Oil Marketing Companies
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Oil marketing companies losing nearly 700 per domestic LPG cylinder, says government
NEW DELHI: Oil marketing companies are still incurring an under-recovery of nearly Rs 700 on every domestic LPG cylinder despite the Rs 29 increase in the price of cooking gas refills, the government said on Sunday. Despite a global surge in energy prices following the West Asia conflict and the benchmark Saudi CP rising nearly 46% — from $543 a tonne before the disruption to $775 a tonne in May — the government said it had moderated the effective price paid by domestic consumers and kept it...
Air fares may go up as oil marketing companies hike ATF prices by 10%
Flying is set to get more expensive, with oil marketing companies Tuesday increasing aviation turbine fuel (ATF) prices by 10% under the new price-stabilisation regime. ATF prices will remain frozen at this level for three years under the new regime. Jet fuel for domestic carriers will now cost Rs 115 per litre, up from Rs 105 per litre.
'US firms benefit from Hormuz closure': Russian oil company chief's big claim amid Iran war
Rosneft chief executive Igor Sechin on Saturday said American energy companies were the biggest beneficiaries of the closure of the Strait of Hormuz, while warning that prolonged disruption in the vital shipping route could ultimately undermine global oil demand and accelerate interest in alternative energy sources, as per Reuters. Speaking at the St. Petersburg International Economic Forum, Sechin argued that the closure of the strategic waterway, through which around one-fifth of global...
Stock markets fall and oil jumps as Middle East conflict intensifies and AI boom falters – business live
Rolling coverage of the latest economic and financial news, as South Korea’s KOSPI index slumps by 8%UK companies opting to hire temporary workers over permanent staff, recruitment firms sayBritain’s jobs market cooled rapidly in May after employers cut back on hiring permanent staff, a survey this morning shows. The monthly Report on Jobs from accountants KPMG and the Recruitment and Employment Confederation, a trade body, showed permanent job placements fell at the fastest pace since July...
US-Iran war: Rs 10,000 crore ATF Price Stabilization Fund approved for OMCs
Amid the prolonged Middle East conflict, the government has approved an Aviation Turbine Fuel (ATF) Price Stabilisation Fund to safeguard problems being faced by airlines, oil marketing companies and fliers. This will be a self sustaining revolving fund. The Union Cabinet on Wednesday approved the fund of Rs 10,000 crore support package to protect airlines from the sharp surge in aviation fuel prices triggered by the ongoing turmoil in West Asia.
ATF price stabilisation plan: Jet fuel prices rise 10% as oil retailers roll out scheme
Aviation turbine fuel (ATF) prices for domestic airlines rose by around 10 per cent on Tuesday as state-owned oil marketing companies rolled out a government-backed price stabilisation scheme that will allow carriers to lock in fuel rates for up to three years. Under the new regime, airlines opting into the scheme will pay a fixed ATF price of about Rs 115 per litre, compared with the previous rate of Rs 104.93 per litre. The move is aimed at shielding carriers from sharp swings in global...
Govt spent Rs 1.23 lakh crore to keep petrol, diesel prices unchanged for 78 days
The government provided Rs 1.23 lakh crore to oil marketing companies to help keep petrol and diesel prices unchanged for 78 days following the outbreak of the Middle East crisis, news agency PTI reported citing sources. The fertiliser minister has sought a doubling of the Rs 1.77 lakh crore fertiliser subsidy earmarked for FY27, government sources told PTI. The move comes as the government grapples with rising subsidy and energy costs across sectors.
LPG supply stable, but oil firms still losing nearly Rs 700 on every cylinder sold
Oil Marketing Companies (OMCs) continue to face under-recoveries of nearly Rs 700 on every domestic LPG cylinder despite a range of measures taken by the government to strengthen supplies, ministry of petroleum and natural gas said on Thursday. Addressing an inter-ministerial briefing, Sujata Sharma, joint secretary in the ministry of petroleum and natural gas, said that the government has stepped up domestic LPG production and secured imports to ensure adequate availability across the...
The back-channel bid to go soft on Maduro
When Marco Rubio was named secretary of State, many in both South Florida Republican circles and the American energy industry exulted. But one man who bridged both worlds knew he had a problem. A longtime investor in Venezuela, the main source of crude oil needed to produce the asphalt that had made his family rich, Harry Sargeant III kept relations with top officials in Caracas even as they seized most foreign oil holdings.
E85 fuel to get Rs 20/litre cheaper as India ramps up ethanol push
India’s clean fuel journey is stepping up a gear, with state-run oil firms gearing up to roll out E85 petrol at a discounted price across the country. State-run oil marketing companies will offer E85 fuel at a discount of Rs 20 per litre compared with E20 petrol to make up for the biofuel’s lower energy content, petroleum and natural gas minister Hardeep Singh Puri said after inaugurating an E85 dispensing facility at a petrol pump in Delhi. E85 is a fuel blend containing 85% ethanol and 15%...