Compressed Natural Gas (CNG) rates were hiked by a steep Rs 2 per kg today, mainly on account of a fall in the rupee value against the US dollar, pushing up the cost of inputs.
CNG will cost Rs 32 per kg in Delhi from midnight tonight, as against Rs 30/kg at present.
In Noida, Greater Noida and Ghaziabad, CNG will cost Rs 2.30 per kg more -- at Rs 35.90/kg .
The government has fixed the price of domestic gas produced by state-owned ONGC and Reliance in US dollar terms and every time the rupee depreciates against the US currency, users end up paying more. Gas from both Reliance and ONGC is priced at USD 4.20 per million British thermal units.
On top of the basic gas price, state gas utility GAIL charges a marketing margin in US dollars for the effort involved in selling the gas produced by ONGC. GAIL charges a marketing margin of $0.11 per mmBtu, while Reliance also charges a $ 0.135 per mmBtu marketing margin.
Prices w.e.f 18.09.2011
NAME OF CAPITAL CITIES SPEED
Pondicherry Inter State Sale 67.40
All prices are for Speed of BPCL
Prices w.e.f 18.09.2011
NAME OF CAPITAL CITIES HSD
Pondicherry Inter State Sale 42.65
Prices w.e.f 18.09.2011
NAME OF CAPITAL CITIES Hi Speed
Pondicherry Inter State Sale 47.50
Prices w.e.f 18.09.2011
Pondicherry Inter State Sale 64.90
The price of petrol has increased by as much as Nu. three a litre. The price hike, the third this year, came into effect this afternoon.
A litre of petrol now costs Nu. 60.4, an increase of Nu. 2.80.
As on date 1 NU (Bhutanese currency called ) is equal to 1 Indian Rupee. http://www.xe.com/ucc/convert/?Amount=1&From=BTN&To=INR
Commuters who had come to fuel their cars at the fuel depots today were not amused. They said with the fuel price increasing every now and then, it would be difficult to make ends meet.
The hike will hit the taxi drivers the most. They said without increasing the fare, which is decided by the road safety and transport authority, they will not be able to support their families. A few said they may have to consider selling their taxis, their only means of sustenance.
The increase was caused by a similar increase in India from where Bhutan imports all its fuel. The increase in India was caused by the fall in value of rupee against dollar.
The price of diesel, cooking gas, and kerosene has remained unaffected for now.
Source : http://www.bbs.com.bt/bbs/?p=6341&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BBSNewsFeed+%28BBS-+Bhutan%27s+National+Broadcaster%29
Petrol prices to be up by Rs 3.14 from midnight
New Delhi: Oil companies will hike petrol prices by about Rs 3.14 per litre from Thursday midnight. This is the second big hike in four months. The decision was taken after a meeting of the heads of oil companies.
Petrol prices have been raised because of the weakening of the rupee against dollar.
Oil retailers claim they are losing Rs 15 crore per day due to the big gap in global and domestic prices.
Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) now lose Rs 2.61 per litre due to high international crude oil prices and with rupee touching two-year low against the US dollar, the losses have increased the cost of importing crude oil.
"After adding local taxes, the hike needed at retail level comes to over Rs 3 per litre," a top official at one of the three state-run fuel retailers said. Petrol price were last hiked by Rs 5 per litre on May 15.
Source IBN live
EW DELHI: State-owned oil firms may have to raise petrol prices by as much as Rs 3 per litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil.
"Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Together with local taxes, the hike needed to level domestic rates with international prices is about Rs 3 per litre," a top government official said.
IOC, BPCL and HPCL have lost Rs 2,450 crore this fiscal on selling petrol -- whose rates were freed from government control in June last year -- below the cost.
"At current rate, oil firms will accrue another Rs 2,850 crore of loss on sale of petrol, taking the total loss on a fuel that was freed from control, to Rs 5,300 crore for the full fiscal," the official said, adding, "Oil firms will have to take a call on raising petrol price soon."
ONGC to launch $2.5 billion FPO on September 20: Report
MUMBAI: Oil and Natural Gas Corp's follow-on share sale, valued at around $2.5 billion and delayed by more than six months, is likely to be launched on September 20 and will close on September 23, sources said on Monday.
The sale of a 5-per cent stake by the Indian government is part of a broader proposal to raise about $9 billion through share sales in public sector firms this fiscal year, to help plug the federal government's fiscal gap and generate funds for schemes for the poor.
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IOC to spend Rs 600 cr on fire safety
(Courtesy: Financial Chronicle, New Delhi, September 13, 2011)
IndianOil (IOC) will spend about Rs 600 crore to upgrade fire safety equipment across its installations. This is being done after a directive from the Oil Industry Safety Directorate (OISD) to raise standards of fire safety. OISD has revised safety norms keeping in view a major fire accident at the IOC depot near Jaipur that claimed 11 lives and led to wastage of nearly 60,000 kilolitre of petroleum products in 2009. “The risk-perception has been revised after the Jaipur incident. The existing safety norms would be supplemented,” KK Jha, Director (Pipelines) of IOC said.
OISD has revised STD-117 norms that are mandatory for oil marketing companies. As per revised norms, volume of water stored in sites has to be doubled and protection system on tanks is to be equipped with hollow impoline tubes, among others.
Chennai Petroleum Corporation Limited (CPCL), an Indianoil Subsidery company, has declared a dividend of 120% for the year 2010-11. This was announced by Mr. R.S. Butola, Chairman, IndianOil Group Companies, at the 45th Annual General Meeting (AGM) in Chennai .
The turnover for the year 2010-11 was Rs. 38,124 crore as against Rs. 29,184 crore in 2009-10. The Profit After Tax (PAT) for 2010-11 was Rs. 511.52 crore as against Rs. 603.22 crore, the previous year.
The Utilities and Offsite facilities of the Rs. 2,616 crore Auto Fuel Quality Upgradation Project of CPCL are in various stages of completion. A new 42-inch crude oil pipeline from Chennai Port to Manali Refinery at a cost of Rs. 126 crore is awaiting environmental clearance and Indian Oil Corporation Limited is the Engineering Procurement, Construction Management (EPCM) Contractor.
CPCL’s new project initiatives include the Rs. 3,111 crore Resid Upgradation Project and a brownfield refinery expansion project at Manali with matching secondary processing facilities. CPCL is equipping itself to receive Natural Gas for use at its Manali Refinery and Heads of Agreement for supply of LNG have already been signed with Indian Oil Corporation Limited, from its proposed LNG Terminal at Ennore near Manali.
IOC said to bar world’s largest oil trader Vitol
Singapore: Indian Oil Corp (IOC) has barred Switzerland-based Vitol, the world’s largest oil trading firm, from participating in its tenders and other government-run refiners may follow suit, three sources with direct knowledge of the matter said. IOC, the country’s biggest refiner, put Vitol Geneva and Vitol Asia Singapore on a list of companies barred from doing business with it from Sept 3 as the trader withdrew and modified a binding offer made in a crude import tender, the sources said. Officials at IOC declined to comment. Vitol, responding to an email, said it never comments on commercial relationships.
IOC has informed other government-run refiners about the move and has asked them to explore the possibility of initiating similar action, the sources said. IOC was at one point the country’s sole crude importer and used to buy oil on behalf of other companies. Government-run firms still work closely on matters such as international trade and retail fuel prices. The ban may allow Vitol’s competitors Glencore and Trafigura, which have significant Indian operations and have invested heavily to build their businesses there, to expand. “Certainly this now opens the door for the likes of Glencore and Trafigura to take over from Vitol’s position in the tenders,” a Singapore-based trader said.
Other government-refiners would consult the oil ministry on suspending Vitol from participating in their tenders, the same sources said. “IOC is like the godfather here, no one messes with it,” a trader said. “On the products side, Vitol is a market leader, it picks up a lot of cargoes from India, so if its bids are not there, others would definitely get an advantage.” The impact of this ban for Vitol would be particularly serious for West African grades, traders said. India imports about 80% of its crude requirement. In the financial year ending March 31, it imported about 3.3 million barrels of oil. “It’s going to be a huge impact on Vitol because they would lose a big outlet for West African crudes,” a Singapore trader said. “India might see higher prices on their tenders.” Earlier the second-biggest, Bharat Petroleum Corp, had barred Glencore from participating in its tenders in January, but within three months lifted the ban following a settlement.
Reuters:::Posted: Friday, Sep 09, 2011 at 0235 hrs IST
Reminiscences of Dr P K Mukhopadhyay - the Guru of downstream Petroleum R&D in India
My first meeting with Dr Mukhopadhyay was on 5th May 1985 when I entered the interview room of R&D director’s chamber. The person sitting on the middle of an oval shaped table was simple in his attire, unassuming but gave an impression of total control. He made the situation very friendly but tried to extract the information which he wanted from the interviewee. I remember, among many questions he asked, one was on mitigation of detrimental effects of metals like Vanadium and Nickel on FCC catalyst. In itself this question could seem to be very simple and general but when I look back he was a person ahead of his time. 25 years after that question, the issue still remains relevant, how to crack heavier feed-stocks in FCC and handle its high Vanadium and Nickel content. An FCC additive named indVi developed today by R&D to handle metal laden FCC feedstocks could really be termed as a fitting tribute to this saint scientist who foresaw it long back.
Dr P K Mukhopadhyay is known as the initiator of Research & Development activities in Indian Oil’s R&D centre at Faridabad. Under his guidance the centre embarked upon the territory of research which was so far the exclusive domain of the multinational companies in the downstream sector. Fluid Cataltytic Cracking, Hydro-processing and research on pipeline transportation of waxy crudes were the areas where he passionately worked for the next 10 years of his stay at the helm of affairs of R & D centre. He guided, supervised and led a team of people who came from various backgrounds, some were experienced , some were new but none had the experience of working in a downstream R& D of a petroleum company of Indian Oil’s stature.
His contribution in spearheading research in Fluid Catalytic cracking process and catalyst characterisation and development (the area I work), simulation and modelling and other related areas of FCC is unparalleled. He developed a master plan for FCC research which till date, is considered as the guiding plan for refining R&D in India. Under his leadership the FCC team within a short span of few years created a remarkable and unmatched infrastructure for FCC in the country. The company started to evaluate FCC catalysts both equilibrium as well as fresh catalysts and provided the refiners a tool to identify the best catalyst available in the country and use it in the refinery to enhance refinery yields. Under his leadership research & development activities on FCC catalyst was started in the centre which resulted in creating the expertise in the country of FCC catalyst and additive development. Characterisation facilities were created, methods developed and new materials were synthesised for use as catalyst components. Development of FCC models to predict plant performance was another of his notable contributions.
Behind his apparently tough exterior, Dr Mukhopadhyay had a kind heart which was always ready to help people irrespective of their rank and position. During the first few years of my commuting from office to Delhi back, many an occasion, he would stop his car on the way and give a lift to wherever I wanted to go. During the long journey he was not a director but talked to me like a friend. He used to shop on way from sector 15 market or buy something from other markets in Delhi. On such occasions I could find streaks of a family man, a father, a husband who cares for his family.
After his retirement whenever we used to meet in the R&D centre when he came to library he will ask about my family daughter and wife and share the news of his daughters study. He was a dedicated father. The last time we talked before his passing away was in January when he told me that he is planning to visit his daughter in Houston whose university has a very good library. Person, 17 years after his retirement still posses the passion for knowledge! It was really something very amazing but inspiring for all those who has seen this saint alive on this land.
Govt earns 43% more by taxes on petro products in FY11
PTI ::: New Delhi, Sep 6: :::The government has no proposal “at this stage” to reduce taxes on petro products even as it earned Rs 1.02 lakh crore by way of taxes on these items in 2010-11, Parliament was informed on Monday. Also, there is no proposal to give additional subsidy on diesel to farmers, it was stated in the Rajya Sabha.“There is no such proposal at this stage,” Minister of State for Finance Mr S S Palanimanickam said in a written reply.
He was answering a specific question whether the Finance Ministry was planning to reduce taxes on petro products in the wake of steep inflation.
The government realised a total revenue of Rs 1.02 lakh crore by way of customs and central excise in 2010-11, showing a sharp rise of over 43 per cent over the previous year, according to the data given in his reply.Mr Palanimanickam said that the government has already eliminated basic customs duties on crude from 5 per cent. On petrol and diesel, the basic import duty has been reduced from 7.5 per cent to 2.5 per cent and on other petroleum products from 10 per cent to 5 per cent from June 25, 2011. Similarly, the basic excise duty on diesel has been abolished from Rs 2 per litre, the Minister added.In another reply, Minister of State for Finance Mr Namo Narain Meena said that the government has no proposal either to give additional subsidy on diesel to farmers.“No proposal to give additional subsidy on diesel to farmers is under consideration of the government,” he said.
IOC forays into solar power
To de-risk its balance sheet from rising under-recoveries in the long term, IndianOil (IOC) has forayed into solar power. The maharatna firm had earlier entered wind and nuclear power generation.
IOC will set up a 5 mw solar photovoltaic plant near Jodhpur in Rajasthan, AMK Sinha, director (planning and business development), told Financial Chronicle. The contract has been awarded to Bharat Heavy Electricals (Bhel), he added.
IOC’s strategy is to diversify its portfolio across the hydrocarbon chain. “We want to be among the top three players in every business,” Sinha said.
(Courtesy: Financial Chronicle, New Delhi, September 05, 2011)
Diesel price to come down by 37 paise in Delhi
The Delhi government had announced slashing the diesel rate by 37 paise a litre.
Diesel prices will come down by 37 paise a litre in Delhi in a day or two as the state Assembly on Monday passed a Bill aimed at slashing the rate.
The Delhi Value Added Tax (Second Amendment Bill) 2011 was passed by the Assembly. Following a hike in diesel prices in June, Chief Minister Sheila Dikshit, on June 27 had announced slashing the diesel rate by 37 paise a litre to cushion the impact of rise in prices of the fuel.The decision could not be implemented as certain changes were required in the VAT Act to alter the sale price of diesel.
A senior official said the new rate will come into effect in a day or two following issuance of a notification by Lt Governor Tejendra Khanna. Diesel price had gone up to Rs. 41.12 after the hike of Rs. 3.37 a litre in June and it will come down to Rs. 40.75, if the amendment bill is passed in the House.The city government had arrived at the figure of 37 paise for cut in diesel prices by removing the 12.5 per cent VAT component on the hike of Rs. 3.37.
Read more at: http://indiatoday.intoday.in/story/diesel-price-to-come-down-by-37-paise-in-delhi/1/150210.html?cp
1. Honda will price Brio in the range of Rs 4.2 lakhs to Rs 4.5 lakhs and once launched
2.Honda Brio has a powerful 1.2L petrol engine generating 90 bhp
3.Enough room on the inside that can accommodate 5 adults
5. Brio comes at 3,610mm in length, 1,680mm in width and 1,475mm in height.
6. The model is fueled by an appropriate engine, a 1.2l i-VTEC
7. Manual 5-speed manual or a CVT transmission.
8. Price (tentative Rs. 4-5.5 lakhs )
9.Overall length x width x height: 3610 mm X 1680 mm X 1500 mm
High energy output found from algae-based fuel, but 'no silver bullet'
Algae-based fuels produce high energy output but with significant environmental burdens
Algae-based fuel is one of many options among the array of possible future energy sources. New University of Virginia research shows that while algae-based transportation fuels produce high energy output with minimal land use, their production could come with significant environmental burdens.
For farmers looking to maximize profits, algae would produce considerably more transportation energy than canola and switch grass for every hectare planted, and can also be grown on poor-quality marginal land that cannot be easily used to grow food crops such as corn,
according to a report by Andres F. Clarens and Lisa M. Colosi, both assistant professors of civil and environmental engineering in the U.Va. School of Engineering and Applied Science, and Mark A. White, professor in the McIntire School of Commerce.
IOC Lanka arm losing market on higher selling price
Lanka IOC, the Sri Lankan subsidiary of state-run IndianOil (IOC), faces the same fate as private sector oil marketers Essar Oil and RIL so far as diesel sale is concerned. Lanka IOC, which competes with Sri Lankan government-owned Ceylon Petroleum Corporation (Ceypetco), has lost 80 per cent of its diesel sale owing to higher selling price.
Between April and August, the Colombo Stock Exchange-listed company’s share in the Sri Lankan diesel market was down from 25 per cent to 5 per cent. “The price of diesel at Lanka IOC outlets is SLRs 85 a litre, higher by SLRs 9 to the outlets of Ceypetco. We have, therefore, lost our sales volumes to Ceypetco. However, at the current price, too, we are incurring a loss of 20 Sri Lankan Rupee a litre,” Suresh Kumar, managing director, Lanka IOC told Business Standard.
(Courtesy: Business Standard, New Delhi, September 01, 2011)
Rajkumar Ghosh takes over as Director (Refineries) of IndianOil
Mr. Rajkumar Ghosh has taken over as the Director [Refineries] of the only Indian Fortune 100 Company, IndianOil. He takes over from Mr. B N Bankapur who superannuated on 31st August, 2011. Mr. Ghosh was working as Executive Director (In-charge) at the Refineries Headquarters at New Delhi. Prior to his posting in Delhi he was Executive Director (I/C) at the most modern PSU refinery of the country at Panipat and was responsible for all functions of the Refinery, Naphtha Cracker and other downstream polymer units. Mr. Ghosh led the commissioning of Panipat Refinery Expansion from 12 to 15 Million Metric Tonnes Per Annum (MMTPA) and India’s largest Naphtha Cracker which ushered in a new era of industrial development in Haryana
A graduate in Chemical Engineering from I.I.T. Kharagpur, Mr Ghosh has over three decades of experience to his credit in Hydrocarbon Industry. He has worked in various positions at Barauni, Mathura, Haldia, Guwahati and Panipat Refineries as well as at Refineries Headquarters in New Delhi. In addition to this, he successfully led the commissioning teams of more than 15 process
units including RFCC, Hydrocracker, Diesel Hydro Desulphurisation Unit, CCRU, Catalytic De-waxing Unit for Lube production and MS Quality Improvement Units. He was also associated with the Design and Engineering of the first Hydrocracker Unit in the country at Gujarat Refinery.
Mr. Ghosh who will be heading the Refineries Division of the largest refiner of the country is known for his technical knowledge, dynamic leadership and clarity of vision. Mr. Ghosh strongly believes in strengthening the refining industry with revamping, debottlenecking and modernization of process units at low cost brown field expansions with yield and energy improvement projects.
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