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: price
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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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RINL chief calls for reducing cost of operation
There is a need to improve the operation process in steel companies in order to reduce cost of production, AP Choudhary, Chairman and Managing Director of Rashtriya Ispat Nigam (RINL) said in an event. He said the cost of production could be largely reduced through improvement in techno-economic parameters, such as specific energy consumption, raw mat
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Ministry receives request from GSPC on gas pricing
Reports indicate that the union petroleum ministry received a request from Gujarat State Petroleum Corp (GSPC) to allow the latter to price the natural gas from its Deen Dayal West (DDW) gas field in block KG-OSN-2001/3 on par with imported LNG. According to the request submitted recently, the Gujarat government-owned firm wants the oil ministry to allow it to price its 5.24 million standard cubic meter per d
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Weak demand hits pricing power of steel firms
Pricing power of steel companies is constrained because of weak demand for the metal, Nomura India said in its latest research report. Against an expected demand growth of 4.5-5.0 percent, consumption of steel grew a mere 3.3 percent year-on-year (y-o-y) to 73.3 million tonne (mn t) in 2012
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Cement firms bet big on govt projects ahead of election
Some industry players and analysts feel that demand for cement may rise in the coming months as government expedite key construction projects ahead of Lok Sabha election. VP Sharma, Chief Operating Officer of Dalmia Cement said the oversupply situation still persists but since elections are next year, a slew of measures by the government may turn
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Haryana govt may explore legal option against CEA order
The order of the Central Electricity Regulatory Commission (CERC) allowing Adani Power to charge "compensatory" tariffs for electricity from its Mundra plant has not gone down well with Haryana government. The state government plans to take legal action against the CERC order as it feels that the order violates the p
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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 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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NMDC trims price of lumps for 5th time since Oct
Iron ore mining firm NMDC reduced price of higher grade iron ore (lumps) for the fifth time since last October. This time, the state-run miner cut the price of lumps (having iron content of 62 per cent or above) by about 7 per cent for April. However, the company has not changed the price of iron ore fines (lower grade) for the second month in succession