The world’s fastest growing crude consumer has a warning for OPEC: Start reducing prices, or waning demand will mean a curb in purchases from the crude cartel.
Every $10 per barrel rise in the price of crude oil raises working capital cost by about Rs 500 crore per year and cost of fuel consumed internally by $0.9 per barrel for Indian Oil Corp, its finance chief has said.
Petrol price fell today for the sixth day in a row to below Rs 77 per litre in Delhi. Indian Oil, India’s largest retailer, on Monday reduced petrol prices by 15 paise, while diesel prices were cut by 14 paise.
Fuel retailer IOC has for the second year in a row beaten ONGC to become India’s most profitable state-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.
IOC shares cut losses marginally after the company said that auto fuel prices were each cut by just one paisa a litre. Earlier in the day, Indian Oil had published that petrol prices were cut by 60 paise and diesel by 56 paise in the capital.
Indian Oil Corp (IOC), the country’s top refiner, will turn to its traditional oil suppliers, mostly in the Middle East, if U.S. sanctions against Iran result in supply disruptions, its head of finance said.
State-run Indian Oil Corp. Ltd (IOC) on Tuesday said its fiscal fourth-quarter profit surged 40% to Rs5,218 crore, driven by higher refinery margins and inventory gains.
Asserting that the latest round of auto fuel price hikes was mainly driven by global developments, Indian Oil Chairman Sanjiv Singh on Tuesday said the government has so far not issued any directive on holding back fuel price hikes.
The motor vehicles department (MVD)is yet to start registration of CNG vehicles as they have not upgraded the software used for the specifying the kind of vehicles to be incorporated in certificate of registration (RC) book.
State-run oil and marketing company Indian Oil continued the hike in prices of petrol and diesel for a second straight day. The oil company raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre.