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

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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."

Soutce-http://m.timesofindia.com/PDATOI/articleshow/9982613.cms

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ONGC to launch $2.5 billion FPO on September 20: Report

 Reuters

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.

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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.

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