Ajay Bansal, General Secretary of the Federation of All India Petroleum Traders (FAIPT) said the body requested oil marketing companies (OMCs) to define who are the bulk consumers of diesel. The federation asked OMCs to issue clear written instruction supported by the government notification defining who are bulk consumers
Tag: oil marketing companies
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State-run OMC under-recovery set to fall in FY14
RS Butola, Chairman of Indian Oil Corp (IOC) informed reporters that the under-recoveries incurred by state-run oil marketing companies (OMCs) on the sale of diesel, LPG and kerosene may fall to Rs 112,000 crore from the earlier estimate of Rs 130,000 crore. The under-recoveries may decline because of the fall in the international crude oil price. But he said the estim
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State-run OMCs may get notice from CCI
Under section 3 of the Competition Act, the Competition Commission of India (CCI) is probing an allegation that state-run oil marketing companies (OMCs) are indulging in cartelisation on fuel pricing. According to some media reports, these state-run OMCs may get notice from the panel on the allegation. The Petroleum and Natural Gas Regulatory Board earlie
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Centre to allot 40 gas agencies to remote areas in HP
Himachal Pradesh Civil Supply and Consumer Affairs Minister GS Bali informed the state assembly that around 40 new gas agencies would be spread out in the far flung areas of the state under Rajiv Gandhi Yojana of the central government. The agencies would make LPG gas readily available in the rural areas at lower price. It is learnt that in far-flung areas people are forced to bear the heavy cost
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OMCs to discuss plans to increase LPG distributors
M Nene, Director (Marketing) of Indian Oil Corporation (IOC) informed that oil marketing companies (OMCs) would discuss with the union oil ministry their plans to raise the number of LPG distributors. OMCs feel the need to increase the number of distributors across the country, going by the 2011 census. Indian Oil Corporation alone has 6,000 distributors as of now and the firm plans to raise it to 7,000
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OMCs reduce petrol price by 85 paise a litre
State-run Oil Marketing Companies (OMCs) reduced price of petrol twice in a span of 15 days since March 16. While they reduced petrol price by Rs 2 per litre (excluding VAT) on March 16, they again cut the price by 85 paise per litre from April 1. The OMCs also reduced the prices of non-subsidised domestic cooking gas by Rs 3 a litre. A 14.2-kg non-subs
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Govt may spare LPG from export-parity pricing
Media reports indicate that the government may spare domestic cooking gas from the trade-parity pricing methodology that it proposes to adopt for calculating under-recoveries on fuel products. Thus, the government would calculate under-recoveries incurred by state-run oil marketing companies (OMCs) based on export parity price for diese
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Kerala govt assures court to bear liability
Adovcate General of Kerala government assured the Kerala High court that the state government would bear the liability of oil marketing companies if the petition filed by Kerala State Transport Corporation was finally dismissed. Following this, the court restrained oil companies from increasing the price of diesel being supplied to cash
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OMCs ask Kerala govt to forgo sales tax
State-run oil marketing companies (OMCs)
Indian Oil Corporation and Hindustan Petroleum Corporation argued that Kerala government must forgo the sales tax of Rs 12 imposed on a litre of diesel. The oil companies argued this in response to a petition filed by the Kerala State Road Transport Corporation (KSRTC) in the state High Court against these comp
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CCI sends order to fuel retailers
Ashok Chawla, Chairman of the Competition Commission of India (CCI) informed reporters that the panel was in the process of sending fuel retailers an order related to a probe on the alleged cartelisation on petrol pricing. Chawla informed this on the sidelines of a seminar organised by industry body Assocham. The CCI, which is emp