Monday, 19 November, 2018

Oil Minister Pradhan says no directive from govt to defer price hike

Here is why oil marketing companies plunged in today's trade Here is why oil marketing companies plunged in today's trade
Emmett Howard | 13 April, 2018, 12:14

The rising crude oil prices will hurt oil marketing companies (OMCs) earnings.

HPCL is not aware of any directive from the government to absorb a part of the losses from higher crude prices, the company's chairman, MK Surana, said on the sidelines of the International Energy Forum in New Delhi.

Prime Minister Narendra Modi's administration wants to keep oil prices under check to shore up popular support ahead of a series state elections this year. "Retail prices on any day are based on 15-day average of worldwide rates", Singh added.

The proposed refinery will be capable of processing 1.2m barrels of crude oil per day - some of which will be Arabian crude - and produce a range of refined petroleum products, including motor spirit and diesel, which will meet Euro VI fuel specifications, International Olympic Committee said in a filing to the Bombay Stock Exchange (BSE). Since then, prices are revised on a daily basis.

However, oil companies dismissed any such directive from the Centre.

Incidentally, oil companies did not change rates at their pumps today. Besides global crude prices, government taxes - both at the central and state level- and marketing margins determine the final retail price. But the government had ruled out any such immediate reduction.

Alcohol guidelines in many countries may not be safe
The more people drank, the higher the risk of a range of life threatening illnesses, including stroke and heart failure . A standard drink is defined as 12 ounces of beer or four ounces of wine, or 1.5 ounces of 80-proof spirits.

Sears Holdings Corporation (SHLD) Trading at $3.51 Forms Bearish Double Bottom
Fairholme Management Lc holds 11.88% of its portfolio in Sears Holdings Corporation (NASDAQ: SHLD ) for 24.08 million shares. President Donald Trump warned Russian Federation of imminent military action in Syria, declaring missiles "will be coming".

Arizona House moves to hike teacher pay, governor may follow
Average salaries previous year were actually $8,000-$9,000 less than 1990 salaries when adjusted for inflation. Doug Ducey rolled out a proposal Thursday promising a net 20 percent raise by 2020.

After hitting a low of Dollars 27.1 per barrel in 2016, Brent crude is now trading around USD 70 level. Today, petrol price was cut by 4 paisa to Rs 73.94 a litre, while diesel rate was cut by 3 paisa to Rs 64.93.

The government had between November 2014 and January 2016 raised excise duty, taking away gains arising from plummeting global oil prices.

At the same time, it is being speculated that the Centre has asked the PSU retailers not to pass on the higher prices of crude to consumers in the run-up to the general elections next year.

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 governments excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

This is unedited, unformatted feed from the Press Trust of India wire.

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