Retail losses from auto fuel prices that have been frozen for around six months amid elevated crude oil prices kept their profitability under pressure in the second quarter.

Lucknow (Uttar Pradesh) [India], August 11 (ANI): Petrol pumps in Uttar Pradesh will act as promotional hubs and showcase destinations for the One District One Product (ODOP) items, according to an official statement released on Thursday.

New Delhi [India], July 29 (ANI): The government-run Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,993 crore for the first quarter of the current financial year as against a net profit of Rs 5,941 crore recorded in the corresponding period of the last year.

New Delhi Mar 26 PTI Petrol and diesel prices were hiked by 80 paise a litre each on Saturday the fourth increase in five days as oil firms passed on to consumers the spike in cost of raw materialPetrol in Delhi will now cost Rs 9861 per litre as against Rs 9781 previously while diesel rates have gone up from Rs 8907 per litre to Rs 8987 according to a price notification of state fuel retailersAll the four increases since the ending of a four-and-half-month long hiatus in rate revision on March 22 have been of 80 paise a litre These increase increases are the steepest single-day rise since the daily price revision was started in June 2017In four increases petrol and diesel prices have gone up by Rs 320 a litrePrices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab -- a period during which the cost of raw material crude oil soared by about USD 30 per barrelThe rate revision was expected soon after assembly elections ended on March 10 but it was put offOil companies who did not revise petrol and diesel rates for a record 137 days despite prices of crude oil raw material for producing fuel rising to USD 117 per barrel compared to around USD 82 in early November are now passing on to consumers the required increase in stagesMoodys Investors Services on Thursday stated that state-owned fuel retailers Indian Oil Corporation IOC Bharat Petroleum Corporation Ltd BPCL and Hindustan Petroleum Corporation Ltd HPCL together lost around USD 225 billion Rs 19000 crore in revenue for keeping petrol and diesel prices on hold during the election periodOil companies will need to raise diesel prices by Rs 131-249 per litre and Rs 106-223 a litre on gasoline petrol at an underlying crude price of USD 100-120 per barrel according to Kotak Institutional EquitiesCRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to USD 110-120India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement PTI ANZ RUP RUP

Shillong Mar 22 PTI The Meghalaya Prison department and Indian Oil Corporation have launched a new initiative to train jail inmates in various sports events for improving their physical and mental well-being Inspector General of Police in charge of Prisons M Kharkrang launched the month-long training programme for jail inmates together with IOC executive director G Ramesh at the district jail here on Monday Today marks an important day for prison and correctional services as inmates will be trained in carrom board and volleyball as part of the parivartan prison to pride initiative in collaboration with IOC Kharkrang told PTI He said the sports training programme for jail inmates is aimed at improving the physical and mental well-being of prison inmates especially during the pandemic period The IGP Prisons said the programme will also be rolled out in other district jails across the state At present 75 inmates will receive sports training during the one month period he said IOC chairman Shrikant Madhav Vaidya who launched the programme via online mode said the total number of prisons covered under the programme has gone up to 37 and the IOC aims to coach over 550 inmates during the third phase of the programme He said the first two phases of the programme has already heralded a remarkable social movement by transforming the lives of the inmates and facilitating their integration with society PTI JOP RG RG

New Delhi Mar 20 PTI The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 per cent rise in international oil prices but retail rates at petrol pumps remain unchanged sources said Petrol pump sales have jumped by a fifth this month after bulk users like bus fleet operators and malls queued up at petrol bunks to buy fuel rather than the usual practice of ordering directly from oil companies widening the losses of retailers Worst hit are private retailers like Nayara Energy Jio-bp and Shell who have so far refused to curtail any volume despite a surge in sales But now closure of pumps is a more viable solution than continuing to sell more fuel at rates that have been on freeze for a record 136 days three sources with direct knowledge of the development said In 2008 Reliance Industries had shut all of its 1432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidized price offered by the public sector competition A similar scenario may unfold again as retailers losses widen from bulk users being diverted to petrol pumps they said Price of diesel sold to bulk users has been hiked to Rs 12205 per litre in Mumbai This compares to Rs 9414 a litre price of the same fuel sold at petrol pumps In Delhi diesel costs Rs 8667 a litre at the petrol pump but for bulk or industrial users it is priced at about Rs 115 PSU oil companies have not raised retail prices of petrol and diesel since November 4 2021 despite a surge in global oil and fuel prices a move seen as aiding the Bharatiya Janata Party BJP in crucial state assembly elections Prices were supposed to start aligning with cost after counting of votes on March 10 but the ensuing start of the second half of the Budget Session meant that the price increases didnt happen Private fuel retailers like Nayara Energy Jio-bp and Shell were forced to hold petrol and diesel prices as they would have lost customers if rates at their petrol pumps were higher than those of Indian Oil Corporation IOC Bharat Petroleum Corporation Ltd BPCL and Hindustan Petroleum Corporation Ltd HPCL But now the PSU retailers have hiked rates for bulk users such as state bus fleets and malls and airports which use diesel for generating back up electricity sources said There is hardly any bulk or industrial user of petrol diesel is widely used in industries The wide difference of about Rs 25 per litre between the bulk user rate and petrol pump price has prompted bulk users to refuel at petrol pumps rather than book tankers directly from oil companies they said This has led to widening losses of oil companies who were already bleeding from selling petrol and diesel at way below the cost While Nayara Energy did not reply to an email sent for comments Jio-bp -- the fuel retail joint venture of Reliance and UKs bp -- said there is a massive surge of demand at fuel stations retail outlets due to increased delta of Rs 25 per cent between retail and industrial price of diesel leading to heavy diversion of bulk diesel direct customers to retail outlets There is also a very heavy lifting of fuel by dealers and both B2B B2C customers who have advanced their purchases to top up their tanks and capacities in anticipation of price increase which is overdue Due to this immediate surge there have been record sales in March 2022 which is putting strain on the entire logistics and supply infrastructure Jio-bp spokesperson said This is further exacerbated by shortage of Tank Trucks and rakes due to sudden surge in demand along with limited availability of TT crew during the festive period across the industry the spokesperson added While private retailers have not disclosed sales PSU retailers have sold 353 million tonnes of diesel from March 1 to 15 up 328 per cent from a month earlier The sales were 237 per cent higher year-on-year and 173 per cent higher than sales in March 1-15 2019 Oil Minister Hardeep Singh Puri last week said that fuel sales had jumped 20 per cent due to hoarding in anticipation of price increase but sources insisted the sales also increased because of bulk users queuing at petrol pumps A Jio-bp spokesperson said in spite of challenges Reliance is fully committed to meet the demand of its retail customers While Nayara has 6510 petrol pumps in the country Jio-bp has 1454 PSUs control 90 per cent of the 81699 petrol pumps in the country In 2008 PSU retailers were paid government subsidies for selling petrol and diesel at below cost but private retailers were kept out of such a scheme This time around PSU retailers have been asked to square up their losses from inventory gains and higher refining margins they are earning now But private retailers do not have refineries to cover up for retail losses PTI ANZ DRR

Kathmandu [Nepal], February 2 (ANI): The price of petroleum products has reached an all-time high in Nepal as the state-owned petroleum supplier increased the price from midnight owing to the losses incurring from the sales.

Chennai Nov 26 PTI Instead of leasing out its landed properties to commercial establishments for rent the Defence department can retain them with it for providing more infrastructural facilities the Madras High Court has suggested Justice S M Subramaniam gave the suggestion on November 23 while dismissing a batch of writ petitions from Major C Sathia Moorthy Gopalan proprietor of a petrol pump and two other such persons challenging the departments action in evicting them for non-payment of rent running to several crores of Rupees for over a decade After considering the facts and circumstances the judge found that the Defence department was finding it difficult to maintain its properties which all are not in possession and leased out for some commercial purposes Thus the defence properties are to be utilised for providing infrastructure facilities for its own benefit If these are going to be leased out for commercial purposes to third parties the department is finding it difficult even to collect the rent from such tenants or lease holders and struggling to vacate the lessees the judge pointed out and gave the suggestion The authorities may consider the suggestion and take a decision for disposal of such properties by following the procedures as contemplated and if necessary by submitting a proposal to the Defence Ministry Contrarily the Defence department cannot afford to litigate these commercial issues in the courts for several years which would cause great prejudice to the public interest and to that of the Defence department the judge added In view of the fact that the petitioners had already enjoyed the pump sites leased out to the Indian Oil Corporation for rent for more than 10 years they have no locus standi to question their eviction The court has to pass appropriate orders considering the public interest as the defence property is being abused by the IOC and the petitioners the judge added and directed the IOC to stop supply of all petroleum products forthwith to petitioner pumps It should also vacate the premises and hand over possession of the properties to the Defence Estate Officer DEO by following the procedures within two months It shall settle the arrears of rent if necessary by negotiating with the competent authorities of the Defence department within 12 weeks If it fails to settle the amount the DEO will be at liberty to initiate all appropriate actions against the IOC for recovery of dues as public debt the judge said PTI COR SA APR APR