Breaking the mould of fortnightly revision, market leader Indian Oil Corp (IOC) cut the retail price of petrol by Rs 2.46 to Rs 3.22 a litre from Thursday midnight to “partially” pass on the benefi

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

Oil and Natural Gas Corp (ONGC) and China National Petroleum Corp (CNPC) will renew a co-operation pact in areas such as exploration, an Indian oil ministry official said.

The energy-hungry Asian nations - widely blamed for a record rise in oil prices - usually compete for stakes in foreign oil and gas projects to secure supplies. “Although we are rivals, the interests of India and China converge when it comes to hydrocarbons. With ONGC, they (CNPC) will sign an MoU (Memorandum of Understanding),” the official told reporters on Monday.

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.

New Delhi The stagnation in domestic gas and coal production has led to a revival of interest in the liquefied natural gas (LNG) business, despite it being the most expensive fuel for power generation.

Among the growing list of energy companies looking at the LNG business are government-run Indian Oil Corporation (IOC), which plans a 5 million tonne (mt) terminal at Ennore Port by 2015, and Reliance Power, which, in a joint venture with Shell, would set up a terminal with similar capacity at Andhra Pradesh, close to the its KG-D6 gas block and gas-based Samalkot power plant.

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.

With the Rs 28,000-crore refinery project of Indian Oil Corporation Ltd (IOCL) at Paradip under a cloud of delay, the Odisha government has decided to ink an MoU (Memorandum of Understanding) with the oil marketing firm to stipulate timeline and milestones for commissioning of the project.

IOCL being the anchor tenant for the PCPIR hub (Petroleum, Chemical and Petrochemical Investment Region) to be set up in 70,214 acres of land spread over Jagatsinghpur and Kendrapara districts, the timely commissioning of the refinery was vital for attracting investors for the mega investment hub.

The much-delayed oil pipeline from Paradip to Ranchi via Raipur may see light of day soon.

DIBRUGARH, May 31: The Environmental Awareness Programme was launched by Indian Oil Corporation Limited (IOCL), Assam Oil Division (AOD) from May 30 as a curtain-raiser to the World Environment Day