The proposed merger of Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) is on the agenda of the Union Cabinet meeting on Wednesday. The government is likely to give the control of HPCL to ONGC.

“The ONGC-HPCL proposal could be taken up by the Cabinet,” a senior government official said. Petroleum Minister Dharmendra Pradhan has twice given public statements that the merger of ONGC and HPCL would be completed in the current financial year.

Hindustan Motors, which used to manufacture iconic car Ambassador, is the latest case for insolvency.

Hindustan Petroleum Corporation Limited (HPCL) has taken the company to National Company Law Tribunal (NCLT).

Hindustan Petroleum Corporation Limited (HPCL) rallied 6% to Rs 382 in intra-day trade, extending its Wednesday’s 5% gain on the BSE, after the media report suggested that the merger of the company with Oil and Natural Gas Corporation (ONGC) is likely to take place soon.

At 12:43 pm; the stock was trading 5% higher at Rs 376, against 0.66% rise in the S&P BSE Sensex. It is quoting close to its record high of Rs 390 (adjusted to 1:2 bonus shares) on February 14, 2017 in intra-day trade. ONGC, on the other hand, was down 2% to Rs 160, erases its entire previous day’s gain.

The Department of Disinvestment has reportedly issued a Cabinet note on the proposed amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp, amid news reports of the Prime Minister’s Office’s disappointment on the slow progress in the government’s quest to create a huge energy PSU of the global scale.

However, a deal may still not be immediately in sight, as the handover of HPCL to ONGC may take one year even after the government securing the Cabinet nod, hindi news channel CNBC Awaaz reported citing unidentified sources.

The Prime Minister’s Office is apparently unhappy with the slow pace of movement on the proposed amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp, a move towards the government’s ambition to create a giant energy PSU of the global scale.

The PMO, however, is firm on merging the two oil companies, ET Now reported on Thursday citing an unnamed oil ministry official.

Daily revision of petrol, diesel rates: Petrol and diesel prices will be changed on a daily basis. Starting today, the move by state-owned oil companies will mark a departure from the earlier practice of fortnightly revisions of rates, according to reports. Rates will change everyday depending on any movement in international oil rates. Yesterday, petrol price was reduced cut by Rs 1.12 per litre and diesel price was cut by Rs 1.24 per litre. Till now, prices were used to be revised on 1st and 16th of every month based on the fortnightly average of international oil price and the foreign exchange rate, the report says.

State-owned oil firms IOC, BPCL and HPCL on Wednesday signed an agreement to jointly set up India's biggest refinery at Ratnagiri district of Maharashtra at a cost of $30 billion or Rs two lakh crore.

Indian Oil Corp (IOC) will be the lead partner with 50 per cent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 per cent stake each.

State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India's third-biggest fuel retailer HPCL in a Rs 42,254 crore deal after finding Bharat Petroleum Corp Ltd (BPCL) too expensive to buy.

Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, ONGC evaluated options of acquiring either Hindustan Petroleum Corp Ltd (HPCL) or BPCL - the two downstream oil refining and fuel marketing companies.

State-owned fuel retailer Hindustan Petroleum has received environment clearance for expansion of Ramanmandi Bahadurgarh Petroleum Products Pipeline (RBPL), whose project cost is Rs 230 crore.

Hindustan Petroleum Corp Ltd (HPCL) operates a 243 km long cross-country pipeline RBPL for transportation of various petroleum products. Its existing capacity is 4.71 million tonnes per annum and the company has proposed to enhance up to 8 million tonnes per annum for transportation of additional petroleum products.

The government is said to be planning to combine the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp by December this year by selling its 51.1% stake in the former to the latter for $4.5 billion (about Rs 29,000 crore), ET Now reported citing wire reports, which in turn cited unidentified sources.

The Ministry of Petroleum and Natural Gas is learnt to be in favour of adopting a subsidiary model for combining the two oil PSUs instead of merging the companies, making ONGC the parent company of HPCL, the report said. However, the government will decide final model of combining in few months, it added.