New Delhi: State-run fuel retailers are expected to announce a reduction of between Rs 1.50 and Rs 2 a litre in petrol price on Friday. The cut, once announced, will come into effect from June 1.

Bhubaneswar: Encouraged over its record growth in the export performance, the Odisha government on Tuesday decided to set up specific projects which will boost both the export and MS&ME (micro

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,”

But indicate prices may come down next month.

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.

New Delhi: Finance minister Pranab Mukherjee on Wednesday laid the onus of the petrol price hike on oil marketers. “The decision has been taken. Petrol is a deregulated commodity,” he said.

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.

Indian Oil Petronas Private Limited, a joint venture between Indian Oil Corporation Limited (IOCL) and Petronas Malaysia, is setting up an LPG (liquefied petroleum gas) import-export terminal at the Ennore Port. The new facility will have a tankage capacity of 30,600 tonnes and will attract an investment of around Rs 497.83 crore.

Union minister of state for petroleum and natural gas R P N Singh informed the Lok Sabha that the IOC was proposing to set up an LNG (liquefied natural gas) import terminal at Ennore Port with storage and regasification facilities of 5 million metric tonne per annum capacity at an estimated cost of Rs 4,320 crore.

JAIPUR: A major disaster was averted at the Indian Oil Corporation (IOC) depot in Sitapura on Sunday when thousands of litres of oil spilled on to the premises after a "gasket failure". However, swift action by company officials averted a major tragedy.

The nearby factories also witnessed a shower of oil, which created panic among the labourers. They moved out of their units immediately fearing that this could lead to a major inferno like the last one. An FIR has been registered against IOC officials by some owners of nearby factories for putting their life in danger.

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.