Even as the modified Direct Benefit transfer of LPG (DBTL) scheme is set to be launched pan-India by January 1, 2015, the Indian Oil Corporation (IOC) Ltd. has set a target of 90 per cent cash transfer compliance (CTC) among its consumers by mid January.
Earlier, the DBTL scheme was launched on June 1, 2013 but required consumers to mandatorily have an Aadhaar number for availing LPG Subsidy. Post review, the government later modified the scheme allowing consumers who do not have an Aadhaar number to still be cash transfer compliant by registering their bank accounts.
The government on Thursday raised excise duty on petrol and diesel by Rs 1.50 a litre each to help it achieve the fiscal deficit target for this year. The move may not result in an immediate hike in prices of petroleum products as oil marketing companies (OMCs) are likely to offset it by not announcing the reduction in rates expected this weekend.
The excise duty on normal or unbranded petrol was hiked from Rs 1.20 per litre to Rs 2.70 per litre and on unbranded diesel from Rs 1.46 a litre to Rs 2.96, a government notification said. The duty on branded petrol was raised from Rs 2.35 a litre to Rs 3.85 and on branded diesel from Rs 3.75 to Rs 5.25 per litre.
NEW DELHI: Petrol prices are poised to fall to a 16-month low before Diwali as state oil firms plan to cut rates by about Re 1 a litre because the global oil market is in a bear phase, with Brent crude dropping more than 20 per cent since its June peak, government and industry sources said. The government, which regulates retail prices of diesel, is also considering cutting diesel prices as retailers are getting over Rs 3 per litre more than the market rate, sources said. State-run Indian Oil Corporation BSE -0.82 % ( IOC BSE -0.82 %), BPCL BSE -1.32 % and HPCL BSE -0.44 % are expected to hold a meeting this week to slash petrol prices. But, the decision on diesel price cut would require a Cabinet approval, which is expected after assembly elections, sources said.
Hindustan Petroleum Corp Ltd (HPCL) is looking to bridge the gap between its refining and marketing capacities to maintain its strong position in fuel retail as competition from private players is likely to increase post diesel deregulation.
After sacking four independent directors of Indian Oil Corporation (IOC), the Narendra Modi-government is now seeking to remove nine similar Congress-appointees from the boards of Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL) and Mangalore Refinery and Petrochemicals Limited (MRPL).
State-run Hindustan Petroleum Corporation (HPCL) said there was a serious oil leakage from a damaged pipeline at Kamote in Navi Mumbai along the Sion-Panvel highway. The line developed a crack, losing thousands of litres.
While officials feared some of the oil might have entered the green mangroves area, the company said representatives from the local forest department observed the mangroves were away from the site and not affected.
In an effort to revive its Rs 37,230-crore refinery-cum-petrochemical complex plan in Rajasthan’s Barmer district, centrally owned Hindustan Petroleum Corporation (HPCL) might sign a fresh memorandum of understanding (MoU) with the state government.
Mumbai: The 30-share benchmark S&P BSE Sensex and 50-share CNX Nifty rose to all-time highs in intra-day trade and at close for a second day on Friday as energy shares surged on optimism Prime Minister Narendra Modi will take a decision on raising natural gas prices by the end of this month.
The Sensex closed at a fresh high of 25,396.46 points, up 1.51%, or 376.95 points, while the Nifty ended at a fresh high of 7,583.40, up 1.46%, or 109.30 points.
Mumbai: State-owned Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) have shown interest in buying crude oil from Cairn India Ltd.
Cairn sells crude only to two Gujarat-based private refiners —Reliance Industries Ltd in Jamnagar and Essar Oil Ltd in Vadinar. A 590km pipeline moves crude oil from Cairn’s Barmer fields in Rajasthan to Salaya in Jamnagar district.
HPCL dipped 2.5% on the BSE after it reported a drop in net profit at Rs 4,609 crore for the fourth quarter ended March as against net profit of Rs 7,679 crore in the same period an year ago.
The company lost Rs 9,183 crore on selling diesel, cooking gas and kerosene at controlled rates in the quarter. To compensate for the loss, it received worth Rs 5,671 crore assistance from upstream firms. Furthermore, it got Rs 6,938 crore in cash subsidy, which was used to cover for the loss HPCL incurred in previous quarters.
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