With falling crude oil prices, the net marketing margins of oil marketing companies (OMCs) have improved drastically in the last two months
The oil market is adequately supplied and balanced but this situation is fragile said Mohammad Sansui Barkindo, Secretary General, Organisation of Petroleum Exporting Companies.
The Reserve Bank of India (RBI) Wednesday relaxed policy on borrowing from overseas to allow state-owned fuel retailers to raise up to USD 10 billion external debt for working capital needs.
State-run oil marketing companies have asked loss-making Air India to clear its dues towards daily billing amid rising oil prices, a source said Friday.
Oil Marketing Companies (OMCs) hiked the prices of petrol and diesel on Saturday across four metros of the country for second straight day. According to the rate chart of IOC (Indian Oil Corporation), petrol is being sold today at Rs. 77.23 per litre in Delhi and Rs. 84.67 per litre in Mumbai.
The oil marketing companies (OMCs) and the Airports Authority of India (AAI) are unable to decide whether to bring in Reliance Industries (RIL) in the joint venture to sell aviation turbine fuel (ATF), Business Standard reported.
The Competition Commission has dismissed a complaint alleging unfair business practices against oil marketing companies — IOCL, BPCL and HPCL — with regard to terms and conditions in the tenders for transportation of liquified petroleum gas through tank trucks.
Fuel prices fell for the tenth day today as Indian Oil reduced prices of petrol by 21 paise to Rs 77.42 and diesel by 15 paise to Rs 68.58 in Delhi. Petrol now costs Rs 85.24 and diesel Rs 73.02 a litre in Mumbai.
Oil marketing companies’ (OMCs) 55,000 petrol pumps across the country will sell LED tube-lights and energy efficient fans in addition to LED lamps following the signing of pacts with Energy Efficiency Services Ltd (EESL) on Wednesday.
Oil marketing companies are planning to put in place a mechanism under which fuel prices (petrol and diesel) will be aligned to international crude oil prices on a daily basis.