Bulk diesel users across different states are crying fowl over the government's move to allow oil marketing companies (OMCs) to charge market prices for these consumers. In order to reduce the fuel subsidy burden, the central government recently allowed OMCs charge mark
Tag: price
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TN govt urges centre to withdraw dual pricing of diesel
In a recent letter to the Prime Minister, the Tamil Nadu Chief Minister J Jayalalithaa asked the centre to withdraw the decision on dual pricing of diesel, which she terms as "ill-conceived, ill-timed". Jayalalithaa warned in the letter that if the centre does not hear the stateĂâs request, the state government has no other option, but to approach the Supreme Court for
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Govt gets request for payment of Rs 500 bn subsidy
Government received a written request from the state-run oil marketing companies (OMCs) to pay Rs 25,000 crore for the first six months and Rs 25,000 crore for the third quarter of 2012-13. The compensation is towards the under-recovery incurred by the OMCs during the year for selling petroleum products below cost. So far, the companies have
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Shipping players expects transport cost to be steady
Shipping sector in Kochi does not expect increase in transportation cost despite the recent hike in diesel prices because the trailer operators in the Vallarpadam Terminal are not likely to raise rates. Container trailer operators in the terminal are suffering from muted cargo traffic and hence they may avoid
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Maritime board struggles to sell 999 ton tanker
Maharashtra Maritime Board has been making efforts to sell a 999-ton crude oil tanker named MT Pavit for the last over six months, but in no vain. The ship, whose route is still unclear to authorities drifted to the Juhu beach over a year ago and as its owners were not coming forward, the maritime board had to ta
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Brokerages expect iron ore price to fall
In its recent report, Bank of America Corp said it expects the global price of iron ore to decline to $110 a tonne by the end of 2013 from $140 a tonne in the first quarter because of supply glut in the market. Bank of America feels that the recent price rally is not sustainable and the price should come off in the second half of the year as more supply begins to come on li
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OMCs seek norms for bulk diesel users
Reports indicate that oil marketing companies (OMCs) want the government to introduce regulation that would prevent stop bulk diesel users from securing the fuel from retail outlets. Bulk quantities of diesel are sold directly from the depots of OMCs. OMCs want to prevent bulk users of diesel from buying the fuel from retail outlets because the gove
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Analysts expect crude oil prices to be volatile in 2013
Analysts expect crude oil prices to be volatile in 2013 because of mixed signals on the demand and supply front. Although the International Energy Agency (IEA) expects crude oil demand to rise in 2013, slowdown in the global economy indicates that growth in demand may be muted
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Moodys’ expects credit metrics of OMCs to improve
In a recent research note, Moody's Investors Service said that it views the partial de-regulation of diesel prices as a positive step for BPCL and IOC towards recovering the Rs 9.6 per litre loss they incur on the sale of diesel. Moody's Investors Service, which is a division of ratings agency Moody's, expects the credit metrics of BPCL and IOC to improve as diesel prices
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Reports suggest possible rise in steel prices
Agency reports quoted officials from some public sector steel firms as saying that domestic steel prices may recover going forward because of improving demand and rising global prices. While state-run Rashtriya Ispat Nigam (RINL) is among the few domestic firms that had effected price hikes, Steel Authority of India (SAIL) expects to raise price