Petrol pricing may officially be out of the government’s control, but a veiled intervention by the government has resulted in Indian Oil Corp and other state-run oil marketing firms Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) differing on what is the best solution. BPCL and HPCL see IndianOil's call for moving into a price control regime as a “retrograde step”.

The government's fuel pricing policy led IndianOil, India’s largest oil marketing company, to post the biggest-ever quarterly loss at Rs 22,451 crore in the April-June period. While the oil marketing companies are compensated for revenue losses on diesel, cooking gas and kerosene, they are forced to take losses on account of petrol on their books.

Uttar Pradesh, which has about 4,000 mines of coal, silica, bauxite and granite – mostly in Bundelkhand region, has mandated e-tendering for future allotment of mining leases in the state.

This step is aimed at preventing hitherto rampant illegal mining and ushering transparency in allotment of mining leases. Under the system, lease holder will have to get environment clearance for mining within 6 months if the land area is more than 5 hectares (ha), whereas, in case of lease for mining of area of less than 5 hectares, environment clearance will not be required.

New Delhi After three consecutive price cuts in petrol since the first week of June, oil marketing companies IOC, HPCL and BPCL on Monday raised the price by 70-89 paise a litre citing increase in global oil prices and movement in the rupee-dollar exchange rate.

With this price revision, petrol price in New Delhi will cost R68.48 per litre, as against R67.78 a litre earlier. Petrol price in Mumbai has been increased by 88 paise to R74.23 per litre while in Kolkata, the fuel will cost R73.61 per litre. In Chennai, the price has been raised by 88 paise to R73.16 per litre.

Bangalore: The government is close to taking a decision on capping the number of subsidized LPG cylinders to “econonomically not weaker” sections to bring down the subsidies by up to Rs 10,000 cror

Do you have more than one cooking gas connection at home? If yes, you better watch out.

New Delhi The sharp fall in petrol prices in Asian markets paved the way for oil marketing companies to reduce petrol prices by R2.46 per litre to R3.22 per litre to provide a much needed relief to consumers. This is the second consecutive price cut by the oil marketing companies — IOC, HPCL and BPCL — after the steepest petrol hike ever on May 24 by R7.54 per litre.

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.

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.