Page 6 - Oil Marketing Companies

OMCs extend gains on improved operational performance; IOC hits 52-wk high

In the past six months, IOCL (up 28%), HPCL (up 22%) and BPCL (up 19%) have outperformed the benchmark S&P BSE Sensex index

Refinery rejig: Why is India steadily raising petrochemicals capacity

Estimates for the sector are bullish for a decade but it is not an easy business to run, say experts

Half a dozen stalled refinery expansion plans come under PMO radar

With national fuel demand rising quickly, core team of officials to look into issues holding up planned refinery projects

Centre to infuse equity in 3 OMCs after they announce capex plans: Report

OMCs, however, are concerned that equity infusion might impact their share price, market valuation and market perception

Top headlines: Commercial LPG cylinder price cut, WEF on India's job market

Business Standard brings you top news at this hour

Commercial LPG cylinder prices slashed by Rs 171.50; to cost Rs 1856.50

From today a 19kg commercial LPG cylinder will be priced at Rs 1856.50 from today

OMC marketing earnings expected to rise in fourth quarter, say analysts

Blended marketing margins rose to a 10-month high of about Rs 2.5 per litre in December, multiple analysts said

OMCs get Rs 800 crore to set up over 7,000 fast-charging stations

The installation is expected to be completed by March 2024

OMCs in focus as crude oil hits 1-year low; BPCL, HPCL surge up to 5%

With this decline in crude prices analysts expect marketing margins of HPCL, BPCL and IOCL to improve further.

Budget: Energy transition gets fund boost, green growth key economic driver

The Centre has entrusted the oil ministry, which naturally has the highest fossil-fuel footprint, to steer the energy transition of the country

Long queues at filling stations in Pakistan amid acute petrol shortage

Long queues of automobiles and motorcycles were witnessed at filling stations in capital city of Islamabad and the Khyber Pakhtunkhwa province due to reduced supplies by oil marketing companies

OMCs likely to see a short-term bounce-back on improved Q3 showing

Given the concerns around biz, though, a full turnaround is unlikely anytime soon

OMCs to give green hydrogen plan soon, says Hardeep Singh Puri

Electrolysers use electricity to split water into hydrogen and oxygen. When electricity for the electrolyser comes from renewable sources like wind and solar, the hydrogen produced is called green

Operational losses of OMCs expected to shrink in Q3, say analysts

Public sector OMCs reported cumulative losses of Rs. 27,276 crore during the first six months of FY23

Petrol export by OMCs rise 142% between 2020-21 and 2021-22: Govt data

OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country

CAG says 3 state-owned oil firms ignoring own software for logistics

National auditor says state-owned companies make monthly adjustments that aren't best for saving costs, efficiency

Ensure public sector oil marketing companies follow quota policy: Par Panel

A parliamentary panel has asked the Centre to propose amendments to existing rules of public sector oil marketing companies for appointment of Scheduled Caste and Scheduled Tribe members in their boards of directors, noting that they were "rarely" included in the top governing bodies. In a report tabled in Parliament on Tuesday, the committee also termed the percentage of Scheduled Tribe (ST) representation "quite low" in Group A, B and C category posts in Bharat Petroleum Corporation Limited (BPCL). It also said representation of Scheduled Castes (SC) in Group B and C in the company was "not up to the mark". "The recruitment figures relating to SCs and STs are also quite dismal (in BPCL) being 7.7 per cent and 2.1 per cent, respectively, for the year 2019. "Likewise, the percentage of promotion to the lowest rung of Group A stands at 11.11 per cent and 5.55 per cent for SCs and STs, respectively, whereas the same is nil for promotion to Group B and C posts for SCs and STs," committ

Analysts see pressure on RIL, OMC's profitability amid firm oil prices

Their expectation is based on the recent action in October by the OPEC of cutting production by 2 million barrels per day. This suggests that the OPEC is looking to defend price, they said

Analysts see a ray of hope for oil marketing firms after a difficult Q2

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

PSU oil companies losing a net Rs 4 per litre on diesel: Hardeep Singh Puri

PSU oil companies are losing a net Rs 4 per litre on diesel while their margins have turned positive on petrol, Oil Minister Hardeep Singh Puri said on Wednesday on talks of a price reduction in the offing as international rates have softened. Puri said his ministry will seek assistance for the three fuel retailers - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) for the losses they incurred on holding petrol and diesel prices since the Ukraine war to help the government fight inflation. "OMCs (oil marketing companies) still have under-recoveries on diesel," he told reporters when asked if there is a price reduction in the offing. The three firms held prices despite international oil prices shooting up to more than a decade high. The under-recovery - difference between the retail selling price and the international rate - currently is about Rs 27 per litre on diesel but the actual cash loss (the loss based on the