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The 30-scrip Sensitive Index (<keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword>) rose in early trade on Thursday, thereby extending its gains from the previous two consecutive sessions. At 10.00 a.m. the S&amp;P BSE Sensex traded at 57,380 points, up 0.8 per cent. It opened at 56,599 points from the previous close of 56,930 points. Till now it touched a low of 57,168 points. Besides, the broader 50-scrip <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> at the National Stock Exchange (NSE) opened at 16,865 points from the previous close of 16,955 points. It traded at 17,085 points, up 0.8 per cent during the early-morning trade session. DLF, <keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>, Interglobe Aviation, <keyword id="895682" type="General" weightage="20" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> were some of the top gainers during the early trade, exchange data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medplus-health-services-ipo-makes-a-positive-stock-market-debut/articleshow/88445242.cms">MedPlus Health Services debuts on a good note with 27% premium</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-sues-indian-ed-over-investigation-into-future-coupon-deal/articleshow/88445145.cms">Here’s why Amazon is suing India’s financial investigating agency</a>

Indian equities extend gains, Indian Oil Corp, Adani Ports, ITC, HDFC, Hero MotoCorp among gainers

<keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the <keyword id="386457" type="UNKNOWN" weightage="20" keywordseo="Persian-Gulf">Persian Gulf</keyword> nation, people with knowledge of the matter said. 
 <keyword id="261045" type="COMPANY" weightage="20" keywordseo="National-Iranian-Oil-Co">National Iranian Oil Co</keyword>. will cut the credit period on crude oil sales to 60 days from 90 days for refiners such as <keyword id="152137" type="COMPANY" weightage="20" keywordseo="Mangalore-Refinery-Petrochemicals-Ltd">Mangalore Refinery &amp; Petrochemicals Ltd</keyword>. and <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword>., the people said, asking not be identified as the matter isn't public yet. Iran will also reduce the discounts it offers on the shipping of crude to 60 percent from 80 percent, they added. 
 The lower incentives will make Iranian purchases costlier and less competitive in a world awash with crude oil where rivals such as <keyword id="50996" type="COUNTRY" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> and <keyword id="6355112" type="COUNTRY" weightage="20" keywordseo="Iraq">Iraq</keyword> are seeking to expand their markshare. Iran's crude sales to India more than doubled in 2016 after the lifting of sanctions over its nuclear program. India is Iran's second biggest customer and the emerging center of global oil demand. 
 India in turn, is using the supply glut to put pressure on <keyword id="44333" type="COMPANY" weightage="20" keywordseo="Tehran">Tehran</keyword> for securing development rights to the Farzad-B gas field in the Persian Gulf, which was discovered by an Indian consortium led by <keyword id="46585" type="COMPANY" weightage="20" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword>. about a decade ago. Iran and India were aiming to conclude an agreement on developing the field by February. The South Asian nation, which stood by Iran during the sanctions, is seeking to invest as much as $20 billion in Iran's energy industry and ports. 
 
Cutting Purchases 
 Indian state-run refiners told Iran last month that they would cut oil purchases by 3 million tons during the financial year that started April 1, the people said. <keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword> and <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> will reduce imports by 1 million tons each, while <keyword id="124595" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp">Hindustan Petroleum Corp</keyword>. and <keyword id="124594" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp">Bharat Petroleum Corp</keyword>. will cut purchases by about half a million tons each, according to the people. 
 
India's overall oil imports from the Persian Gulf nation touched 19.8 million tons during April-December last year, compared with 12.7 million tons in the 2015-16 financial year, according to oil ministry data. 
 Iran's Oil Minister <keyword id="1921589" type="UNKNOWN" weightage="20" keywordseo="Bijan-Namdar-Zanganeh">Bijan Namdar Zanganeh</keyword> said "there are many other customers" if India decides to cut imports, the state-run <keyword id="1168062" type="ORGANIZATION" weightage="20" keywordseo="Islamic-Republic-News-Agency">Islamic Republic News Agency</keyword> reported on April 5. Reuters earlier reported Indian state refiners will cut oil imports from Iran by a fifth. 
 India's Oil Minister <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said April 6 that it's up to the state refiners to decide on Iran crude volumes. 
 MRPL spokesman <keyword id="4394862" type="UNKNOWN" weightage="20" keywordseo="prashanth-baliga">Prashanth Baliga</keyword> couldn't comment immediately, while an Indian Oil spokesman declined to comment. National Iranian Oil Co.'s public relations office in Tehran didn't respond to an email and two calls seeking comment.

Iran to cut benefits on oil sales to India. Here's why

State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India's third-biggest fuel retailer <keyword id="6362419" type="CITY" weightage="20" keywordseo="HPCL">HPCL</keyword> in a Rs 42,254 crore deal after finding <keyword id="75662" type="CITY" weightage="100" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corp Ltd (BPCL) too expensive to buy, according to a news report by PTI. Following up on Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>'s Budget announcement of creating an integrated oil company, ONGC evaluated options of acquiring either <keyword id="170674" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp-Ltd">Hindustan Petroleum Corp Ltd</keyword> (HPCL) or BPCL - the two downstream oil refining and fuel marketing companies. While acquiring either one of them made a lot of business sense, ONGC found the nation's second-biggest fuel retailer, BPCL too expensive, sources privy to the development said. BPCL has a market cap of Rs 1,01,738 crore and buying government's 54.93 per cent would along have entailed an outgo of Rs 55,885 crore. So, ONGC is in favour of acquiring HPCL, which has a market cap of Rs 54,797 crore and buying government's entire 51.11 per cent stake would entail an outgo of Rs 28,006 crore. Another Rs 14,000 crore or so would be required in case open offer has to be made. Sources said while initially the government was looking at creating an integrated oil company through merge of an oil producer with a refiner, the idea was dropped for the fear of not repeating of the Air India-Indian Airlines merger. Similar differences in work culture and ethos prevail in upstream and downstream firms and so the exercise under consideration now is to only help government mop up resources and HPCL would become a mere subsidiary of ONGC. ONGC already has a refining subsidiary in Mangalore Refinery and Petrochemcials Ltd (MPRL). Sources said an open offer to buy another 26 per cent stake from other shareholders of HPCL would at current price cost ONGC another Rs 14,247 crore. As per Sebi's takeover code, if a company acquires more than 25 per cent in another listed company, it has to make an open offer to buy at least 26 per cent more in the target firm. Some reports have suggested that ONGC buying government stake in HPCL may not trigger an open-offer rule as the government's holding is being transferred to another state-run firm and the ownership is not going to change. But sources said that way back in February 2002, state- owned <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>) had acquired government's 33.58 per cent stake in fuel retailer IBP Co Ltd for Rs 1,153.68 crore and had to make an open offer for additional shares. Both IOC and IBP were government owned companies. Sources said the oil ministry and ONGC may try and seek exemption from the open offer to keep the acquisition cost low. ONGC has cash reserve of Rs 13,014 crore and to fund the government stake acquisition in HPCL it will have to borrow at least Rs 18,000 crore, they said. If the open offer is made, additional borrowings would have to be done. There are only six major companies in the oil sector - ONGC and Oil India Ltd being the oil producers, Indian Oil Corp (IOC), HPCL and BPCL in refinery business and GAIL in midstream gas transportation business. The rest such as ONGC Videsh, Chennai Petroleum Corp (CPCL), Numaligarh Refinery Ltd and MRPL are already subsidiaries of one of these six PSUs. Sources said the options were very limited and ONGC chose HPCL over BPCL. HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries. ONGC already is majority owner of MRPL, which has a 15- million tons refinery. Sources said ONGC buying HPCL will require two sets of Cabinet approval - one where the government approves sale of its all or part of its 51.11 per cent stake to ONGC, and the other for allowing ONGC to spend the money on stake buy.

Bharat Petroleum is too expensive; ONGC plans to buy Hindustan Petroleum

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword>, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> lockdown. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low. <div type="Article" hostid="261" msid="75563385" title="The excise duty on petrol rises by ₹10 and on diesel by ₹13 starting May 6" mstype="2" mssubtype="0"></div> This is the second hike in excise duty in less than two months and will help government garner over Rs 1.7 lakh crore in additional revenues annually at 2019-20 level of consumption, industry officials said. Considering the slump in consumption due to travel restrictions imposed by coronavirus lockdown, the gains in the remaining 11 months of the current fiscal year (April 2020 to March 2021) will be close to Rs 1.6 lakh crore, they said. Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 lakh crore. State-owned fuel retailing companies, <keyword id="59622" type="DOMAIN" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (IOC), <keyword id="170673" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp-Ltd">Bharat Petroleum Corp Ltd</keyword> (BPCL) and <keyword id="6374014" type="COMPANY" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> Corp Ltd (HPCL) had frozen petrol and diesel prices since March 16, as if anticipating the government move and will now set off gains they accrued from continuing drop in international oil prices against the excise duty hike. Officials said normally retail prices would have changed with any revision in taxes but like March 14, there is no change as the excise duty hike is being adjusted against the gains consumers should have got from Brent crude oil dipping to about USD 18 per barrel - the lowest since 1999. Commenting on the excise duty hike, Vikas Halan, Senior Vice President, Corporate Finance, Moody's Investors Service, said: "Government of India's increase in petrol and diesel taxes by USD 21/barrel and USD 27/ barrel respectively will result in government's tax collection increasing by about USD 21 billion, if the tax hike is maintained for full year. "This reinforces the importance of oil marketing companies to the government of India and validates the support incorporated in our credit assessment of these companies. The tax hike could result in higher working capital outflow for the oil marketing companies, which will partly offset the working capital savings from lower inventory costs." According to a notification issued by the Central Board of Indirect Taxes and Customs, special additional excise duty on petrol has been hiked by Rs 2 per litre and road cess has been hiked by Rs 8 a litre. In case of diesel, special additional excise duty has been hiked by Rs 5 per litre and road cess has been raised by Rs 8 a litre. With this, the total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. Petrol costs Rs 71.26 a litre in Delhi and a litre of diesel comes for Rs 69.39. Central excise duty makes up for 46 per cent of petrol and diesel price now. After considering local sales tax or VAT, the total tax incidence in the price is as high as 60 per cent. The excise tax on petrol was Rs 9.48 per litre when the Modi government took office in 2014 and that on diesel was Rs 3.56 a litre. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But it raised excise duty by Rs 2 per litre in July 2019. It again raised excise duty on March 14 by Rs 3 per litre. In preparation for the excise duty hike, Finance Minister Nirmala Sitharaman had at the fag end of the Budget session of Parliament took the authorisation to raise excise duty on petrol and diesel by Rs 8 per litre each in future. Sitharaman through an amendment to the Finance Bill, 2020 raised the limit up to which the government can raise special excise duty on petrol and diesel to Rs 18 per litre and Rs 12 per litre, respectively. The March 14 excise duty hike included Rs 2 a litre increase in special additional excise duty and Re 1 in road and infrastructure cess. This hike took the special additional excise duty to maximum permissible limit in law - Rs 10 in case of petrol and Rs 4 in case of diesel. This, through an amendment to the Eighth Schedule of the Finance Act, was increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel. Government sources said the Centre has taken this step of increasing duty to raise some revenue in view of a tight fiscal situation. This would help in generating the resources to meet expense of coronavirus fight as well as meet other spending needs such as on infrastructure. <div type="Article" hostid="261" msid="75569073" title="Fear and loathing in shopping malls⁠ — the owners call for help in the fight for survival from the coronavirus crash" mstype="2" mssubtype="0"></div>

India to gain ₹1.6 lakh crore this fiscal from record excise duty hike on petrol, diesel

<ul class="summary-list"><li>A Russian oil ship has been floating 1,600 miles off the shores of India for 10 days.</li><li>Bloomberg reports the ship was unable to dock and is awaiting instructions from the Indian government.</li></ul>A Russian oil ship has been drifting 1,600 miles off the coasts of India as the nation mulls whether or not to let the ship dock. The NS Century oil tanker was on track to dock in India after completing its journey from South Korea, but has now been adrift for 10 days, Bloomberg reported on Monday. That's because Indian officials are struggling with the decision over whether or not to let the tanker unload its cargo, with instructions still yet to be sent from the Indian government, India's Directorate Generale of Shipping said.The ship was on track to land at India's Vadinar port, where the Indian Oil Corp has a facility and Nayara Energy, the Indo-Russian energy giant, has a refinery. But the NS Century's cargo doesn't belong to Nayara's refinery, a Nayara spokesperson told Bloomberg on Monday.Nayara and Indian Oil Corp. did not immediately respond to Business Insider's requests for comment on the ship or its cargo.That debate over whether or not the ship can dock comes shortly after the West has moved to tighten restrictions on Russian oil, with the US sanctioning five shipping vessels, including the NS Century, for trading Russian oil above the G7's $60 price cap last week.The cap is part of an attempt to curb Moscow's energy revenue as Russia's invasion of Ukraine drags on, an issue India has chosen to stay strategically neutral on since the war began in 2022, though the country<a href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4"> was among Russia's top oil customers</a> last year, Kpler data shows.India is under pressure to remain on good terms with the US, and Russian oil shipments sent to India have recently encountered a few hiccups as <a href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">India grows uneasy</a> of paying for crude using China's yuan. As of October, the nation had at least seven oil shipments from Russia that had not been paid, Reuters originally reported.

A Russian oil ship has been floating 1,600 miles off the shore of India for over a week as officials mull whether to let the sanctioned tanker dock

At least 57.50% of the Rs 9,302-crore government share sale in <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Oil+Corp+%28IOC%29+">Indian Oil Corp (IOC)</a> was subscribed by 1 p.m. on Monday, but retail subscription was not as enthusiastic in the wake of decline in <a href="http://www.businessinsider.in/searchresult.cms?query=stock+exchanges">stock exchanges</a>. 
 According to the data available from <keyword id="6402868" type="COMPANY" weightage="60" keywordseo="Stock-exchanges">stock exchanges</keyword> at 1 p.m., a total of 13.95 crore shares were bid for out of 24.28 crore share on offer at a minimum price of Rs 387. 
 The IOC share sale is the fourth disinvestment this <keyword id="46627" type="UNKNOWN" weightage="80" keywordseo="fiscal">fiscal</keyword> but the biggest in 2015-16 so far. 
 
Moreover, the government holds 68.60% interest in IOC. 
 
The sale began at 9:15 a.m. and received some demands from the <a href="http://www.businessinsider.in/searchresult.cms?query=retail+investors">retail investors</a>, who are also getting 5% price discount. As against 4.85 crore shares reserved for them, bids for over 22.96 lakh shares or 4.73% came in at 1:05 p.m. 
 At the floor price, if the issue is fully subscribed the government, after considering 5% discount being offered to <keyword id="730178" type="UNKNOWN" weightage="100" keywordseo="retail-shareholders">retail shareholders</keyword>, will garner about Rs 9,302.21 crore. 
 
(Image: Indiatimes)

The people of India don’t seem to be getting enough of Indian Oil Corp! It’s going off the hook

Indian Oil, <keyword id="44555" type="CITY" weightage="100" keywordseo="BPCL">BPCL</keyword> and <keyword id="6362419" type="CITY" weightage="100" keywordseo="HPCL">HPCL</keyword> were in fine shape despite a weak broader market as a fall in global crude oil prices, following the strength in the Dollar, helped boost sentiment on local OMCs. 
 BPCL surged 3.3 percent to 930 rupees. <keyword id="6374014" type="CITY" weightage="100" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> added 2.1 percent to 788 rupees and <keyword id="59622" type="CITY" weightage="100" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> was up 1.3 percent at 422 rupees. A fall in global oil prices augurs well for these companies' export bills. 
 
Crude Oil prices slumped to their mid-April lows on a variety of reasons. The Dollar strengthened versus other peers following the Greek vote. A strong dollar pushes commodity prices lower. Rising global supply is feared as the Iranians are close to their nuclear deal with the US. Also, more importantly, US count on drilling rigs has risen for the first time in many months, pointing to increasing supply in the near term. 
 
(Image credits: indiatimes)

Even as market plummets, these 3 oil stocks soar!

<ul class="summary-list"><li>India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars.</li><li>The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company.</li></ul><a href="https://www.businessinsider.com/us-dollar-war-global-fight-america-economy-dominance-reserve-currency-2023-7">The dedollarization trend moved one step further</a> this week as India's top oil refiner used a local currency to settle an oil trade with a seller in the United Arab Emirates.Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said Monday, according to a <a href="https://www.reuters.com/business/energy/india-makes-first-crude-oil-payment-uae-indian-rupees-2023-08-14/#:~:text=Bilateral%20trade%20between%20India%20and,exports%20amid%20slowing%20global%20trade." target="_blank" rel="noopener">Reuters</a> report.Most commodity deals worldwide are typically settled in dollars. But India, the world's third biggest oil importer and consumer, signed a contract last month with the UAE opening the door to use rupees instead of dollars, which would minimize costs by taking out dollar conversions from transactions.The two also agreed to implement a real-time payment mechanism to simplify cross-border transactions.Monday's deal marked India's first crude oil payment to the UAE in rupees. It followed the recent purchase of 25 kg gold by a buyer in India from a UAE exporter using rupees. The moves are the latest in a series of recent maneuvers by mostly non-Western nations to move off the dollar.Dedollarization has gained steam since the US imposed financial sanctions on Russia last year, and countries from China and India to France and Israel have all signaled interest.Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.Meanwhile, China has been trying to internationalize the yuan to compete against the dollar and has currency agreements with Brazil and Argentina.While the dollar remains dominant as a method of payment, Stephen Jen, the chief executive of Eurizon SLJ Capital, wrote in a note earlier this year that the dollar's share of global reserves declined sharply in 2022, deteriorating at about <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-global-reserves-china-euro-russia-ukraine-war-greenback-2023-4?_gl=1*br6dfl*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY5MjIwNzU3NC4xMTc0LjEuMTY5MjIxMzMxOC41OS4wLjA.">10 times the average pace</a> seen in the last two decades.

India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE

New Delhi, Apr 20 () State-owned oil firms will resume as many as 511 projects involving over Rs 42,000 crore of investment with immediate effect as the country partially exited from an unprecedented nationwide lockdown on Monday.Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC), GAIL, Oil India Ltd and six other public sector firms identified projects that either in rural areas or have in situ labour for the resumption of work, oil ministry sources said.The government had last week allowed makers of information technology hardware, farmers and industries in rural areas to resume operations as it looked to revive the economy that got stalled because of the outbreak of coronavirus pandemic.As many as 319 projects with these 10 PSUs are completely in rural areas and resuming work on them will not be much of a problem. Another 192 projects are within municipal limits but have in situ labour, they said.In FY2020-21, these projects would involve an expenditure of over Rs 42,000 crore.The restarting of these projects that spread from oil and gas exploration and development work to refinery jobs, gas pipeline laying and city gas distribution network expansion, will generate around 7 crore man-days of employment, they said.These projects include 196 projects of IOC, 168 of Bharat Petroleum Corp Ltd (BPCL), 57 of Hindustan Petroleum Corp Ltd (HPCL), 32 of GAIL and 26 projects of ONGC.The sources said these projects involving refinery, exploration and production, marketing infrastructure, pipeline and city gas distribution are expected to generate Rs 2,210 crore of payout in the first month. Out of this, Rs 266 crore will be paid to labour.These projects, they said, are in line with the Ministry of Home Affairs guidelines and are assessed on the ground of manpower availability and other municipal restrictions. ANZ BAL

Oil PSUs to re-start over Rs 42,000 cr of projects as lockdown restrictions ease

In most of the advanced markets globally, petrol and diesel prices are revised on a daily basis. India too is following the path, implementing the procedure of daily changes in fuel prices in select towns, in sync with international rates. Indian Oil Corp (<a href="http://www.businessinsider.in/enterprise/IOC-and-RIL-rank-1stand-2nd-for-6-years-in-a-row-among-Fortune-500-India/articleshow/50311267.cms">IOC</a>), Bharat Petroleum Corp Ltd (<keyword id="44555" type="CITY" weightage="100" keywordseo="BPCL">BPCL</keyword>) and Hindustan Petroleum Corp Ltd (<keyword id="6362419" type="CITY" weightage="100" keywordseo="HPCL">HPCL</keyword>), the state-owned <a href="http://www.businessinsider.in/Indianoil-refineries-pay-700-million-to-Iran/articleshow/49338974.cms">fuel retailers</a> that own more than 95% of the nearly 58,000 <a href="http://www.businessinsider.in/transportation/cars/Now-anyone-can-have-a-petrol-pump-in-India/articleshow/48328630.cms">petrol pumps</a> in India, will be starting the exercise of daily price revision in five select cities of Puducherry, Vizag, Udaipur, Jamshedpur, and Chandigarh, taking it to other parts of the country later on. Also read: <a href="http://www.businessinsider.in/politics/Iran-stops-free-shipping-of-crude-oil-to-India/articleshow/52225246.cms">Iran stops free shipping of crude oil to India</a> Presently, these state fuel retailers revise rates on the 1st and 16th of <a href="http://www.businessinsider.in/markets/economy/state-run-oil-firms-can-now-raise-prices-of-kerosene-and-cooking-gas-every-month/articleshow/58219384.cms">every month</a>. To avoid deception, customers may verify fuel prices either by downloading the company app on their smartphones or visiting its website.

Petrol and diesel prices to be revised daily now

New Delhi, Mar 30 () State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) on Monday announced an ex-gratia of Rs 5 lakh in case of coronavirus-related death of any LPG delivery boy or other personnel involved in the supply chain. While the entire country has bee locked down with most confining themselves to homes, cooking gas (LPG) supplies have continued uninterrupted with all the distributors and hundreds of delivery boys providing cylinders to 27.5 crore users on demand. Though the LPG distributor agencies and their staff, including delivery boys, are not part of oil company staff, they have been provided with protective gear by the three firms. But, the risk to the delivery boys and other staff remained as the Covid-19 infection spreads. Recognising the threat, IOC, BPCL and HPCL announced the ex-gratia. "Oil marketing companies IOCL, BPCL and HPCL today (on Monday) announced an ex-gratia amount of Rs 5 lakh each, as a one-time special measure, in the unfortunate case of demise of personnel like show-room staff, godown-keepers, mechanics and delivery boys, attending duty in the LPG distributorship chain, due to the infection and impact of Covid-19," an official statement said. LPG being an essential commodity has been exempted from the lockdown, and the personnel are required to attend duty during this crisis period to maintain uninterrupted LPG cylinder supplies across the country to all customers. "Indian Oil to provide an ex-gratia amount of Rs 5 lakhs in case of death of any personnel of Indane distributorships arising out of infection and impact of COVID-19 as a one-time special measure, to include show-room staff, godown keepers, mechanics and delivery boys," the company said in a tweet. Oil Minister Dharmendra Pradhan welcomed the humanitarian decision. "This gesture of goodwill is a recognition of the services rendered by our personnel in these trying times. The well-being of our workers is of paramount importance, this compassionate move will strengthen the safety nets of our workforce aiding India's fight against corona," he said. ANZ HRS

You Searched For "Indian Oil Corp" and got 11 results

Indian equities extend gains, Indian Oil Corp, Adani Ports, ITC, HDFC, Hero MotoCorp among gainers

IANS

Iran to cut benefits on oil sales to India. Here's why

Bloomberg

Bharat Petroleum is too expensive; ONGC plans to buy Hindustan Petroleum

BI India Bureau

India to gain ₹1.6 lakh crore this fiscal from record excise duty hike on petrol, diesel

PTI

A Russian oil ship has been floating 1,600 miles off the shore of India for over a week as officials mull whether to let the sanctioned tanker dock

Jennifer Sor

The people of India don’t seem to be getting enough of Indian Oil Corp! It’s going off the hook

BI India Bureau

Even as market plummets, these 3 oil stocks soar!

Shailendra Bhatnagar

India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE

Phil Rosen

Oil PSUs to re-start over Rs 42,000 cr of projects as lockdown restrictions ease

PTI

Petrol and diesel prices to be revised daily now

BI India Bureau

Oil firms to give Rs 5 lakh ex-gratia for delivery boys, others working in LPG supply chain

PTI

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