Fuel Retailers

Ethanol blending saved foreign exchange worth Rs 1.08 trillion since 2014

Farmers have been paid Rs 92,409 crore so far as part of the ethanol blending program, data shows

JCB plans to make machines 'greener' by reducing fossil fuel consumption

Has improved fuel efficiency of machines like backhoe loader by 40% in 10 years

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 .

State-owned retailers IOC, BPCL, HPCL post Rs 81,000 cr profit in FY24

State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profits totalling about Rs 81,000 crore in FY24, which far exceeded their annual earning in pre-oil crisis years. The combined standalone net profit of IOC, BPCL and HPCL in April 2023 to March 2024 (FY24) was better than their annual earning of Rs 39,356 crore in pre-oil crisis years, regulatory filings by them showed. All the three companies posted the highest ever standalone as well as consolidated net profit in FY24. The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore, according to the company's regulatory filing. Thi

April fuel consumption rises by 6.1% year-on-year: Oil ministry data

Total consumption totalled 19.86 million metric tons (4.85 million barrels per day) in April, up from 18.71 million tons last year, data showed

Nayara Energy appoints Alessandro Des Dorides as chief executive officer

Nayara Energy on Wednesday named Alessandro Des Dorides, the former head of oil trading at Eni who was sacked for withholding information in illegal Iran oil trade, as the new CEO of the company. Des Dorides shall take over from Alois Virag whose term ends on March 31, 2024, a company statement said. In 2019, Italian oil company Eni SpA bought a shipment of oil that was purported to have come from Iraq but actually came from Iran. The act potentially breached the US sanctions and led to Des Dorides, who oversaw the deal for the cargo, being fired. Without mentioning Des Dorides' Eni background, the Nayara statement described him as "a seasoned oil and gas professional with over 24 years of experience in the energy industry." "He possesses a deep understanding of the global energy markets, strategic planning and risk management," it said. "Alessandro brings with him a wealth of experience and global exposure which will help Nayara Energy to continue its growth trajectory in the ...

Govt halves Budget support to oil firms, defers filling strategic reserves

The finance ministry in a post on X detailing the outcome of the budget announcements, informed about the halving of equity support and deferring of filling strategic reserves

MRPL to phase out exports in next 2-3 years as it adds retail outlets

MRPL's exports, previously 2-3 cargoes each of diesel and jet fuel monthly, have suffered in the last six months as maintenance shutdowns at other refiners raised demand for its fuel

BPCL, IOC face 200-DMA hurdle despite Brent Crude slipping to 7-mth low

Barring Indian Oil Corp, which gained over 4%, the other two oil marketing companies, BPCL and HPCL, trade with negative returns on YTD basis and have immensely underperformed benchmark indices

Polluting, expensive: No end in sight to price India pays for imported coal

With domestic production targets slipping, India needs to buy record quantities of the world's most polluting fuel at a time when prices are rising

As politics shapes policy, India's private fuel retailers run on fumes

quasi-administered price regime and the imposition of Universal Service Obligations is complicating their business plans

Fuel retailers talking of under-recoveries on petrol, diesel: Puri

With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses, which are as high as Rs 17.1 per litre on petrol

The math goes all wrong for fuel retailers despite sustained oil price hike

Demand destruction led by Covid-19 and the EV push, cutback in retail prices could end up making the business of running fuel stations unviable

Refinery margins, inventory gains to offset losses on petrol, diesel: Fitch

The three fuel retailers kept petrol and diesel prices unchanged for a record 137-days between November 2021 and March 2022 despite a nearly USD 27 per barrel rise in crude oil prices

Oil and trouble: Crude calculations in petrol, diesel prices in India

State-run refiners, which control over four-fifths of India's fuel market, are walking a tightrope again, trying to balance the interests of consumers, govt and their own

Indians stock up cooking oil, fuel, fearing shortages amid Ukraine war

India imports more than 90% of its sunflower oil from Russia and Ukraine, though sunflower oil accounts for about 14% of its total edible oil imports.

Fitch says BPCL privatisation may get delayed for multiple reasons

Bidders are conducting due diligence, but uncertainty over the bidder consortiums and process complexity, including valuation, may lead to potential delays, says the ratings agency

New fuel retail outlets may rely on public sector OMCs to build networks

These companies are banking on rising fuel demand predicated on growing vehicle ownership and rising mobility

Fuel price rise continues unabated, rates rise sharply again today

The retail prices of petrol and diesel rose by a sharp 35 paise and 28 paise per litre on Tuesday to touch new high of Rs 98.81 and Rs 89.18 per litre respectively in Delhi

Petrol, diesel price at fresh high; oil co says tax cut by govt can help

Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease burden.