Fuel Retail

After record profits, state-owned fuel retailers see profit slump in Q1

After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year .

Petrol, diesel to get costlier in K'taka as govt hikes sales tax on fuel

Karnataka government on Saturday hiked sales tax on fuel which will make petrol and diesel costlier. According to official sources, petrol will now go up by Rs 3 and diesel by Rs 3.5 per litre. In a notification issued by the Finance Department, the government has hiked sales tax on petrol by 3.92 percentage points, from 25.92 to 29.84 per cent. On diesel, the hike is 4.1 percentage points, from 14.34 to 18.44 per cent. This notification shall come into force with immediate effect, it said. The decision comes days after the Lok Sabha poll results, in which NDA got 19 out of 28 seats in Karnataka, with BJP winning 17 and JD(S) with 2. The ruling Congress in the state has won nine seats. The move, aimed at resource mobilisation, comes after Chief Minister Siddaramaiah, who is also the finance minister, reviewed the state's revenue generation and fiscal position. During the meeting, the CM asked officials to work harder towards meeting revenue collection targets.

How fuel price mirage has eroded India's credibility among investors

Lack of oil pricing reform is yielding supernormal profits for state-owned companies but hindering global majors from investing

Fuel retailers setting up convenience stores, cafes to attract footfall

Convenience retail is being driven by infrastructure development and a rise in the number of highways and expressways, executives said

Fuel sales jump in Sep as economy activity picks up before festival season

Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019. Demand was, however, 1.9 per cent lower than the previous month of August 2022. Diesel, the most used fuel in the country, posted a handsome 22.6 per cent rise in sales in September to 5.99 million tonnes when compared to the same month last year. Consumption was up 23.7 per cent over September 2020 and nearly 15 per cent higher than pre-Covid 2019. The fuel, which had seen a near 5 per cent drop in sales in August when compared to the previous month of July, saw demand rise 1.3 per cent month-on-month. Industry sour

HPCL, BPCL shed up to 4% on lackluster June quarter performance

So far in this calendar year, BPCL and HPCL have tumbled 13 per cent, and 14 per cent, respectively. However, frontline indices Nifty50 and the S&P BSE Sensex have remained flat during the same period

Adani Group, RIL to set up biogas plants at Rs 500-600 cr investment each

Adani and Reliance Group are planning to set up 40-million tonne per annum (mtpa) plants in Uttar Pradesh and Gujarat, while Reliance Industries is still formalising the two locations

IOC, BPCL, HPCL may post Rs 10,700-cr combined loss in Q1: Report

ICICI Securities said the companies are losing Rs 12-14 per litre on petrol and diesel, completely offsetting the strong refining performance during the quarter

Petrol, diesel prices hiked for 5th consecutive day across the country

Fuel prices witnessed a hike for the fifth consecutive day on Sunday

India's September diesel consumption remain below pre-Covid levels

India's gasoil consumption slowed in the first half of September from the previous month, staying below pre-Covid levels as a pick-up in monsoon rains hit mobility

Fuel paradox: 6 more pvt players on cards, but price reins still with govt

Setting of retail prices, frequency with which they change and government increasing taxes when global prices are low all put a question mark on so-called market-linked pricing mechanism

Petrol, diesel prices unchanged; here are the prices in your city today

In Delhi, petrol price is at Rs 101.84 per litre. Check here to know the fuel prices in your city today

India's gasoline sales jump above pre-pandemic levels, shows initial data

Sales of gasoline rose to 1.03 million tonnes in the first fortnight of July, a jump of about 3.44% over the corresponding 2019 period, preliminary industry data showed on Friday

Fuel price hike: Petrol price crosses Rs 100/litre mark in Delhi

Petrol price on Wednesday crossed the Rs 100-a-litre mark after fuel prices were increased in line with firming international oil trends

Petrol, diesel price rise paused, retail rates unchanged across metros

After a longer break, the oil marketing companies have kept the retail prices of petrol and diesel unchanged for the second consecutive day on Thursday.

India's fuel sales recover in June as states ease lockdown restrictions

Indian state refiners' gasoline and gasoil sales rose in June compared with a month earlier, preliminary industry data showed, as states eased coronavirus-related restrictions as cases fell

Petrol reaches Rs 98.11, diesel at Rs 88.65 per litre in Delhi today

Petrol and diesel prices have witnessed a surge in the national capital and stood at Rs 98.11 per litre and Rs 88.65 per litre, respectively on Saturday

Petrol, diesel prices remain unchanged a day after setting new records

Fuel retailers spared consumers of further hike in fuel prices by keeping retail prices of petrol and diesel unchanged on Friday, a day after it touched new records

India's fuel sales recover from June lows, still lower than last year

Domestic fuel sales by Indian state refiners recovered in the first half of June due to the easing of coronavirus lockdowns across the country, preliminary data shows

Petrol, diesel sales drop 17% in May on slow demand due to Covid lockdowns

India's petrol and diesel sales fell by about 17 per cent in May from a month ago as restrictions clamped to curb the world's worst outbreak of coronavirus infections stifled demand