Shares of oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) dropped up to 3 per cent in the morning trade on Monday as the international crude oil prices rose to their highest level since November 2018, owing to OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.

At 10:30 am, HPCL was trading over 3 per cent lower at Rs 255.15 apiece on BSE while BPCL was down 1.66 per cent at Rs 352. Shares of IOC were trading over a per cent lower at Rs 156.45 apiece on BSE.

MUMBAI: State-run Bharat Petroleum Corporation Ltd (BPCL) will bring to India the much-awaited natural gas from its Rovuma basin in Mozambique in the next five years, said officials aware of the development.

BPCL will bring in 1 million metric tonnes per annum (mmtpa) of gas from the Rovuma field where its upstream arm, Bharat Petro Resources Ltd (BPRL) holds 10% stake.

India's state-run Bharat Petroleum Corp will shut a 120,000 barrels per day (bpd) crude unit and some secondary units at its Kochi refinery for about three weeks from early December for maintenance, its head of refineries said.

"It (this shutdown) is mandatory to inspect the new plant after you run it for a year. We will open up some of the critical equipment to see if things are intact," R. Ramachandran told Reuters on Tuesday.

After the government last week announced reduced excise duty on fuel by Rs 1.50 a litre and asked oil companies to absorb a Re 1 slash, global firm Morgan Stanley see heightened pressure for oil and gas majors HPCL and BPCL. Notably, Morgan Stanley says that the development will have a material earnings impact, if the slash continues even after 2019 elections. The lack of policy clarity also adds to the challenges, notes Morgan Stanley.

Shares of state-owned oil & gas companies, including oil marketing companies (OMCs), are reeling under pressure falling by up to 29% on the BSE in intra-day deals, extending their Thursday’s fall after the government, on Thursday, asked the them to absorb a Re 1 a litre cut in excise duty on petrol and diesel. The government also cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. This is the first time in over four years that prices of either petrol or diesel are being controlled.

Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries in 13 cities on its own and another nine, including Allahabad, in a joint venture with IOC,

Mumbai: The Bharat Petroleum Corporation Limited (BPCL) on Tuesday said that it has no plans to absorb the rising fuel prices, adding that no communication has been received from the central government on the same.

Addressing media post the firm's Annual General Meeting, BPCL Chairman and Managing Director D. Rajkumar said, "There's no communication from the (central) government whatsoever at this point in time to absorb the prices.

Public sector oil companies — HPCL, BPCL and IOC — are planning to share the investments for upcoming product and gas pipelines across the country that will help them reduce the capital expenditure on pipelines and enter newer markets at less than 50% of the original project cost.

The companies have already identified around 5-6 major pipeline projects where they plan to share the infrastructure, senior company officials said.

India's Bharat Petroleum Corp Ltd will keep a secondary unit at its 120,000 barrels-per-day (bpd) Mumbai refinery offline for at least two months following a fire last week, two industry sources said on Friday.

When contacted, a BPCL spokesman could not immediately confirm the duration of the shutdown, saying that a decision will be made in one to two days.

Mumbai: A major fire broke out at Bharat Petroleum Corporation Ltd’s (BPCL) refinery complex in Chembur, suburban Mumbai on Wednesday afternoon.

Fire and smoke were seen emanating from the refinery. No casualties have been reported so far.

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