Page 7 - Oil Marketing Companies
Govt okays Rs 22,000 crore one-time grant for OMCs to battle losses
This will help them tide over continuing losses in providing domestic liquified petroleum gas
 "Govt okays Rs 22,000 crore one-time grant for OMCs to battle losses")
Petrol, diesel prices may not fall despite 30% dip in global crude price
In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices
 "Petrol, diesel prices may not fall despite 30% dip in global crude price")
Ethanol purchase price may be hiked by up to Rs 2 per litre next year
Some officials feel increase should be limited to Rs 2 per litre
 "Ethanol purchase price may be hiked by up to Rs 2 per litre next year")
Crude oil output to go up substantially from next year: Petroleum Secy
Pankaj Jain's comments follows contracts signed by govt for 34 oil exploration blocks; minister Hardeep Singh Puri asserts energy crisis in Europe far worse than India
 "Crude oil output to go up substantially from next year: Petroleum Secy")
Standstill period in retail auto fuel prices may impact performance of OMCs
From 2011, the Centre instead brought the costs upfront as explicit petroleum subsidies shown in the Budget
 "Standstill period in retail auto fuel prices may impact performance of OMCs")
New pricing model aiming to prune jet fuel cost by 15% likely in two months
OMCs to shift to single uniform system instead of the prevailing dual pricing mechanism for domestic and overseas airlines
 "New pricing model aiming to prune jet fuel cost by 15% likely in two months")
Govt eyes ending schemes, including PAHAL, with wasteful expenditures
The PAHAL scheme, launched in 2013, is aimed at reduce diversion and eliminate duplicate or bogus LPG connections
 "Govt eyes ending schemes, including PAHAL, with wasteful expenditures")
Windfall tax: Relief for product exports, not for upstream crude, says Citi
Petrol and diesel prices are down by $40-50 per barrel from month-ago levels
 "Windfall tax: Relief for product exports, not for upstream crude, says Citi")
ATF crisis in Sri Lanka turns opportunity for South India airports
Several flights of Sri Lankan Airlines, Air Arabia, Jazeera Airways, Gulf Air and Air AirAsia Malaysia are depending on Indian airports starting from May onwards, giving additional revenue to OMCs
 "ATF crisis in Sri Lanka turns opportunity for South India airports")
India stares at fuel shortage with spike in under-recovery at OMCs
The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources.
OMCs under pressure; HPCL, BPCL hit 52-week lows, IOCL slips 3%
OMCs are likely to remain under pressure with the industry integrated gross margins trending towards zero despite the Russian discounted crude cushion, said analysts.
 "OMCs under pressure; HPCL, BPCL hit 52-week lows, IOCL slips 3%")
Indian oil firms to compensate ethanol makers for higher energy costs
Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production
 "Indian oil firms to compensate ethanol makers for higher energy costs")
Petrol pump dealers not to buy from OMCs today to demand higher commission
Petrol Pump Dealers Association said its members in 22 states will join the protest
 "Petrol pump dealers not to buy from OMCs today to demand higher commission")
TN fuel outlets won't buy from OMCs on May 31 in protest against centre
Tamil Nadu Petroleum Dealers Association in a statement said that the reduction in the fuel prices by the Central government led to dealers losing Rs 3 lakh to Rs 15 lakh
 "TN fuel outlets won't buy from OMCs on May 31 in protest against centre")
GAIL's Rs 1,083 crore buyback offer kicks off: Should you tender shares?
The company has prescribed a buyback ratio of 2 shares for 25 equity shares for reserved category whereas 2 shares for 179 equity shares for general category.
 "GAIL's Rs 1,083 crore buyback offer kicks off: Should you tender shares?")
Distressing times await metals and OMCs
The govt has levied duties on steel exports to curb inflation. But it came as a setback for the metal and oil marketing companies. Find out the impact of this policy decisions and the sector outlook
 "Distressing times await metals and OMCs")
OMCs might require to further raise fuel prices: Fitch Ratings
Fitch cited that robust core refining margins as well as windfall inventory gains should allow OMCs to mitigate potential marketing losses in the near term
Mumbai, Kandla ports clog as OMCs clamour for select ports for LPG imports
This subsidy is not available for imports done at other ports and so there is a clamour to get the ships only at these ports, four industry sources with direct knowledge of the matter said
 "Mumbai, Kandla ports clog as OMCs clamour for select ports for LPG imports")
Small, frequent spikes in fuel prices to dent consumption, challenge growth
Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT)
Sugar mills again allege OMCs differentiating in ethanol purchase tie-ups
The OMCs, on their part, according to earlier reports, said that there is no preference in awarding contracts for supply of ethanol