The group decided to cut output by an extra 500,000 barrels a day as they try to support the price of energy and bolster their revenues. But the decision was not easy: they do not want to hand over too much business to the United States, which keeps pumping more oil and flooding the market.
India's demand for diesel is slowing as the country's car fleet shifts predominantly to petrol, trucks get more efficient and solar pumps displace diesel-fed units across the countryside.The combination of these changes has led analysts to speculate that diesel demand growth in the world's third-largest crude oil consumer may have peaked, with significant repercussions for the firms that produce and sell the fuel.
When the Goods and Services Tax (GST) was introduced on July 1, 2017 amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
Natural gas currently makes up for 6.2 per cent of all energy consumed in the country. To cut dependence on coal and liquid fuels, the govt is targeting its share to rise to 15% by 2020-30. "Gas consumption has to rise to 600 million standard cubic metres per day for achieving 15 per cent share in energy basket" from current levels of 166 mmscmd, he said.
The ministry has informed the CAG that it has examined the matter in consultation with IOC and BPCL and directed both companies to recover the “unauthorised” payments made to their employees. The two companies have been asked to furnish action taken report on the matter.
While the licensing process by a joint website petrolpumpdealerchayan.in, of three state-run oil companies, Indian Oil, HPCL and BPCL is underway, some people have put up fake websites that closely imitates the content, design and the domain name of the original, and promise new pump licenses.
The government approved the strategic disinvestment in BPCL last week, along with transfer of management control, but excluding the stake in Numaligarh Refinery, which will be carved out of BPCL before privatisation. Completion of the stake sale could help the government mobilise more than Rs 60,000 crore, or $8.4 billion, and narrow the fiscal deficit.
BillAvenue is unified, interoperable online bill payments platform built on the Bharat BillPay System (BBPS) infrastructure developed by National Payments Corporation of India (NPCI). BBPS AR Ramesh said, "The Bharat BillPay System launched by NPCI has revolutionized the way bill payments of electricity, gas, water, telecom and DTH are done."
Gulf Oil Lubricants join hands with Piaggio Vehicles to market co-branded lubricants for commercial vehicles, starting January. The partnership will cater to factory fill, franchisee workshops (FWS), high street and exports segments. The company is also confident that this partnership will give better service levels to its channel partners