The 3 govt-owned OMCs-IndianOil, BPCL and HPCL-together meet the country's entire LPG cylinder demand

After consumers exhaust the year’s quota of six subsidised liquefied petroleum gas (LPG) cylinders announced by the Union government, oil marketing companies (OMCs) would charge them at the market rate for additional cylinders. This is despite several Congress-ruled states saying they would provide three additional subsidised cylinders. For these states, OMCs want the price differential for the cylinders to be transferred directly to consumers.

Ruling out any further hike in the prices of diesel and domestic LPG, Petroleum and Natural Gas Minister Jaipal Reddy said on Tuesday he was wary of applying another round of price hike though the current retail rates were lower than the cost of production.

The oil marketing companies (OMCs) are likely to post a phenomenal Rs.1,67,000-crore revenue loss on diesel, LPG and kerosene sale this fiscal. Last month, the government increased the diesel price by Rs.5.62 a litre and restricted the supply of subsidised LPG to six cylinders a household a year.

State oil firms have slashed petrol rates marginally by 56 paise per litre, lower than expectations of a . 1 cut, as the currency has appreciated, making imported oil cheaper in rupee terms.

IndianOil, Bharat Petroleum and Hindustan Petroleum have incurred a loss of Rs 2,600 cr on sale of petrol during Apr-Sep period

IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 a litre, with effect from midnight on Monday The other oil marketing majors — Bharat Petroleum and Hindustan Petroleum — are expected to announce cuts shortly. In the capital, petrol will now cost around Rs 67.90 a litre.

The deal entitles the two to a 30% share in daily production of 1,850 barrels of oil equivalent

Government-owned Oil India Limited (OIL) and Indian Oil Corporation (IOC) have together acquired 30 per cent stake in a producing US shale asset at an investment of $82.5 million (Rs 427 crore). This is the first shale acquisition by the two companies in the US. OIL will buy 20 per cent and IOC 10 per cent stake in the asset owned by Carrizo, a Nasdaq-listed company.

New Delhi Petrol price may be cut by about Rs 1.60 per litre later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel.

Indian rupee appreciated to five-month high since the government announced allowing foreign direct investment (FDI) in multi-brand retailing. This has eased the cost of imports for oil firms, helping them make profit on sale of petrol. "Yes, there is about Rs 1.60 per litre profit on petrol since October 1. But we want this trend to stabilise before we think of cutting retail prices," a senior executive at one of the three state-owned fuel retailers said.

Global kerosene and LPG prices divergent to those of diesel, petrol and ATF

In the first price revision after the government capped the number of subsidised cylinders for consumers, domestic liquefied petroleum gas (LPG) has become nearly 17 per cent dearer, thanks to firm international prices. From October 1, the consumer price of every non-subsidised domestic LPG cylinder has risen to Rs 883 from Rs 756 last month.

The Supreme Court has issued notice to Petroleum and Natural Gas Regulatory Board (PNGRB) while admitting an appeal of GAIL (India) Limited challenging the award of Rs 7,000-crore Mallavaram-Bhilwara-Vijaipur gas pipeline project to a consortium led by state-run Gujarat State Petronet Limited (GSPL). A bench headed by Justice TS Thakur on Monday, however, declined to grant stay on the work of the over 1,500 km long pipeline project.

INDIA-: ONGC, IOC, Oil India bid for Conoco Canada oil assets

A trio of state-controlled oil companies on Monday said it has bid $5 billion for stakes in Canadian oil sands assets owned by ConocoPhillips , in what could be the next major test of Canada's appetite for foreign investment in its energy resources. A completed deal by a group that includes producers Oil and Natural Gas Corp and Oil India Ltd , along with refiner and retailer Indian Oil Corp , would be the first in Canada for Indian energy companies after years of strong public expressions of interest in the Alberta oil sands.

Mumbai Government-run Hindustan Petroleum Corporation (HPCL) is eyeing stakes in overseas oil blocks, primarily in Africa and Kazakhstan, as it looks to beef up its portfolio of producing and disco