Amid coronavirus lockdown, the state-run oil marketing company Indian Oil has said it has enough supplies of LPG cylinders and appealed customers to avoid panic booking as ‘one cylinder in 15 days’ norm is in place.

IOCL delivers cooking gas cylinders to 11 crore households across the country.

State-owned Indian Oil Corp (IOC) is looking to set up an LPG bottling plant in Mizoram, besides upgrading 100 retail outlets across the Northeast in the next financial year, a senior official said.

The company is currently in talks with the Mizoram government for setting up the bottling plant in the state, said G Ramesh, chief general manager of the IOC.

Shares of oil marketing companies (OMCs), including Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), skid up to 4 per cent on the BSE after oil prices rose for the second straight day on Wednesday.

At 9:43 am, Brent Crude Futures were at $38.45 per barrel-mark, up 3.3 per cent, while the US WTI was at $35.26/bbl, up 2.62 per cent. This comes after an over 8 per cent rise in the oil prices on Tuesday. Prices inched higher on hopes of a supply cut by US producers.

Indian Oil Corp, the country's top refiner, will invest $1.94 billion to expand the capacity of its Barauni refinery in eastern Bihar state by 50 per cent to 180,000 barrels per day by April 2023, the company said on Friday.

The state-run company is raising its refining capacity to meet growing demand for petroleum products in the country.

Shares of Central Public Sector Enterprises (CPSEs) were under pressure with Nifty CPSE index falling 3 per cent on the National Stock Exchange (NSE) on Wednesday.

Oil and Natural Gas Corporation (ONGC), Oil India and Coal India dipped more than 4 per cent in the intra-day trade. NTPC, Bharat Electronics, Power Finance Corporation (PFC), NBCC, NLC India and Indian Oil Corporation (IOCL) were down in the range of 1 per cent to 3 per cent on the NSE.

Shares of oil & gas companies, tyre, paint, and aviation firms were under pressure on Monday as oil prices continued to surge after US President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East.

At 09:40 am, Brent crude futures were trading 2.70 per cent higher at 70.45 USD/bbl while WTI Crude Oil (Nymex) were trading at 64.54 USD/bbl, up over 2 per cent.

Indian Oil Corporation, the country’s top refiner, is in talks with oil major Rosneft to explore possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work, Singh told reporters at an energy conference.

Indian Oil Corporation (IOC) shares slipped as much as 4.42 per cent to Rs 140.30 apiece on the BSE on Friday after the company reported 83 per cent year-on-year (YoY) decline in profit before tax (PBT) at Rs 814.48 crore for the quarter ending September, owing to higher inventory losses and a decline in refinery margin. It had recorded Rs 4,805.74 crore PBT during the same period last year.

State-owned Indian Oil Corp (IOC) on Thursday reported a 83 per cent drop in second quarter net profit on the back of slump in refinery margins and inventory losses. Net profit in July-September at Rs 564 crore was 82.6 per cent lower than Rs 3,247 crore net profit in the year-ago period, IOC Chairman Sanjiv Singh told reporters here.

IOC plans giving a big boost to the compressed biogas business by procuring biogas from across India and selling it at its retail outlets, as part of India’s strategy to reduce dependence on imported fuel and double farm income by 2022. Biogas, produced naturally through anaerobic decomposition from waste or biomass sources like agriculture residue, cattle dung, sugarcane press mud and solid waste, also provides an additional source of income to farmers.

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