Oil Marketing Companies
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Fuel demand hit: Petrol sales down 61%, diesel at 56.5% in April; demand expected to pick up this month
•India's fuel consumption slumped by close to 70 per cent in April as all petroleum products except LPG saw massive demand erosion following a nationwide lockdown halted economic activity and travel
Airline, oil marketing stocks fall as crude prices surge; SpiceJet down 4.9%, IndiGo 4.7%
•Airline and oil marketing stocks on Monday fell as crude oil prices surged after OPEC and its allies agreed to cut down on crude production
Russia, Saudi Arabia play 'who-blinks-first' over crude price; scramble over market share gives Indian oil firms 'additional bargaining power'
Shreerupa •The exacting decision by Riyadh to spike production was triggered by the failure on Friday to strike a deal with Russia on a new round of OPEC+ production cuts to arrest swooning oil prices owing to the novel coronavirus.
Saudi Aramco drone attacks: Oil marketing, aviation stocks tumble amid crude oil prices surge by 20%
•Shares of oil marketing firms led by Bharat Petroleum Corporation Ltd (BPCL) on Monday cracked up to 7 percent following huge spike in crude prices
Govt hikes ethanol procurement price for fuel blending; move may cut oil import bill by $1 bn annually
•The government on Tuesday announced an increase in the price of ethanol procured by public sector oil marketing companies for one year starting December
Govt plans to add over 78,000 petrol pumps is uneconomical, will only cut into each other's sale: Crisil report
•The government plan to more than double the number of petrol pumps in the country does not make economic sense as more number of outlets would only cut into each other's sale, leading to some unprofitable, Crisil Research said in a report on Thursday
Freeing petrol pump licensing to help grow competition in fuel retailing: ICRA
•A government-appointed expert committee recommending scrapping of the Rs 2,000 crore investment norm for a licence to set up petrol pumps will help enhance competition in the growing domestic market for auto fuels, ICRA said on Tuesday
OMCs under pressure: Rising under-recoveries, thinner spreads to shave operating profit margins by 1.7% this fiscal
•In fiscal 2019, the profitability of OMCs was hit as their average gross refining margin (GRM) declined by a third to $5.3 per barrel from $7.9 in fiscal 2017-18.
High cost of refills keep LPG out of reach for BPL families in Rampur, contradict govt claims on success of UJjwala scheme
Saurabhsharma_zeeshanahmed •Even though govt data shows the Ujjwala scheme exceeding its target of providing 5 crore subsidised LPG connections, the scheme has been a dud on the ground with BPL families claiming they can't afford LPG refills
Petrol close to Rs 70 per litre in Delhi, diesel prices decline; crude oil edges up as market eyes tighter supply
Fp Staff •Petrol and diesel prices declined by up to 16 paise and 11 paise respectively after the state-run oil marketing reduced the fuel prices.