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Oil PSUs get a free hand, can choose companies for crude buy

Oil PSUs get a free hand, can choose companies for crude buy

In a bid to improve operational efficiency, the government Wednesday gave freedom to public sector oil firms to have their own independent crude import policy based on their commercial requirements.

Cabinet clears revised crude oil import policy for upstream PSUs

Cabinet clears revised crude oil import policy for upstream PSUs

This will provide a more efficient, flexible and dynamic policy for crude procurement, eventually benefiting the consumers.


Slots of 'sacked' independent directors lie vacant at Oil PSUs

Months after the BJP government sacked most of the independent directors at top oil PSUs, the boards of blue chip firms like ONGC and GAIL are functioning with most of those positions still lying vacant.

BP raises petrol prices at select fuel stations

Oil PSU Bharat Petroleum (BP) has raised petrol prices by almost 12 paise a litre at select fuel pumps here designated as platinum outlets.

Swachh Bharat: Oil PSUs to build over 5400 toilets in schools

ONGC will build toilets in 2,500 in 26 districts spread over 13 sates, IOC 1,000 toilets, especially for girls, GAIL 1,021 toilets while refiners Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) will together build 900.

Oil PSUs buying some US dollar requirements from SBI

"We (oil PSUs) are buying some dollars from SBI," IOC Director (Finance) P K Goyal told reporters here.

Finance Ministry seeks 30% dividend from oil PSUs

The Finance Ministry has asked all profit-making oil PSUs to pay a minimum 30 percent dividend in the current financial year.

Setback for Centre as SC maintains Aadhar card not mandatory

In a setback for Centre, the Supreme Court on Tuesday maintained that Aadhar card is not compulsory for availing social benefits.

Three oil PSUs move SC for modification of Aadhaar order

Three oil PSUs have moved the Supreme Court seeking modification of its earlier order that Aadhaar card is not mandatory and no person should suffer for want of it in getting benefits of government schemes.

Moily red-flags Finance Ministry proposal on fuel pricing

Red-flagging the Finance Ministry move to cut subsidises by changing fuel pricing norm, Oil Minister M Veerappa Moily on Wednesday said not compensating oil PSUs for their losses will put question mark on their survival.

Govt bars oil PSUs from setting up self-funded petrol pumps

With petrol pumps mushrooming all over the country, the government has barred oil PSUs from setting up new outlets at their investment.

Oil companies to pay Rs 800 for every free LPG connection in Delhi

Petroleum Minister Veerappa Moily on Friday approved raising financial contribution of oil PSUs to the free LPG connection being provided by the Delhi government to poor using kerosene as cooking fuel.

Oil PSUs to lose Rs 178,491 crore despite diesel price hike

A steep Rs 5.63 per litre hike in diesel prices notwithstanding, state-owned fuel retailers are likely to end the fiscal with a staggering Rs 178,491 crore of revenue loss on selling diesel and cooking fuels below cost.

Oil PSUs losing Rs 1.37 a litre on petrol: Govt

State-owned oil firms are losing Rs 1.37 a litre on petrol despite last month's Rs 0.70 per litre hike in price, Oil Minister S Jaipal Reddy said Tuesday but did not indicate if the rates will go up anytime soon.

Ministry says no to oil PSUs buying ADB stake in Petronet LNG

The Oil Ministry has refused permission to public sector oil companies for acquiring Asian Development Bank's stake in Petronet LNG Ltd (PLL) so as to keep the nation's largest liquefied natural gas importer a private company.

Former bureaucrats, bankers likely to be on oil PSU boards

Sources said Pillai has been shortlisted for Hindustan Petroleum Corporation Ltd (HPCL) board, while Saran has been chosen for Indian Oil Corp (IOC) board.

Oil PSUs may post loss of Rs 1,21,000 cr on fuel sales in FY'12

State fuel retailers may post a whopping Rs 121,000 crore revenue loss on selling diesel, domestic LPG and kerosene at government-controlled rates this fiscal, Oil Minister S Jaipal Reddy said Friday.

NTPC signs pact with oil PSUs for gas supply

NTPC has signed agreements with GAIL, Indian Oil Corp and Bharat Petroleum Corp for sourcing gas for its power project at Kayamkulam in Kerala.