Bank of America Merrill Lynch raised its target price on state-run oil marketing companies Indian Oil , Hindustan Petroleum and Bharat Petroleum after India raised diesel prices about 9 percent
State-owned oil firms will lose a whopping Rs 174,000 crore on selling fuel at government- controlled rates this fiscal, 68 per cent more than what they lost when crude oil
The Petroleum Ministry on Wednesday sought over Rs 19,620 crore in compensation for state retailers IndianOil, Bharat Petroleum and HPCL, which sold cooking fuels below cost in 2009-10 fiscal.
Oil
The Finance Ministry will give Rs 12,000 crore in cash to Indian Oil, Hindustan Petroleum and Bharat Petroleum to cover for less than half of the losses they incurred on
State-owned oil firms today hiked jet fuel prices by nine per cent to over Rs 39,000 per kilolitre following a spurt in international oil rates.
Total under-recoveries for Bharat Petroleum (BPCL) will add up to Rs 2,500 crore
RIL has increased LPG supplies to IOL, Bharat Petroleum and Hindustan Petroleum.
Indian Oil, Bharat Petroleum are no longer making profit.
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