India to utilise excess sugarcane output for ethanol; OMCs given a target for 10% ethanol-blended petrol by 2022

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Among the various measures to improve viability of sugar industry, the government of India has decided to increase production of ethanol. Oil Marketing Companies (OMCs) have been further instructed to increase the usage of ethanol blending with petrol. A meeting co-chaired by Secretary (Food & Public Distribution), Secretary, Ministry of petroleum and natural gas (MoPNG) […]

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Oil companies reviving marketing margins by raising retail prices of auto fuels for 10 days in row: ICICI Securities

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India’s Oil-marketing companies (OMCs)  have raised retail prices of auto fuels for the 10th day in a row to revive their marketing margins. Diesel cost Rs 75.19/litre in the national capital and petrol Rs 76.73/litre. Rates have been rising continuously since June 6, when diesel and petrol was priced Rs 69.39/litre and Rs 71.26/litre, respectively. […]

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India’s April 2020 crude processing quantity sees biggest drop in nearly two decades

India’s crude oil processing in April slumped by 28.8 per cent from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production. Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed. The […]

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High debt levels of sugar mills in India to adversely impact credit metrics: CRISIL

The Covid-19 pandemic is expected to exert downward pressure on the credit quality of sugar mills by eroding operating profitability and shoring up debt in fiscal 2021, an analysis of 26 CRISIL-rated sugar companies, which carried debt of over Rs 11,000 crore as on March 31, 2020, shows. According to the rating agency’s report, ‘the […]

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BPCL stake sale may get delayed over falling oil prices, market crash

A steep correction in stock markets, as well as in crude oil prices, may postpone Indian government’s plan to divest it stake in Bharat Petroleum Corporation (BPCL). The BPCL stock, which had seen a high of Rs 549.70 in November 2019 outperforming markets on expectations of value unlocking with the government selling its majority stake and garnering […]

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Indian OMCs rattled by oil volatility, uncertain petroleum demand

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Volatility in crude oil prices and an uncertain petroleum demand over the last fortnight have come as a cause for concern for oil marketing companies (OMCs). “Crude prices had rallied 25 per cent on Thursday after Saudi Arabia called an ‘urgent meeting’ of the OPEC+ alliance and other producers to negotiate an output cut deal. NYMEX front-month crude […]

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Oil marketing companies (OMCs) likely to hike fuel prices for BS-VI compliant gasoline

National oil marketer Indian Oil Corporation (IOC) said it is ready to supply low emission BS-VI fuels from 1 April, 2020 and that there will be a marginal increase in retail prices. The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulphur diesel and petrol, the company’s chairman Sanjiv […]

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Petroleum sector contributes Rs.595,438 crore to India’s exchequer in 2018-19

The government at the centre and states have earned Rs 595,438 crore from petroleum products such as petrol and diesel in 2018-19, a government statement said. This was possible as the prices of petrol and diesel were deregulated. Petrol price was made market-determined by the government with effect from June 26, 2010, and the diesel […]

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India increases price of ethanol in a bid to help sugar mills and cane farmers

The Cabinet Committee on Economic Affairs (CCEA), has increased the basic price of ethanol produced from C-grade molasses by Rs. 2.85/ litre (or 7%) for the procurement season 2018-19 (starting December 2018). Currently, the price of ethanol derived out of C-heavy molasses stands at Rs.43.70 per litre from Rs.40.85, excluding GST and transportation charges. For the […]

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