Petrol and diesel prices vary across Indian states due to differences in local sales tax or VAT rates. While some states like Andhra Pradesh, Telangana, and Kerala have the costliest fuel, smaller states and Union Territories like Andaman & Nicobar Islands and Delhi offer cheaper rates. Recent price cuts provide relief to consumers, but rates remain above INR 100 per litre in some regions due to higher VAT.
This statement came after the OMCs, including Indian Oil Corporation (IOC) reduced the fuel prices by Rs. 2 from March 15, 2023, an action Puri praised as a "courageous move" amidst the unpredictable global crude oil prices.
Under the leadership of Sukhmal Jain, Director Marketing at BPCL, the initiative introduces an innovative approach to making diesel exhaust fluid (DEF) more accessible, particularly for BSVI diesel-powered vehicles which are key to reducing nitrogen oxides (NOx) emissions.
International oil prices, against which domestic rates are benchmarked as India is 85 per cent dependent on imports to meet its oil needs, had softened late last year but firmed up again in the second half of January.
Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
The continuing freeze in fuel prices, which is now 21 months old, despite a fall in input raw material (crude oil) prices helped raise marketing margins.
The government has halved the equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects. While other state-owned oil companies have lined up investments to achieve net zero carbon emissions, the equity support was limited to the three fuel retailers
The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year.
In the current quarter, the refinery throughput was 9.35 million tonnes versus 8.82 million tonnes in Q2 of FY 22-23. Market sales were 12.19 million tonnes in Q2 FY 23-24 versus 11.44 million tonnes in Q2 of FY 22-23. Sales have grown by 6.56 %.
"The company has received a direction from CPCB to pay compensation of INR 1 crore for non-installation of Vapour Recovery Systems (VRS) at retail outlets in National Capital Region (NCR)," IOC said adding the fine was for not installing VRS at petrol refuelling stations within the timeline prescribed by the Supreme Court.
India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Calculated Free on Board (FOB) estimates for Urals cargoes loading from Baltic ports in October were close to USD 80 per barrel on Thursday for Indian customers, according to traders' data and Reuters calculations.
One option being explored is loaning the money to entities buying oil from Russia, who would then repay the loan in India. Indian state oil firms have invested USD 5.46 billion in buying stakes in four different assets in Russia, making Russia the top crude oil supplier to India.
Last year, HPCL and other government-owned fuel retailers -- Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) -- froze retail petrol and diesel prices to cushion domestic consumers from rising international oil rates.
Government acquires HPCL stake, supports fuel retailers' losses, invests INR 30,000 crore in energy transition. OMCs aim for zero emissions, renewable growth.
Indian refiners have been snapping up discounted Russian oil since many other countries imposed sanctions on Moscow after its invasion of Ukraine. The discounts make Russian oil cheaper than similar grades from the Middle East.
India's reliance on discounted Russian crude oil has made it the largest buyer, and the country is being charged up to twice the normal shipping rates for delivery. Russian oil was sanctioned by the EU and some in Asia after the invasion of Ukraine in February 2022, leading to Russia Urals crude being traded at a discount to Brent crude.
After joining GAIL in 1990, he was associated with the execution and commissioning of GAIL's first petrochemical plant at Pata in Uttar Pradesh, first LPG recovery plant at Vijaipur and grass-root petrochemical complex at Lepetkata, Assam.
Nayara Energy, which owns over 7 percent of India's 86,925 petrol pumps, is selling petrol and diesel at Re 1 per liter less than that by IOC, BPCL, and HPCL in 10 states such as Maharashtra and Rajasthan.
The facility would be available for four-wheeler passenger electric vehicles (EVs) as of now. The company would charge the customers around Rs22 per 30 minutes of use, executive director (ED) Sanjeev Agarwal said. While EVs would be recharged in 30 minutes, it would provide a driving range of up to 125km.
The profitability of the Indian oil marketing companies (OMCs) has increased as retail selling prices of petroleum products have "remain unchanged" during six months in 2022.
| Name | DIN | Designation | Date of joining | |
|---|---|---|---|---|
| Pullukottayil Habel Kurian | 00027596 | secy@it.kerala.gov.in | Nominee director | 25 Nov,2013 |
| Rajkumar Duraiswamy | 00872597 | Director | 01 Oct,2016 | |
| Rajesh Kumar Mangal | 03033081 | rajeevjain2379411@yahoo.co.in | Additional director | 01 Dec,2015 |
| Shrikant Prakash Gathoo | 05102526 | gathoosp@bharatpetroleum.in | Whole-time director | 03 Nov,2011 |
| Panchapakesan Balasubramanian | 05262654 | balasubramanianp@bharatpetroleum.in | Director | 18 Sep,2014 |
| Gopal Chandra Nanda | 06441034 | gopalchnanda@gmail.com | Additional director | 01 Dec,2015 |
| Ramamoorthy Ramachandran | 07049995 | ramachandranr@bharatpetroleum.in | Director | 01 Aug,2016 |
| Ramesh Srinivasan | 07164250 | rameshs@bharatpetroleum.in | Director | 01 Mar,2016 |
| Anant Kumar Singh | 07302904 | asfa.png@gov.in | Additional director | 02 Jan,2016 |
| Deepak Bhojwani | 07351577 | bhojwani@latindiaconsult.com | Additional director | 01 Dec,2015 |
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