shares of state-owned oil marketing companies (OMCs) were under pressure in the late morning deals on Tuesday with Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) falling up to 6 per cent on the BSE, on profit booking.