Some BPCL contractors challenged guidelines issued by Centre on 18 August 1994. Policy mandates reservation to SC/ST bidders in transport contracts by oil marketing companies.
Petrol & diesel prices have barely changed since June 2022, even though oil prices have fallen 28% since then. This has boosted profitability of OMCs and dividend payouts to govt.
Bharat Petroleum will invest 430 billion rupees to 500 billion rupees for the two projects, adding that the petrochemical project would start production by fiscal year 2027-28.
India has paid Russia nearly $20 billion for oil in just seven months, more than what it paid in the last ten years combined. It has only reaped higher profits of a few Indian companies.
There was only one potential buyer left in the fray for purchasing the government’s 53% holding in the company. India didn’t want to proceed with a single bidder, official said.
Indian Oil, Bharat Petroleum and Hindustan Petroleum bore revenue loss as rates were held back between November and the first three weeks of March, Moody’s Investors Service noted.
Sales in October by three biggest fuel retailers were 1.3% higher than the same month in 2019. Sales of most other key fuels were also above pre-pandemic levels
Only four sectors will be classified as strategic, CPSEs in other sectors will be privatised. Two banks and one general insurance firm will also be privatised in FY22.
Industry says manufacturers have 2-4 weeks of buffer stocks, but prolonged disruption could push up shortage risks, especially of consumables like IV and syringes.
French newspaper La Tribune earlier last week indicated that UAE withdrew from deal to fund EUR 3.5 billion. India is looking to order 114 new Rafales, which could include the F5.
China patiently invested capital, skill and technology in coal gasification. Unlike it, we won’t move from words to action. As crude prices decline, we lose interest.
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