Private oil companies, which have been pushed out of the fuel retail market because of cheap sales by state-run rivals, are having the last laugh as diesel demand has risen so rapidly that public-s

Mumbai:Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut the prices by up to Rs 2 per litre on Friday due to international crude prices declining.

The Competition Commission of India (CCI) has questioned the coordinated pricing strategy of state-owned oil marketing companies (OMCs). It plans to write to these companies over the matter soon.

“The coordinated approach of OMCs is not only impacting consumer interest, it is also likely to create entry barriers for private players in the sector. We will write to them about it soon,” a senior CCI official told Business Standard.

State-owned Bharat Petroleum Corporation (BPCL) and Videocon Industries’ Mozambique block may have up to 100 trillion cubic feet (tcf) of in-place gas reserves, operator Anadarko Petroleum Corp said on Monday.

Bharat PetroResources, a wholly-owned subsidiary of BPCL, and Videocon Hydrocarbon Holdings, a wholly-owned subsidiary of Videocon Industries, hold 10 per cent stake each in the Mozambique block,

The Bombay high court on Wednesday directed the Ministry of Oil and Natural Gas and three oil companies to file an affidavit explaining the reasons for the recent price hike of petrol by Rs7.50 per

Keeping in mind the rising incidents of oil spills around Mumbai, the Mumbai Port Trust (MbPT) has now invited global bids to outsource the work of oil spill response facilities for a period of five years. The oil spill response facilities will help the Mumbai Port Trust and Jawaharlal Nehru Port Trust (JNPT) manage a spill of maximum volume of 700 tonnes.

“All ports are required to maintain Tier-I (up to 700 tonnes) oil spill response facilities. Accordingly, the MbPT and JNPT have to set up and manage facilities in Mumbai and JNPT harbour in coordination with oil companies operating at these ports,”

New Delhi State-owned fuel marketers IOC, HPCL and BPCL on Thursday ruled out an immediate rollback of the steepest petrol price increase of R7.5-R8 a litre from Thursday night but conceded that if the government instructs them to cut prices, they have no other go but to follow their majority shareholder.

They also indicated that if petrol price falls in world markets or rupee strengthens against the dollar this fortnight, the resultant gain shall be passed on to the consumer by way of a price cut.

India's state-run upstream oil firms will bear nearly 40 percent of the 1.38 trillion rupee ($25 billion) cost of retail fuel subsidies for the 2011/12 year, a government source said on Monday.

The Petroleum Ministry has sought cash subsidy of Rs.49,872 crore from the Finance Ministry to compensate state-owned oil companies for selling fuel at government-controlled rates in the January-March quarter.

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation together lost Rs.1.48 lakh crore on selling diesel, domestic LPG and kerosene at rates lower than cost in 2011-12, an Oil Ministry official said here.

BPCL, HPCL and Indane furnished a list of consumers with more than one cylinders

If you are one of those LPG customers, ‘enjoying’ the facility of more than one gas connection, here is some serious trouble coming your way. The oil marketing companies (OMCs) - Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indane - have come together to weed out multiple gas connections.