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.
The long-drawn slugfest between ONGC and HPCL over latter’s repeated failure to recognise the state-run explorer as its parent may upset gains from such a consolidation exercise aimed at creating an entity with a significant presence in entire oil chain.
The Election Commission (EC) has asked the three oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — to stop allotment of petrol pumps for now.
Oil & marketing companies (OMCs) were in focus on March 29 after HSBC maintained a buy rating but raised respective target prices on each one of them.
Shares of three state-run oil marketing companies rose by 0.74% to 1.47% at 10:51 IST on BSE after crude oil futures declined in the international commodity market.
Assam, the state where oil was discovered and produced for the first time in the country more that a century ago, will have the first Oil Museum in the country.
Two state-run retailers and a private consortium won the maximum bids as India completed auctions to allot 50 regions for distribution of natural gas as the world’s third biggest oil consumer looks to cut consumption of dirtier fuels.
Crude oil prices slipped by 3 percent overnight after US President Donald Trump called on Organization of the Petroleum Exporting Countries (OPEC) to ease its efforts in boosting crude prices.
Oil regulator PNGRB has rejected HPCL’s objections to consultations it had initiated to break stranglehold of PSUs on lucrative pipeline supplying jet fuel to Mumbai airport, saying the refiner will get a formal opportunity to make its case against the move.