India to pay another $700 mn to Iran on Oct 12

India to pay another $700 mn to Iran on Oct 12

 India will pay the second tranche of USD 700 million to Iran to clear part of past oil dues on Oct 12 since the dilution of trade sanctions by the US and five other world powers in July. In an accord, Iran had agreed to restrict its nuclear programme in  exchange of easing of sanctions, which had crippled its oil economy.



India pays $400 million in oil dues to Iran

India on Tuesday paid Iran USD 400 million to clear part of its past dues for crude oil its buys from the Persian Gulf nation and will pay another USD 500 million by the month end.

Fuel cos absorbed Rs 26.6K cr losses on sales in 5 yrs: OilMin

With CAG castigating state-owned fuel retailers for overcharging customers by Rs 26,626 crore over 5 years, Oil Ministry has defended the PSUs saying they had absorbed Rs 28,680 crore in losses on fuel sales during that period.

Monthly diesel price hikes likely to continue

"There is no reason why the monthly increases should be discontinued. They will continue till under-recoveries (losses) on diesel are wiped out," Oil Ministry official said.

HPCL to buy 11-15% stake in Petronet's east coast terminal

State-owned Hindustan Petroleum Corp Ltd is likely to buy 11-15 percent stake in Petronet LNG Ltd's Rs 5,000 crore LNG import terminal on the east coast.

Loss on diesel sale down at Rs 4.41 a litre

The loss on sale of diesel has fallen to Rs 4.41 per litre, helped by Rs 1.09 per litre hike and strengthening of the rupee against the US dollar.

Loss on diesel sales falls to Rs 5.49 per litre

The loss on sale of diesel has been trimmed by 44 paise to Rs 5.49 a litre after appreciation in the value of the rupee made imports cheaper.

Losses absorbed by oil companies may quadruple to Rs 3,700 cr

IOC, Hindustan Petroleum Corp and Bharat Petroleum Crop together are projected to lose about Rs 1,41,000 crore in revenue this financial year on selling diesel, LPG and kerosene at rates set by the government.

Loss on diesel sales declines to Rs 7.16 a litre

The loss on sales of diesel has been trimmed by more than Re 1 to Rs 7.16 per litre on the back of softening international oil rates.

Nishi Vasudeva takes over as HPCL chief

Vasudeva, who turns 58 this month, was Director (Marketing) in HPCL before replacing Subir Roy Choudhury as the head of the company.

HPCL profit dips 86% in Q2 on lower subsidy, margin drop

Hindustan Petroleum Corp (HPCL) on Tuesday reported an 86 percent drop in second-quarter profit after it received lower fuel subsidy and refining margins dropped.

Govt sanctions Rs 17,772 crore cash subsidy for oil companies

Government Thursday sanctioned Rs 17,772 crore cash subsidy to fuel retailers like IOC to cover for half of the revenues they lost on selling diesel and cooking fuels below cost in the September quarter.

Cabinet may give nod to HPCL's Rs 37,229-cr refinery in Raj

The Cabinet is likely to consider tomorrow giving approval to Hindustan Petroleum Corp's Rs 37,229 crore refinery in Rajasthan, just ahead of the planned foundation stone laying of the project by UPA Chairperson Sonia Gandhi.

Losses on diesel sales at record Rs 14.50 a litre

Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) are losing Rs 486 crore per day as they are made to sell diesel, domestic LPG and kerosene way below cost to keep inflation under check.

Fuel sales losses likely to come down to Rs 84,475 cr in FY14

Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp ( BPCL) lost Rs 1,61,029 crore in 2012-13 on sale of diesel, domestic LPG and kerosene at government controlled rates, which are way below market price.

Loss on diesel sales mounts to Rs 19.26 a ltr

Diesel as well as domestic cooking gas (LPG) and kerosene prices have not been raised since June last year even though cost of production has jumped nearly 28 percent.

HPCL's refinery at Ratnagiri hinges on green clearance

State-owned Hindustan Petroleum Corp Ltd's planned USD 4 billion refinery at Ratnagiri in Maharashtra would depend on lifting of environmental moratorium on projects in that region, Parliament was informed on Thursday.

'Petrol prices to be cheaper by Re 1/litre'

State cos like IOC, Hindustan Petroleum Corp and Bharat Petroleum Corp may cut petrol prices by 1.5 per cent, says source.