State-run oil marketing companies (OMCs) and upstream firms like ONGC are awaiting the final decision from the government on adopting the formula for compensating the OMCs for under-recoveries. While union finance ministry wants the adoption of export-parity pricing model to compensate for under-recoveries, petroleum ministry opposes the proposal as it woul
FlashNews:
IIFCL Launches Strategic Document to Support Green Infra
REC Reports Record Half-Yearly Profit of ₹74.48 Billion
RAHSTA to submit policy recommendations to NHAI
Roads & Highways Builders book RAHSTA Expo
Are Projects facing a 90 percent barrier?
RAHSTA Forum sets the stage for groundbreaking discussions in roads infra
NBCC sells office/commercial space worth Rs. 14,800 Crore approx
RAHSTA Forum to kick off road and highway expo journey
Infrastructure Experts to Debate Viksit Bharat at Infrastructure Today Conclave in Delhi
Land Pooling Sinks under Flip Flops!
Gods or Demi-Gods cannot prevent a stampede
RAHSTA to showcase cutting-edge road construction tech, says NCC Director
RAHSTA will drive road construction innovation: Sundaresan
Trimble MD champions digital solutions for industry growth at RAHSTA
Vipin Sondhi: Indian infra booms with road construction opportunities
RK Pandey promotes safe road development at RAHSTA launch
RAHSTA to pave the way for innovation in road construction: AK Singh, NHAI
Road construction leaders launch RAHSTA Expo 2024 in Delhi
Road construction industry launches RAHSTA Expo 2024 in Delhi
Tag: oil marketing companies
PSU OMCs seek permission to set up new outlets
Public sector oil marketing companies (OMCs) like Indian Oil Corp (IOC) want the government to allow them to invest on new fuel retail outlets without restriction. It may be recalled that the union government recently prohibited these firms, who are sitting on large pile of debt, from making investment in retail
OMCs to benefit from diesel price hike: Moody’s
Moody's Investors Service pointed out that the recent Re 1 a litre hike in diesel price would reduce under-recoveries incurred by state-run oil marketing companies (OMCs) on sale of fuel at below-market rates. With this price hike, diesel prices rose a cumulative Rs 2.25 per litre since January, which translates into an Rs 18,000 crore decline in under-recoveries, the rese
Govt considers proposals of LPG distributors
Reports indicate that the government is considering the proposals of liquefied petroleum gas (LPG) distributors seeking key changes on the proposed distribution policy. During a recent presentation to the union petroleum and natural gas ministry, the distributors called for raising the present ceiling for refill sales by 50 percent. The distributors argue that the existing ceiling on refills is ba
OMCs fail to avoid demurrage cost
A Parliamentary Standing committee strongly felt that the huge demurrage cost of about Rs 665 crore incurred by state-run oil marketing companies (OMCs) between 2009 and 2012 was avoidable and not due to uncontrollable factors. Owing to their failure to have requisite infrastructure, the three OMCs – IOC, HPC and BPCL – paid Rs 665 crore in this period to domestic ports, the com
State-run OMCs avoid hedging oil purchase
State-run oil marketing companies (OMCs) avoid hedging their spot purchase of crude oil from the global market as it may work in either ways. This was mentioned in the recent report of the standing committee on petroleum and natural gas submitted to the Parliament recently. The report quoted Bharat Petroleum Corporation (BPCL) Chairman as saying that state-run oil firms, which undergo stringent audit by CAG, don't want to take the risk o
Private fuel retailers prefer export over local sales
Media reports indicate that private fuel retailers like Essar Oil, Reliance Industries (RIL) prefer to export diesel instead of selling them in the domestic market despite the government partially de-regulating the pricing regime. This is because these firms fear that the government may again impose price control on diesel during election perio
State-run OMCs witness decline in under-recovery
State-run oil marketing companies (OMCs) witnessed a sharp fall in the under-recovery on sale of diesel in the first fortnight of May to Rs 3.80 per litre from Rs 6.42 per litre during the second fortnight of April. Similarly, these companies witnessed decline in under-recoveries on account of kerosene for public distribution system (PDS) for the month of May 2013 to Rs 27.93 per litre
Under-recoveries of PSU OMCs may decline
Under-recoveries of state-run oil marketing companies (OMCs) may decline owing to the fall in the price of crude oil in the international market, ratings agency Crisil said. Under-recovery refers to the difference between the purchase price of crude oil and the retail price at which
Oil marketers to buy ethanol from sugar mills
Oil marketing companies (OMCs) plan to procure ethanol from sugar mills in order to blend it with petrol and in this regard they invited bids for 105 crore litre of ethanol from domestic and global suppliers in the sugar year ending October 2013. Of the 55 crore litre offered by Indian sugar mills, 11 crore litre is finalized as this volume was offered at the lowest