The state-owned Indian Oil Corp (IOCL) has launched cashless transactions in India’s northeast for LPG distribution, an official said on Friday.
Overseas fund raising season kicked-off for the year with state-owned Bharat PetroleumBSE 0.36 % Corp mopping up funds at a cheaper rate and NTPCBSE 1.23 % planning similar bond sale within weeks.
Reliance Industries has slashed the price of fuel to snatch back market share lost to state pumps in the days after demonetisation, when the latter accepted old notes for some time and currently offer a discount on digital purchases.
Under-recoveries for the month of January 2017 will be Rs. 12.78 per litre for PDS Kerosene
On the back of high global oil prices, the domestic oil companies—Indian Oil, Bharat Petroleum and Hindustan Petroleum announced a hike in the pump prices of petrol and diesel.
India’s oil import bill will jump due to rise in crude prices following lower output call by OPEC as well as a steep fall in the rupee, but the oil subsidy burden is unlikely to cross the budget estimate of Rs 17,000-19,000 crore this year, says a report.
“I see a lot of scope of a ‘Houston’ or `Aberdeen’ being created in India itself on the back of growth in its energy sector in coming years” : IOC Chairman and Managing Director, B Ashok
"A large part of our Rs 1,80,000 crore investment has already factored this brownfield expansion investment plans. But going further forward, there is also scope for green field refineries to be set up in India as well. We are playing the lead role in setting up a very large refinery in the west coast of India and likely in Maharashtra. We are looking at a 60 million tonnes per annum or the largest refinery in the world."
“At Indian Oil, we have committed investments worth Rs 1,80,000 crores in the next 5-6 years. This in itself is going to drive a lot of growth in the whole economy. This will also create opportunities for many other companies who will be involved in building this infrastructure thereby offering direct and indirect investment and job opportunities within and to companies across the globe. From that perspective, a number of public and private sector industries are going to be involved in the growth story of Indian Oil. Here the Make in India concept has got a lot of linkage.”
Prime Minister Narendra Modi rolled out an ambitious social welfare initiative to provide 5 crore cooking gas connections to poor families.
In line with the Modi government’s initiative — ‘Start-up India, the country’s leading public sector oil companies including the Oil and Natural Gas Corporation (ONGC), Indian Oil and Oil India Ltd (OIL) have announced start-up funds, the combined corpus of which has already reached Rs 180 crore.
Both Ministers discussed the status of various Indian proposals that have been shared with the Bangladeshi side, including the setting up of LPG import terminal at Chittagong by Indian Oil and its onward transportation by road to Tripura bottling plant and onshore LNG Terminal by Petronet LNG in Kutubdia Island near Chittagong. PLL is finalising an MoU with Petrobangla on setting up of the LNG terminal. Both Sides also discussed the possibility of supplying gas through a pipeline from Dhamra LNG Terminal which is under construction to Bangladesh via Duttapulia in West Bengal.
Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan on Wednesday met his Bangladesh counterpart Nasrul Hamid, Minister of State for Power, Energy and Mineral Resources, who is on an official visit to Delhi as a follow up to Pradhan’s visit to Bangladesh in April this year. Pradhan discussed with his Bangladesh counterpart the issue of supply of High Speed Diesel (HSD) from Siliguri terminal of Numaligarh Refineries Ltd (NRL) to Parbatipur depot of Bangladesh Petroleum Corporation (BPC).
Entry of new players will drive competition at petrol pumps and benefits domestic consumers of petrol and diesel
Both petrol and diesel are already de-regulated and including private players such as Reliance, Essar, Shell besides the public sector oil retailers Indian Oil, HPCL, BPCL, Mangalore Petrochemicals are present in India’s fuel retailing segment. The entry of more players may lead to differential pricing of petrol and diesel at pumps, a move that is followed internationally by fuel retailers to attract customers at pumps.
Entry of new players in India’s fuel retailing sector will soon witness a price war at petrol pumps thereby benefiting domestic consumers of petrol and diesel in line with prevailing international practice.