Reports suggest that oil marketing companies (OMCs) may decide on hiking diesel prices individually as collective decision invites suspicion of cartelisation from the Competition Commission of India (CCI). In 2010, Reliance Industries had petitioned CCI, alleging the government OMCs acted as a cartel while pricing their aviation turbine fuel supply for Air India, on a te
Tag: diesel
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OMCs post losses during Apr-Dec 2012 period
Even though state-run oil marketing companies (OMCs) announced profit during the quarter ending December 31, 2012, they posted losses on a nine-month period between Apr-Dec 2012. This is because the government did not make timely payment of subsidy amount to these firms (in the Apr-Jun 201
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OMCs post losses during Apr-Dec 2012 period
Even though state-run oil marketing companies (OMCs) announced profit during the quarter ending December 31, 2012, they posted losses on a nine-month period between Apr-Dec 2012. This is because the government did not make timely payment of subsidy amount to these firms (in the Apr-Jun 201
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Dual-pricing in diesel market creates leakages
Media reports suggest that the government's move to create dual-pricing system in the diesel market has created leakages with bulk buyers turning to retailers for taking advantage of lower prices. While oil marketing companies (OMCs) are allowed to charge market-determined price for bulk diesel buyers, they must charge a subsidised
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Dual-pricing in diesel market creates leakages
Media reports suggest that the government's move to create dual-pricing system in the diesel market has created leakages with bulk buyers turning to retailers for taking advantage of lower prices. While oil marketing companies (OMCs) are allowed to charge market-determined price for bulk diesel buyers, they must charge a subsidised
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Govt to remove diesel under-pricing by mid-2015
The present under pricing of diesel will be removed progressively by mid-2015," Planning Commission Deputy Chairman Montek Singh Ahluwalia said in his address at India Energy Congress recently. Recently, oil marketing companies (OMCs) were allowed to charge market price for bulk diesel consumers. Also, for retail users of diesel, the gove
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Ministry agrees to release Rs 250 bn to state-run OMCs
Government agreed to release Rs 25,000 crore as compensation to state-run oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum-for selling diesel, cooking gas (LPG) and kerosene at subsidised prices. The finance ministry gave a comfort letter to the OMCs intimating its plan to release the amount. How
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Morgan Stanley upgrades ratings on oil firms
Following the centre's move towards deregulating diesel prices, financial services firm Morgan Stanley upgraded the ratings on Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum (HPCL) to 'overweight' from 'equalweight'. On January 17, the central government allowed state-owned oil firms to raise prices in small measures every mon
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Disinvestment secy expects Rs 270 bn from stake sale in FY13
Union Disinvestment Secretary Ravi Mathur informed reporters that the government may manage to mop up Rs 27,000 crore by offloading stakes in state-run firms in 2012-13. It may be recalled that the central government earlier set a target to raise Rs 30,000 crore through disinv
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Private refiners reduce export to cater to domestic demand
Reports suggest that private sector oil refining firms like Essar Oil have reduced export of diesel recently in order to cater to the rising demand in the domestic market. Diesel is used in the industrial, agricultural and transport sectors in the country. For example, Essar Oil has reportedly offered only one d