IOC

Four directors on IOC board appointed in UPA regime sacked

Four directors on IOC board appointed in UPA regime sackedNew Delhi : After Governors, the Narendra Modi government is removing independent directors appointed by the previous UPA regime on PSU boards, beginning with sacking of four directors on the board of Indian Oil Corp (IOC).

IOC, the nation's largest company, in a filing to the stock exchanges said, "K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be Independent Directors on the Board of the company on August 27, 2014."

IOC launches sale of 5-kg FTL cylinders through retail stores

IOC launches sale of 5-kg FTL cylinders through retail storesState-run energy giant Indian Oil Corporation (IOC) on Friday launched sale of 5-kg Free Trade LPG cylinders through kirana stores and supermarkets in select cities of the country.

Announcing the move, IOC said in a statement that it started sale of the small LPG cylinders from kirana stores and supermarkets in Aligarh, Bangalore, Chennai, Gorakhpur and Lucknow.

IOC to buy 10% stake in Petronas’ shale gas & LNG project for $900M

Indian OilIndian Oil Corporation (IOC) on Friday hit a deal to acquire a 10 per cent stake in Progress Energy Resources Corp's shale gas assets and a linked liquefied natural gas (LNG) project in British Columbia for $900 million.

IOC, which previously ventured into foreign oil & gas projects with state-run explorer OIL India, hit the deal with Petronas on its own.

Announcing the deal, Petronas said, "IOC has also agreed to offtake 1.2 million tons of liquefied natural gas (LNG) per annum, which represents 10 per cent of the LNG facility's production, for a minimum period of 20 years."

IndianOil divestment to be decided by EGoM: Official

Indian-OilNew Delhi, Dec 11 : An Empowered Group of Ministers (EGoM) would take the final decision on disinvesting of state-run Indian Oil Corp (IOC), a senior official said Wednesday.

“We have given our comments (to Department of Disinvestment). EGoM would take the final decision,” Petroleum Secretary Vivek Rae told reporters here on the sidelines of the Petro India conference, jointly organised by India Energy Forum and the Observer Research Foundation.

The IOC share issue was expected by December, while roadshows were held abroad for sale of 10 percent stake estimated to garner about Rs. 4,000 crore.

Diesel price hiked by 50 paise a litre

Diesel price hiked by 50 paise a litreNew Delhi, Nov 30 : The diesel price will go up by 50 paise a litre, excluding taxes, from midnight Saturday, state-run oil marketing company Indian Oil Corporation said.

"Indian Oil Corporation has decided to increase the retail selling price of diesel by Rs. 0.50 per litre, excluding state levies from midnight of Nov 30," the largest oil marketing company (OMC) said in a statement.

Jet fuel price hiked by nearly one percent

Jet fuel price hiked by nearly one percentNew Delhi, Nov 30 : India's largest fuel retailer Indian Oil announced a 0.81 percent increase in the price of jet fuel in New Delhi region, effective from midnight Saturady.

According to IOC, the aviation turbine fuel (ATF) will cost airlines 0.81 percent more at New Delhi - Rs. 74,204.74 per kilolitre from Rs. 73,607.26 per kilolitre.

The fuel price difference in other major cites will be decided by factoring in the state tax regimes applicable.

IOC to open Paradip refinery by April-May

IOC to open Paradip refinery by April-MayState-owned, Indian Oil Corp has said that it aims to open the Paradip refinery by April-May instead of March after cyclone Phailin hit India's east coast in the previous month created a shortage of labour in the area.

"There was a setback because of the recent cyclone because most of the contract labourers had to desert that place. We lost almost one-and-a-half to two months because of this cyclone," said R. K. Ghosh, IOC's head of refineries.

Petrol price cut by Rs.3, diesel to cost 50 paise more

Petrol price cut by Rs.3, diesel to cost 50 paise moreNew Delhi, Sep 30 : Petrol will cost Rs. 3.05 less a litre, excluding state taxes, and diesel will be expensive by 50 paise per litre from midnight Monday, state-run Indian Oil Corporation (IOC) announced.

The IOC said the decrease in petrol price was due to appreciation in the rupee value and reduction in international motor spirit (MS) prices.

Petrol price hiked by Rs.1.63

Petrol price hiked by Rs.1.63New Delhi, Sep 13 : Petrol will cost Rs. 1.63 more a litre, excluding state taxes, from midnight Friday, state-run Indian Oil Corporation (IOC) announced.

The IOC said it had to hike prices due to volatility in the rupee against the dollar and hardening of international motor spirit prices.

The IOC said it will reduce petrol prices if rupee-dollar exchange rate and international motor spirit prices stabilise.

Petrol, diesel prices hiked

Petrol, diesel prices hikedNew Delhi, Aug 31 : Petrol and diesel will cost Rs. 2.35 and Rs. 0.50 more per litre, excluding state taxes, from midnight Saturday, state-run Indian Oil Corporation (IOC) announced.

The IOC said that it had to hike prices due to sharp depreciation of the rupee and hardening of crude prices in the international market due to the volatile situation in Syria.

Concerns have been raised over escalation in tensions in Syria with a possible US intervention and, thereafter, the fallout on oil prices.

Indian Oil records sharp drop in Q1 losses

Indian-Oil-CorpNew Delhi, Aug 13 : The largest state-run oil marketer Indian Oil Corp (IOC) Tuesday declared that its net losses in the first quarter ending June have reduced to Rs. 3,093 crore against Rs. 22,451 crore in the like quarter of 2012-13.

The company attributed the lower losses to the compensation it received from the government for selling fuel below market prices.

Announcing the results, IOC chairman R. S. Butola said under-recoveries, or losses, have declined to Rs. 1,212 crore as on June 30 against Rs. 17,485 crore on the same date of the previous year.

Government to sell 10 percent stake in Indian Oil

Indian-Oil-CorporationNew Delhi, August 2 : The government has decided to sell 10 percent of its stake in the country's largest petroleum retailer Indian Oil Corporation.

“After this disinvestment the government of India share-holding in the company would come down to 68.92 percent,” the finance ministry said in a statement Friday.

The decision was taken by the Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh Thursday evening.

Diesel, petrol prices up

Diesel-petrolNew Delhi, July 31 : Oil marketing companies (OMCs) Wednesday raised diesel and petrol prices respectively by 50 and 70 paise a litre, excluding taxes. The new rates will come into force from midnight.

State-run Indian Oil Corporation (IOC) said the depreciation of the rupee and hardening of crude prices in the international market had necessitated the hike.

Diesel to cost 50 paise more per litre

Diesel-price-hikeNew Delhi, July 1 : Diesel will become costlier by 50 paise per litre excluding taxes from Monday midnight, the country's largest oil marketing company Indian Oil Corp (IOC) said.

The company said despite the increase, marketing firms would continue to incur Rs. 8.10 loss on sale of each litre of diesel.

Petrol price hiked by Rs.1.82 a litre from Friday midnight

PetrolNew Delhi, June 28 : Petrol prices will go up by Rs. 1.82 per litre, excluding taxes, from midnight Friday due to the fall in the value of the rupee and hardening of crude prices in international market, state-run Indian Oil Corporation (IOC) said.

"Since the last price change, the downwards slide of rupee has continued and USD-INR exchange rate has deteriorated to Rs. 58.94 per the US dollar during the fortnight. Further, international MS prices have also increased since the last price change," the country's largest oil marketing firm said.

Petrol prices to rise by Rs.2 per litre

petrol-price-upNew Delhi, June 15 : Petrol prices will go up by Rs. 2 per litre, excluding taxes, from midnight Saturday due to the depreciating rupee and hardening of international prices, a state-run oil marketing company (OMC) said.

The country's largest oil marketing firm Indian Oil Corporation (IOC) said the prices have been revised upward due to the depreciation in the value of rupee and rise in international crude oil prices.

IOC posts near 15 percent rise in Q4 profit

Indian-Oil-CorpNew Delhi, May 30 : State oil marketer Indian Oil Corp (IOC) Thursday announced a 14.5 percent rise in net profit for the fourth quarter ended March 2013.

Net profit in the quarter in question rose to Rs. 14,512.81 crore from Rs. 12,670.43 crore in the same period last year, IOC chairman R. S. Butola told mediapersons here.

The company received fuel subsidy for more than one quarter during the period as the government did not pay any cash subsidy in the third quarter ended December.

No refills for multiple cooking gas connection holders from June 1

cooking-gas-cylinderMumbai, May 16 : The public sector oil marketing companies have decided to stop supplies of cooking gas refills to households with multiple connections from June 1 unless they comply with KYC norms, an official said here Thursday.

This would include even delivery of non-subsidised cylinders, and no transactions will be allowed in such cases after the connections are blocked by the OMC - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, the official said.

Diesel price to go up by 90 paise per litre

Diesel-priceNew Delhi, May 10 : Diesel price will increase by 90 paise per litre plus taxes from Friday-Saturday midnight, the country's largest oil marketing firm Indian Oil Corporation said Friday.

The company has decided to hike the price after a gap of two months.

Indian Oil Corporation said the Rs. 0.90 per litre increase in price would cover the increase of April and May.

“Indian Oil Corporation Ltd. has decided to increase the Retail Selling Price of Diesel w. e. f midnight of 10th/11th May '13 by Rs. 0.90/litre (excluding VAT) covering the increase for the months of April and May 2013,” the company said in a statement. (IANS)

Petrol prices cut by Rs.3 per litre

Petrol-pricesNew Delhi, April 30 : Petrol prices have been slashed by Rs. 3 per litre from midnight, state-owned Indian Oil Corp. announced Tuesday.

"Indian Oil Corporation Ltd. has decided to reduce the retail selling prices of petrol w. e. f midnight of 30th April 2013/ 1st May 2013 by Rs. 3.00/litre (including VAT) at Delhi," said an Indian Oil release.

Allowing for local sales tax, the new prices of petrol per litre will be Rs. 63.09 in Delhi, Rs. 69.73 in Mumbai, Rs. 65.90 in Chennai, Rs. 70.35 in Kolkata, Rs. 69.35 in Bangalore, and Rs. 68.86 in Hyderabad.




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