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By Nidhi Verma
NEW DELHI, June 18 (Reuters) - Indian state fuel retailers' borrowings are hitting limits as they incur losses from selling gasoline, gasoil, and liquefied petroleum gas at below market rates, India's oil secretary Neeraj Mittal said on Thursday.
State-fuel retailers' revenue losses in the first quarter of this year have risen to 1 trillion rupees ($10.60 billion), Mittal said at an industry event.
Borrowing by Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS has risen as the companies absorb those losses, he said.
While many countries have raised retail prices of gasoline and gasoil by about 40%-50% after the Iran war drove up crude prices, India has raised prices of the two fuels by less than 10%.
($1 = 94.3500 Indian rupees)
(Reporting by Nidhi Verma; Editing by Jan Harvey)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, June 18 (Reuters) - Indian state fuel retailers' borrowings are hitting limits as they incur losses from selling gasoline, gasoil, and liquefied petroleum gas at below market rates, India's oil secretary Neeraj Mittal said on Thursday.
State-fuel retailers' revenue losses in the first quarter of this year have risen to 1 trillion rupees ($10.60 billion), Mittal said at an industry event.
Borrowing by Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS has risen as the companies absorb those losses, he said.
While many countries have raised retail prices of gasoline and gasoil by about 40%-50% after the Iran war drove up crude prices, India has raised prices of the two fuels by less than 10%.
($1 = 94.3500 Indian rupees)
(Reporting by Nidhi Verma; Editing by Jan Harvey)
(([email protected]; X: @nidhi712;))
Das, Upper Zakum, Umm Lulu sold for June-August loading
Indian refiners buy 6 million barrels
Other buyers include Unipec, Eneos, SK Energy, GS Energy
NEW DELHI/SINGAPORE, June 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu crude to refiners in India, China, South Korea and Japan as well as to global trading houses. Some were priced at flat to slight premiums to Dubai benchmarks for loading between June and August, the sources said.
The three crude grades are produced from fields inside the Gulf and must be shipped through the Strait of Hormuz.
The sales were conducted over the past two weeks, ahead of the signing of a preliminary agreement between the U.S. and Iran to end their conflict.
ASIAN BUYERS
Indian state refiners Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS have bought a combined 6 million barrels of Abu Dhabi oil so far this month, the sources said.
The cargoes were sold at parity or premiums of $1–$2 a barrel to Dubai prices on a cost-and-delivered basis via ship transfers at Fujairah, they added.
ADNOC's sales also included 3 million barrels of Das crude to Japan's largest refiner Eneos and 1 million barrels to South Korea's GS Energy.
For Upper Zakum, China's Unipec, the trading arm of state giant Sinopec, bought 6 million to 8 million barrels, while Vitol took 4 million barrels and Rongsheng Petrochemical 2 million barrels, the sources said.
South Korea's largest refiner SK Energy bought 7 million barrels of Umm Lulu crude, they added. Some cargoes were sold at premiums, two of the traders said. The companies typically do not comment on commercial sales.
ADNOC offered the cargoes on a free-on-board basis from storage at Fujairah, or from terminals at Zirku or Das Island, as well as via ship-to-ship transfers off the UAE, Oman or Malaysia. Buyers also had the option of cost-and-freight delivery.
ADNOC did not immediately respond to a request for comment.
Since the Iran war began, ADNOC has exported crude and products by switching off transponders to reduce the risk of Iranian attacks, with cargoes either transferred ship-to-ship or sailing directly to buyers.
(Reporting by Nidhi Verma in New Delhi, Siyi Liu and Florence Tan in Singapore. Editing by Mark Potter)
(([email protected];))
Das, Upper Zakum, Umm Lulu sold for June-August loading
Indian refiners buy 6 million barrels
Other buyers include Unipec, Eneos, SK Energy, GS Energy
NEW DELHI/SINGAPORE, June 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu crude to refiners in India, China, South Korea and Japan as well as to global trading houses. Some were priced at flat to slight premiums to Dubai benchmarks for loading between June and August, the sources said.
The three crude grades are produced from fields inside the Gulf and must be shipped through the Strait of Hormuz.
The sales were conducted over the past two weeks, ahead of the signing of a preliminary agreement between the U.S. and Iran to end their conflict.
ASIAN BUYERS
Indian state refiners Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS have bought a combined 6 million barrels of Abu Dhabi oil so far this month, the sources said.
The cargoes were sold at parity or premiums of $1–$2 a barrel to Dubai prices on a cost-and-delivered basis via ship transfers at Fujairah, they added.
ADNOC's sales also included 3 million barrels of Das crude to Japan's largest refiner Eneos and 1 million barrels to South Korea's GS Energy.
For Upper Zakum, China's Unipec, the trading arm of state giant Sinopec, bought 6 million to 8 million barrels, while Vitol took 4 million barrels and Rongsheng Petrochemical 2 million barrels, the sources said.
South Korea's largest refiner SK Energy bought 7 million barrels of Umm Lulu crude, they added. Some cargoes were sold at premiums, two of the traders said. The companies typically do not comment on commercial sales.
ADNOC offered the cargoes on a free-on-board basis from storage at Fujairah, or from terminals at Zirku or Das Island, as well as via ship-to-ship transfers off the UAE, Oman or Malaysia. Buyers also had the option of cost-and-freight delivery.
ADNOC did not immediately respond to a request for comment.
Since the Iran war began, ADNOC has exported crude and products by switching off transponders to reduce the risk of Iranian attacks, with cargoes either transferred ship-to-ship or sailing directly to buyers.
(Reporting by Nidhi Verma in New Delhi, Siyi Liu and Florence Tan in Singapore. Editing by Mark Potter)
(([email protected];))
June 5 (Reuters) -
INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON GASOLINE SALES 9 RUPEES/LITRE, DIESEL 36.5 RUPEES/LITRE
INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON LIQUEFIED PETROLEUM GAS SALES AROUND 700 RUPEES/14.2 KG CYLINDER
Source text: [ID:]
Further company coverage: BPCL.NS
(([email protected];;))
June 5 (Reuters) -
INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON GASOLINE SALES 9 RUPEES/LITRE, DIESEL 36.5 RUPEES/LITRE
INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON LIQUEFIED PETROLEUM GAS SALES AROUND 700 RUPEES/14.2 KG CYLINDER
Source text: [ID:]
Further company coverage: BPCL.NS
(([email protected];;))
June 4 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INDIA BPCL SAYS MAY GASOLINE SALES UP 4.29% Y/Y, DIESEL UP 6.72%
Further company coverage: BPCL.NS
(([email protected];))
June 4 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INDIA BPCL SAYS MAY GASOLINE SALES UP 4.29% Y/Y, DIESEL UP 6.72%
Further company coverage: BPCL.NS
(([email protected];))
State retailers have hiked prices four times since mid-May
State retailers still losing money so more price hikes possible
Truckers already affected by less industrial activity
By Nidhi Verma and Mohi Narayan
NEW DELHI, June 3 (Reuters) - India is expected to see less growth in gasoline and diesel demand this year after a series of price hikes last month that reflect higher oil costs triggered by the Iran war, with early signs of stress already visible in the trucking sector.
State retailers Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%.
Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) daily.
Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked.
"We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA.
That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%.
Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth.
Prashant Vashisth, senior vice president at ICRA, said that the diesel and gasoline price hikes could exacerbate inflation which could hurt end-user demand.
Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.
TRUCKERS AFFECTED BY LESS INDUSTRIAL ACTIVITY
Global oil prices LCOc1 have surged 40% to trade near $100 a barrel since the war restricted shipments through the Strait of Hormuz, which used to see a fifth of the world's oil supplies pass through before the conflict.
Signs of lower diesel demand due to slower industrial activity have emerged in the trucking sector.
Freight prices have fallen between 13% and 15% on three-quarters of key long-haul routes despite the increase in retail fuel prices, said SP Singh, senior fellow at the Indian Foundation of Transport Research and Training.
Singh noted that drivers are having to wait longer periods before making return trips.
"Truckers are not getting return tonnages. There is a delay of 3-5 days because manufacturing has slowed, that is hitting their revenue as their round trips per month have been reduced," he said.
Preliminary data showed that Indian retailers' gasoline sales in May rose 2.8% from a year earlier while gasoil sales edged up 0.9%. That compares with April figures of a 6.8% climb for gasoline and a 0.8% increase for gasoil.
($1 = 95.7625 Indian rupees)
Higher pump prices and slowing industry curb India's fuel demand https://reut.rs/4ekgTSo
(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Edwina Gibbs)
(([email protected]; X: @nidhi712;))
State retailers have hiked prices four times since mid-May
State retailers still losing money so more price hikes possible
Truckers already affected by less industrial activity
By Nidhi Verma and Mohi Narayan
NEW DELHI, June 3 (Reuters) - India is expected to see less growth in gasoline and diesel demand this year after a series of price hikes last month that reflect higher oil costs triggered by the Iran war, with early signs of stress already visible in the trucking sector.
State retailers Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%.
Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) daily.
Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked.
"We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA.
That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%.
Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth.
Prashant Vashisth, senior vice president at ICRA, said that the diesel and gasoline price hikes could exacerbate inflation which could hurt end-user demand.
Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.
TRUCKERS AFFECTED BY LESS INDUSTRIAL ACTIVITY
Global oil prices LCOc1 have surged 40% to trade near $100 a barrel since the war restricted shipments through the Strait of Hormuz, which used to see a fifth of the world's oil supplies pass through before the conflict.
Signs of lower diesel demand due to slower industrial activity have emerged in the trucking sector.
Freight prices have fallen between 13% and 15% on three-quarters of key long-haul routes despite the increase in retail fuel prices, said SP Singh, senior fellow at the Indian Foundation of Transport Research and Training.
Singh noted that drivers are having to wait longer periods before making return trips.
"Truckers are not getting return tonnages. There is a delay of 3-5 days because manufacturing has slowed, that is hitting their revenue as their round trips per month have been reduced," he said.
Preliminary data showed that Indian retailers' gasoline sales in May rose 2.8% from a year earlier while gasoil sales edged up 0.9%. That compares with April figures of a 6.8% climb for gasoline and a 0.8% increase for gasoil.
($1 = 95.7625 Indian rupees)
Higher pump prices and slowing industry curb India's fuel demand https://reut.rs/4ekgTSo
(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Edwina Gibbs)
(([email protected]; X: @nidhi712;))
Adds details throughout
By Nidhi Verma and Ananya Palyekar
May 25 (Reuters) - India's state-owned fuel retailers increased diesel prices by 2.71 rupees ($0.0283) per litre and petrol by 2.61 rupees, dealers said on Monday, the fourth hike in May to recoup some losses driven by higher crude costs due to the Iran war.
Indian state fuel retailers, which control 90% of the market, began raising pump prices from May 15 after elections were over in some key states.
Since then the state companies - Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS - have raised the prices of diesel by about 8.6% and petrol by about 7.8%.
A litre of petrol in New Delhi will now cost 102.12 rupees ($1.07), while diesel will be priced at 95.20 rupees ($0.9949) per litre.
Rising crude prices and supply disruptions after the closure of the Strait of Hormuz have hit India, the world’s third-largest oil importer and consumer.
New Delhi has also introduced austerity measures to curb fuel consumption and contain its oil import bill as policymakers brace for a prolonged energy shock.
Prices vary across states due to local taxes.
State retailers' losses on fuel sales have also risen as some bulk customers are turning to cheaper retail pumps, causing shortages in some areas.
IOC in a statement on Saturday said its retail sales of diesel for May 1-22 had risen by 18% from a year earlier, and petrol sales were up by 14%.
($1 = 95.6900 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Ananya Palyekar in Bengaluru; Editing by Christian Schmollinger and Sonali Paul)
(([email protected];))
Adds details throughout
By Nidhi Verma and Ananya Palyekar
May 25 (Reuters) - India's state-owned fuel retailers increased diesel prices by 2.71 rupees ($0.0283) per litre and petrol by 2.61 rupees, dealers said on Monday, the fourth hike in May to recoup some losses driven by higher crude costs due to the Iran war.
Indian state fuel retailers, which control 90% of the market, began raising pump prices from May 15 after elections were over in some key states.
Since then the state companies - Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS - have raised the prices of diesel by about 8.6% and petrol by about 7.8%.
A litre of petrol in New Delhi will now cost 102.12 rupees ($1.07), while diesel will be priced at 95.20 rupees ($0.9949) per litre.
Rising crude prices and supply disruptions after the closure of the Strait of Hormuz have hit India, the world’s third-largest oil importer and consumer.
New Delhi has also introduced austerity measures to curb fuel consumption and contain its oil import bill as policymakers brace for a prolonged energy shock.
Prices vary across states due to local taxes.
State retailers' losses on fuel sales have also risen as some bulk customers are turning to cheaper retail pumps, causing shortages in some areas.
IOC in a statement on Saturday said its retail sales of diesel for May 1-22 had risen by 18% from a year earlier, and petrol sales were up by 14%.
($1 = 95.6900 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Ananya Palyekar in Bengaluru; Editing by Christian Schmollinger and Sonali Paul)
(([email protected];))
May 23 (Reuters) - Indian state-fuel retailers raised petrol and diesel prices by less than a rupee on Saturday, dealers said, the third such increase this month as the government looks to recover some losses from high crude prices caused by the Iran war.
Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel will be priced 0.91 rupees higher at 92.49 rupees per litre, dealers said.
($1 = 95.6900 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City;)
(([email protected];))
May 23 (Reuters) - Indian state-fuel retailers raised petrol and diesel prices by less than a rupee on Saturday, dealers said, the third such increase this month as the government looks to recover some losses from high crude prices caused by the Iran war.
Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel will be priced 0.91 rupees higher at 92.49 rupees per litre, dealers said.
($1 = 95.6900 Indian rupees)
(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City;)
(([email protected];))
By Nidhi Verma and Saurabh Sharma
NEW DELHI, May 21 (Reuters) - Industrial customers in India are increasingly buying diesel from cheaper retail outlets of state-run companies rather than the usual bulk supply points, causing shortages at the pumps in some areas, a government official said.
Diesel sales at pumps in some regions have jumped 20% to 30% as prices for industrial buyers climb to 40 to 42 rupees a litre higher than retail pump prices, said Sujata Sharma, a joint secretary in the federal oil ministry on Thursday.
The retail price of a litre of diesel is 91.58 rupees in New Delhi.
The spike in demand is adding to losses for state-run Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS, which are already selling diesel at below market prices for retail customers.
"Bulk customers should take from bulk supply points and retail buyers should go to the petrol pumps," Sharma said.
State fuel retailers are monitoring sales at outlets facing shortages and are seeking support from local authorities and police to curb purchases by bulk consumers, she said.
Preliminary fuel sales data show Indian state retailers' diesel sales from May 1 to 15 surged nearly 11.5% to about 3.8 million metric tons from a year earlier, while gasoline sales rose nearly 19% to 1.8 million tons.
Indian state retailers' diesel sales are also driven by higher prices charged by private fuel retailers and rising consumption from farmers using diesel-powered generators for irrigation during the harvesting season, she said.
BPCL on Thursday said its gasoline sales surged by 16.38% to 1 million kilolitres between May 1 and 20 from a year earlier, while gasoil rose by 16.7% to about 1.7 million kilolitres.
The company said it is focusing on maintaining seamless supplies across smaller cities and remote markets, "where localised demand spikes and precautionary buying tendencies have been observed in recent days".
(Reporting by Nidhi Verma;Editing by Elaine Hardcastle)
(([email protected]; X: @nidhi712;))
By Nidhi Verma and Saurabh Sharma
NEW DELHI, May 21 (Reuters) - Industrial customers in India are increasingly buying diesel from cheaper retail outlets of state-run companies rather than the usual bulk supply points, causing shortages at the pumps in some areas, a government official said.
Diesel sales at pumps in some regions have jumped 20% to 30% as prices for industrial buyers climb to 40 to 42 rupees a litre higher than retail pump prices, said Sujata Sharma, a joint secretary in the federal oil ministry on Thursday.
The retail price of a litre of diesel is 91.58 rupees in New Delhi.
The spike in demand is adding to losses for state-run Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS, which are already selling diesel at below market prices for retail customers.
"Bulk customers should take from bulk supply points and retail buyers should go to the petrol pumps," Sharma said.
State fuel retailers are monitoring sales at outlets facing shortages and are seeking support from local authorities and police to curb purchases by bulk consumers, she said.
Preliminary fuel sales data show Indian state retailers' diesel sales from May 1 to 15 surged nearly 11.5% to about 3.8 million metric tons from a year earlier, while gasoline sales rose nearly 19% to 1.8 million tons.
Indian state retailers' diesel sales are also driven by higher prices charged by private fuel retailers and rising consumption from farmers using diesel-powered generators for irrigation during the harvesting season, she said.
BPCL on Thursday said its gasoline sales surged by 16.38% to 1 million kilolitres between May 1 and 20 from a year earlier, while gasoil rose by 16.7% to about 1.7 million kilolitres.
The company said it is focusing on maintaining seamless supplies across smaller cities and remote markets, "where localised demand spikes and precautionary buying tendencies have been observed in recent days".
(Reporting by Nidhi Verma;Editing by Elaine Hardcastle)
(([email protected]; X: @nidhi712;))
Corrects 8th paragraph to clarify premiums on Russian crude have fallen and not discounts
By Nidhi Verma
NEW DELHI, May 19 (Reuters) - India's state-run refiner Bharat Petroleum Corp. BPCL.NS is recalibrating its crude import strategy almost daily and ramping up spot purchases after the U.S.-Israeli conflict with Iran disrupted Middle East supplies, Chairman Sanjay Khanna said on Tuesday.
India, the world's third-largest oil importer and consumer, has been hit by rising crude prices and supply disruptions following the closure of the Strait of Hormuz. The South Asian nation has raised the retail prices of petrol and diesel twice in a week.
The refiner had planned to source about 55% of its crude requirement for 2026/27 through annual contracts, mainly from Middle Eastern producers, and the rest through spot markets.
But force majeure declarations by some Gulf suppliers have pushed Bharat to increase spot buying to keep refineries running at 115% capacity, Khanna said.
"Definitely, our spot volume has gone up considerably in recent times because of all the uncertainty."
Bharat operates three refineries in India with a capacity to process 706,000 barrels per day of oil.
The state-run refiner meets 40%-45% of its crude needs with Russian oil bought largely in the spot market after Washington granted sanctions waivers, Khanna said, although discounts have narrowed sharply.
Premiums on Russian crude have fallen to $5 to $6 per barrel to dated Brent on a delivered basis from $10 to $12 earlier, finance director Vetsa Ramakrishna Gupta said.
Despite recent fuel price hikes, BPCL continues to incur a revenue loss of 25 to 30 rupees (26 to 31 U.S. cents) per litre on diesel and 10 to 14 rupees per litre on petrol, Gupta said.
BPCL expects spot purchases to ease if Saudi Arabian contracted supplies improve after the restoration of the Kingdom's east-west pipeline capacity.
Saudi Arabia is currently giving only "a small commitment” for supplies through the pipeline, Gupta said.
BPCL is also evaluating annual supply deals with new producers for next year if they offer flexible delivery terms and competitive pricing, although the company prefers sourcing from nearby regions over distant suppliers such as Venezuela and Canada.
The refiner also has an optional annual crude purchase arrangement with Brazil.
($1 = 96.5325 Indian rupees)
(Reporting by Nidhi Verma)
(([email protected]; X: @nidhi712;))
Corrects 8th paragraph to clarify premiums on Russian crude have fallen and not discounts
By Nidhi Verma
NEW DELHI, May 19 (Reuters) - India's state-run refiner Bharat Petroleum Corp. BPCL.NS is recalibrating its crude import strategy almost daily and ramping up spot purchases after the U.S.-Israeli conflict with Iran disrupted Middle East supplies, Chairman Sanjay Khanna said on Tuesday.
India, the world's third-largest oil importer and consumer, has been hit by rising crude prices and supply disruptions following the closure of the Strait of Hormuz. The South Asian nation has raised the retail prices of petrol and diesel twice in a week.
The refiner had planned to source about 55% of its crude requirement for 2026/27 through annual contracts, mainly from Middle Eastern producers, and the rest through spot markets.
But force majeure declarations by some Gulf suppliers have pushed Bharat to increase spot buying to keep refineries running at 115% capacity, Khanna said.
"Definitely, our spot volume has gone up considerably in recent times because of all the uncertainty."
Bharat operates three refineries in India with a capacity to process 706,000 barrels per day of oil.
The state-run refiner meets 40%-45% of its crude needs with Russian oil bought largely in the spot market after Washington granted sanctions waivers, Khanna said, although discounts have narrowed sharply.
Premiums on Russian crude have fallen to $5 to $6 per barrel to dated Brent on a delivered basis from $10 to $12 earlier, finance director Vetsa Ramakrishna Gupta said.
Despite recent fuel price hikes, BPCL continues to incur a revenue loss of 25 to 30 rupees (26 to 31 U.S. cents) per litre on diesel and 10 to 14 rupees per litre on petrol, Gupta said.
BPCL expects spot purchases to ease if Saudi Arabian contracted supplies improve after the restoration of the Kingdom's east-west pipeline capacity.
Saudi Arabia is currently giving only "a small commitment” for supplies through the pipeline, Gupta said.
BPCL is also evaluating annual supply deals with new producers for next year if they offer flexible delivery terms and competitive pricing, although the company prefers sourcing from nearby regions over distant suppliers such as Venezuela and Canada.
The refiner also has an optional annual crude purchase arrangement with Brazil.
($1 = 96.5325 Indian rupees)
(Reporting by Nidhi Verma)
(([email protected]; X: @nidhi712;))
May 19 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
Q4 NET PROFIT 31.91 BILLION RUPEES
Q4 REVENUE FROM OPERATIONS 1.35 TRLN RUPEES
ONE-TIME CHARGE OF 43.49 BILLION RUPEES IN Q4
ONE-TIME CHARGE IN Q4 FOR IMPAIRMENT OF INVESTMENT IN SUBSIDIARY
Source text: ID:nnAZN4SX6KR
Further company coverage: BPCL.NS
(([email protected];;))
May 19 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
Q4 NET PROFIT 31.91 BILLION RUPEES
Q4 REVENUE FROM OPERATIONS 1.35 TRLN RUPEES
ONE-TIME CHARGE OF 43.49 BILLION RUPEES IN Q4
ONE-TIME CHARGE IN Q4 FOR IMPAIRMENT OF INVESTMENT IN SUBSIDIARY
Source text: ID:nnAZN4SX6KR
Further company coverage: BPCL.NS
(([email protected];;))
May 15 (Reuters) - Indian state fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.0313) per liter, according to retailers in Delhi, as they aim to recoup some of the losses incurred due to higher global oil prices.
($1 = 95.7625 Indian rupees)
(Reporting by Nidhi Verma and Chandini Monnappa; Editing by Muralikumar Anantharaman)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
May 15 (Reuters) - Indian state fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.0313) per liter, according to retailers in Delhi, as they aim to recoup some of the losses incurred due to higher global oil prices.
($1 = 95.7625 Indian rupees)
(Reporting by Nidhi Verma and Chandini Monnappa; Editing by Muralikumar Anantharaman)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Adds details on price increase from government officials
By Neha Arora and Nikunj Ohri
NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.
Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.
A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to compensate oil marketing companies for these losses.
Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.
India is the world's third-largest oil importer and consumer, meeting more than 90% of its crude oil needs and about half of its natural gas demand through imports.
Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel prices since April 2022.
A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.
Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.
Both officials spoke on condition of anonymity due to the sensitivity of the matter.
Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.
Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.
The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.
(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)
Adds details on price increase from government officials
By Neha Arora and Nikunj Ohri
NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.
Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.
A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to compensate oil marketing companies for these losses.
Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.
India is the world's third-largest oil importer and consumer, meeting more than 90% of its crude oil needs and about half of its natural gas demand through imports.
Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel prices since April 2022.
A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.
Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.
Both officials spoke on condition of anonymity due to the sensitivity of the matter.
Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.
Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.
The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.
(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)
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NEW DELHI, May 4 (Reuters) - India has no plans to compensate state-run fuel retailers for losses from selling transport fuels below market prices, a senior petroleum ministry official said on Monday, even as companies raised prices for some industrial and bulk customers.
Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers.
Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS have also raised diesel prices for bulk buyers.
Sharma said bulk customers account for about 10% of overall diesel sales.
The government's efforts are focused on protecting the retail customers, she added.
(Reporting by Nidhi Verma, Editing by Louise Heavens)
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NEW DELHI, May 4 (Reuters) - India has no plans to compensate state-run fuel retailers for losses from selling transport fuels below market prices, a senior petroleum ministry official said on Monday, even as companies raised prices for some industrial and bulk customers.
Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers.
Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS have also raised diesel prices for bulk buyers.
Sharma said bulk customers account for about 10% of overall diesel sales.
The government's efforts are focused on protecting the retail customers, she added.
(Reporting by Nidhi Verma, Editing by Louise Heavens)
(([email protected];))
By Nidhi Verma
NEW DELHI, April 28 (Reuters) - India has asked motorists to avoid panic buying and clarified that there was no proposal to raise pump prices for diesel and gasoline, a government official said on Tuesday.
"We have adequate supplies of liquefied petroleum gas, petrol, and diesel. There has been no increase in prices. Please avoid panic buying and do not believe rumours," Sujata Sharma, Joint Secretary in the federal oil ministry, said at a news conference on Tuesday in an appeal to buyers.
India, the world's third-biggest oil importer and consumer, has been hit by rising oil prices triggered by the closure of the Strait of Hormuz after the U.S.-Isreli war on Iran.
India's crude import prices rose to $120 per barrel earlier this month, denting the margins of retailers on the sale of gasoline and gasoil, as the higher costs have not been factored into the pump prices.
Indian refiners have not raised pump prices of gasoline and gasoil in four years to shield consumers, despite volatility in global markets.
Analysts at Kotak Institutional Equities in a recent report estimated there was a need to raise the price of a liter of gasoline and gasoil by 25-28 rupees after elections in some states end on April 29.
According to estimates by Mumbai-based ICICI Securities, profit after tax for these oil retailers likely declined by 82% in the March quarter over a year ago, as crude oil costs soared but retail prices did not move up in tandem.
Reliance Industries RELI.NS, operator of the world's biggest refining complex and India’s biggest company by market value, late last week flagged "unprecedented" supply disruptions and a sharp hit to profit in its March-quarter earnings.
(Reporting by Nidhi Verma; Editing by Chizu Nomiyama)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, April 28 (Reuters) - India has asked motorists to avoid panic buying and clarified that there was no proposal to raise pump prices for diesel and gasoline, a government official said on Tuesday.
"We have adequate supplies of liquefied petroleum gas, petrol, and diesel. There has been no increase in prices. Please avoid panic buying and do not believe rumours," Sujata Sharma, Joint Secretary in the federal oil ministry, said at a news conference on Tuesday in an appeal to buyers.
India, the world's third-biggest oil importer and consumer, has been hit by rising oil prices triggered by the closure of the Strait of Hormuz after the U.S.-Isreli war on Iran.
India's crude import prices rose to $120 per barrel earlier this month, denting the margins of retailers on the sale of gasoline and gasoil, as the higher costs have not been factored into the pump prices.
Indian refiners have not raised pump prices of gasoline and gasoil in four years to shield consumers, despite volatility in global markets.
Analysts at Kotak Institutional Equities in a recent report estimated there was a need to raise the price of a liter of gasoline and gasoil by 25-28 rupees after elections in some states end on April 29.
According to estimates by Mumbai-based ICICI Securities, profit after tax for these oil retailers likely declined by 82% in the March quarter over a year ago, as crude oil costs soared but retail prices did not move up in tandem.
Reliance Industries RELI.NS, operator of the world's biggest refining complex and India’s biggest company by market value, late last week flagged "unprecedented" supply disruptions and a sharp hit to profit in its March-quarter earnings.
(Reporting by Nidhi Verma; Editing by Chizu Nomiyama)
(([email protected]; X: @nidhi712;))
NEW DELHI, April 27 (Reuters) - Indian Oil Corp's IOC.NS, the country's top refiner and fuel retailers, sale of diesel and gasoline has surged more than 13% during April 1-26, 2026, its head of marketing, Saumitra Priya Srivastava, said in a post on social media platform X
IOC, the country's top fuel retailer and refiner, is meeting the local demand through its over 42,000 fuel stations, he said
Diesel sales in some parts, mainly in southern Andhra Pradesh, surged by about 30% to 33%, leading to some retail outlets facing shortages, said Sujata Sharma, a joint secretary in the federal petroleum ministry
Sharma said India has sufficient stocks of diesel and gasoline, while some retail outlets have experienced problems due to panic buying
She said India is not expected to import diesel and gasoline to meet local demand
Earlier in the day, the chief minister of Andhra Pradesh Chandrababu Naidu said in a post on X that action should be taken against anyone attempting to engage in black marketing or to create artificial shortages of diesel and gasoline
(Reporting by Nidhi Verma, Editing by Louise Heavens)
(([email protected]; X: @nidhi712;))
NEW DELHI, April 27 (Reuters) - Indian Oil Corp's IOC.NS, the country's top refiner and fuel retailers, sale of diesel and gasoline has surged more than 13% during April 1-26, 2026, its head of marketing, Saumitra Priya Srivastava, said in a post on social media platform X
IOC, the country's top fuel retailer and refiner, is meeting the local demand through its over 42,000 fuel stations, he said
Diesel sales in some parts, mainly in southern Andhra Pradesh, surged by about 30% to 33%, leading to some retail outlets facing shortages, said Sujata Sharma, a joint secretary in the federal petroleum ministry
Sharma said India has sufficient stocks of diesel and gasoline, while some retail outlets have experienced problems due to panic buying
She said India is not expected to import diesel and gasoline to meet local demand
Earlier in the day, the chief minister of Andhra Pradesh Chandrababu Naidu said in a post on X that action should be taken against anyone attempting to engage in black marketing or to create artificial shortages of diesel and gasoline
(Reporting by Nidhi Verma, Editing by Louise Heavens)
(([email protected]; X: @nidhi712;))
NEW DELHI, April 23 (Reuters) - Indian fuel retailers are suffering a revenue loss of 100 Indian rupees ($1.06) per liter on the local sale of diesel and 20 rupees per liter on gasoline for selling the two fuels at below market rates, Sujata Sharma, joint secretary in India's oil ministry said on Thursday.
Indian refiners last raised fuel prices in April 2021. India has no plans to raise fuel prices as of now to shield customers, she added.
($1 = 94.0950 Indian rupees)
(Reporting by Nidhi Verma; Editing by Sharon Singleton)
(([email protected]; @MukherjeeHritam;))
NEW DELHI, April 23 (Reuters) - Indian fuel retailers are suffering a revenue loss of 100 Indian rupees ($1.06) per liter on the local sale of diesel and 20 rupees per liter on gasoline for selling the two fuels at below market rates, Sujata Sharma, joint secretary in India's oil ministry said on Thursday.
Indian refiners last raised fuel prices in April 2021. India has no plans to raise fuel prices as of now to shield customers, she added.
($1 = 94.0950 Indian rupees)
(Reporting by Nidhi Verma; Editing by Sharon Singleton)
(([email protected]; @MukherjeeHritam;))
Green hydrogen at centre of state‑backed policy initiatives
Beijing aims to retain dominance as hydrogen moves beyond coal
New Delhi seeks energy security amid reliance on gas imports
By Colleen Howe and Sethuraman N R
BEIJING/NEW DELHI, April 22 (Reuters) - In the rolling, wind-swept grasslands of Chifeng in northern China's Inner Mongolia, towering white wind turbines line hilltops like sentinels over a hydrogen industry Beijing is trying to prise away from coal.
They are part of a $2 billion project - the biggest of its kind - that harnesses renewable energy to run banks of electrolysers that produce the molecules needed for fertilizer, marine fuel and low-emission steelmaking.
India shares China's "green hydrogen" ambitions, but its commitments are even more concrete and aggressive. Backed by subsidies worth some $2.1 billion, New Delhi is targeting 5 million metric tons of green hydrogen annually by 2030 - five times the current size of the global market and about double what analysts estimate Chinese output will be by then.
The massive bets by the world's two most populous nations come at the same time that the West has quietly backed away from its ambitious green hydrogen goals from the start of this decade after cost constraints proved stickier than anticipated.
What China and India have in common - despite very different motives - is the power and political will to force a market into existence, by underwriting projects, steering demand and pushing costs down through scale.
India has drawn private capital by pairing subsidies with offtake guarantees from refineries, fertiliser plants and steelmakers, making projects bankable from the outset.
The motivation is energy security. Hydrogen in India is overwhelmingly derived from imported natural gas, whose supply has suffered a sequence of shocks from the Middle East, Ukraine and the pandemic.
For China - able to deploy state-owned giants or attract private firms with large-scale, planning-led industrial projects - the aim is to preserve its dominance in hydrogen as the industry shifts towards cleaner energy.
In its five-year plan announced in March, Beijing listed green hydrogen alongside quantum computing, brain-computer interfaces and AI-enabled robotics as a frontier industry - an elevation in status that signals more capital will flow its way.
CHINA: SPEED AND SCALE
China invested $3.7 billion in green hydrogen production last year, more than double U.S. levels, said Rystad Energy's head of hydrogen, Minh Khoi Le.
By 2031, China will have some 2.6 million tons per year online, representing $26 billion in investment, according to Rystad projections.
Much of 2025's outlay went into the Chifeng project, operated by Chinese wind turbine maker Envision Energy. It aims to sell green hydrogen and ammonia to markets in Asia, Europe, Latin America and the Middle East, and delivered its first green ammonia cargoes to South Korea's Lotte Fine Chemical in February.
"If we go back a year or two ago, China was not very visible on this situation of green hydrogen, and then two years later they have almost all the biggest projects in the world," said the International Energy Agency's hydrogen lead, Jose Bermudez.
China last year likely doubled its renewables-based hydrogen production capacity to 250,000 tons - more than half of the global total, and surpassing a 2022 target to produce 100,000 to 200,000 tons annually by 2025 - said Agora Energy China managing director Kevin Tu.
In Inner Mongolia and other places with high winds and strong sunlight, costs can fall to around $2 per kilogram for green hydrogen, close to parity with coal-based hydrogen, Tu said. On average, producing green hydrogen in China costs around $4 per kilogram, he said.
INDIA: AGGREGATING DOMESTIC DEMAND
India has brought the price of producing green hydrogen as low as 279 rupees (around $3) per kilogram, from around $5 in 2023, when the government launched the National Green Hydrogen Mission under the clean energy ministry.
Abhay Bakre, who heads the mission, told Reuters that the cost should drop to near $2 by 2032 as technology improves, processes become more efficient and more components are made domestically.
Projects will begin delivering "large quantities" of green hydrogen as soon as next year, he said, and "scale up very fast" to hit the target of 5 million tons by 2030.
Under the initiative, industrial heavyweights including Larsen & Toubro LART.NS, Bharat Petroleum Corp BPCL.NS, GAIL GAIL.NS and JSW Steel JSTL.NS produce about 8,000 tons of green hydrogen and its derivatives annually.
New Delhi is kick-starting demand through state-run reverse auctions, where sellers try to undercut each other to win long-term contracts, effectively revealing the lowest price producers can bear.
The government said last month that suppliers and fertiliser companies had signed offtake agreements for 724,000 tons of green ammonia, which could cover one third of the country's hydrogen requirements.
Maintaining momentum will require "bold, sector-specific domestic initiatives, coupled with strategic international partnerships to unlock export potential", analysts at the Institute of Energy Economics and Financial Analysis wrote in a report.
"With one of the lowest costs of renewable power generation in the world, India is well placed to capture a significant portion of the export market."
(Reporting by Sethuraman NR in New Delhi and Colleen Howe in Beijing; Editing by Kevin Buckland)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]/))
Green hydrogen at centre of state‑backed policy initiatives
Beijing aims to retain dominance as hydrogen moves beyond coal
New Delhi seeks energy security amid reliance on gas imports
By Colleen Howe and Sethuraman N R
BEIJING/NEW DELHI, April 22 (Reuters) - In the rolling, wind-swept grasslands of Chifeng in northern China's Inner Mongolia, towering white wind turbines line hilltops like sentinels over a hydrogen industry Beijing is trying to prise away from coal.
They are part of a $2 billion project - the biggest of its kind - that harnesses renewable energy to run banks of electrolysers that produce the molecules needed for fertilizer, marine fuel and low-emission steelmaking.
India shares China's "green hydrogen" ambitions, but its commitments are even more concrete and aggressive. Backed by subsidies worth some $2.1 billion, New Delhi is targeting 5 million metric tons of green hydrogen annually by 2030 - five times the current size of the global market and about double what analysts estimate Chinese output will be by then.
The massive bets by the world's two most populous nations come at the same time that the West has quietly backed away from its ambitious green hydrogen goals from the start of this decade after cost constraints proved stickier than anticipated.
What China and India have in common - despite very different motives - is the power and political will to force a market into existence, by underwriting projects, steering demand and pushing costs down through scale.
India has drawn private capital by pairing subsidies with offtake guarantees from refineries, fertiliser plants and steelmakers, making projects bankable from the outset.
The motivation is energy security. Hydrogen in India is overwhelmingly derived from imported natural gas, whose supply has suffered a sequence of shocks from the Middle East, Ukraine and the pandemic.
For China - able to deploy state-owned giants or attract private firms with large-scale, planning-led industrial projects - the aim is to preserve its dominance in hydrogen as the industry shifts towards cleaner energy.
In its five-year plan announced in March, Beijing listed green hydrogen alongside quantum computing, brain-computer interfaces and AI-enabled robotics as a frontier industry - an elevation in status that signals more capital will flow its way.
CHINA: SPEED AND SCALE
China invested $3.7 billion in green hydrogen production last year, more than double U.S. levels, said Rystad Energy's head of hydrogen, Minh Khoi Le.
By 2031, China will have some 2.6 million tons per year online, representing $26 billion in investment, according to Rystad projections.
Much of 2025's outlay went into the Chifeng project, operated by Chinese wind turbine maker Envision Energy. It aims to sell green hydrogen and ammonia to markets in Asia, Europe, Latin America and the Middle East, and delivered its first green ammonia cargoes to South Korea's Lotte Fine Chemical in February.
"If we go back a year or two ago, China was not very visible on this situation of green hydrogen, and then two years later they have almost all the biggest projects in the world," said the International Energy Agency's hydrogen lead, Jose Bermudez.
China last year likely doubled its renewables-based hydrogen production capacity to 250,000 tons - more than half of the global total, and surpassing a 2022 target to produce 100,000 to 200,000 tons annually by 2025 - said Agora Energy China managing director Kevin Tu.
In Inner Mongolia and other places with high winds and strong sunlight, costs can fall to around $2 per kilogram for green hydrogen, close to parity with coal-based hydrogen, Tu said. On average, producing green hydrogen in China costs around $4 per kilogram, he said.
INDIA: AGGREGATING DOMESTIC DEMAND
India has brought the price of producing green hydrogen as low as 279 rupees (around $3) per kilogram, from around $5 in 2023, when the government launched the National Green Hydrogen Mission under the clean energy ministry.
Abhay Bakre, who heads the mission, told Reuters that the cost should drop to near $2 by 2032 as technology improves, processes become more efficient and more components are made domestically.
Projects will begin delivering "large quantities" of green hydrogen as soon as next year, he said, and "scale up very fast" to hit the target of 5 million tons by 2030.
Under the initiative, industrial heavyweights including Larsen & Toubro LART.NS, Bharat Petroleum Corp BPCL.NS, GAIL GAIL.NS and JSW Steel JSTL.NS produce about 8,000 tons of green hydrogen and its derivatives annually.
New Delhi is kick-starting demand through state-run reverse auctions, where sellers try to undercut each other to win long-term contracts, effectively revealing the lowest price producers can bear.
The government said last month that suppliers and fertiliser companies had signed offtake agreements for 724,000 tons of green ammonia, which could cover one third of the country's hydrogen requirements.
Maintaining momentum will require "bold, sector-specific domestic initiatives, coupled with strategic international partnerships to unlock export potential", analysts at the Institute of Energy Economics and Financial Analysis wrote in a report.
"With one of the lowest costs of renewable power generation in the world, India is well placed to capture a significant portion of the export market."
(Reporting by Sethuraman NR in New Delhi and Colleen Howe in Beijing; Editing by Kevin Buckland)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]/))
Updates story from April 16 to add market reaction on Friday in paragraph 4, context in paragraphs 7 and 10
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. The rupee has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
When Indian markets opened on Friday morning, the rupee INR=IN strengthened by 0.4% to 92.80 against the dollar, its strongest level in a week.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
Since the large state-run lender already handles sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, one of the sources said.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, the source said, because pooling dollar demand with one lender would help better manage the market impact.
All three sources declined to be named as they were not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said. The credit line can alleviate immediate dollar demand from the market, supporting the rupee.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora; Editing by Mark Potter and Kate Mayberry)
(([email protected]; +91-8769636545;))
Updates story from April 16 to add market reaction on Friday in paragraph 4, context in paragraphs 7 and 10
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. The rupee has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
When Indian markets opened on Friday morning, the rupee INR=IN strengthened by 0.4% to 92.80 against the dollar, its strongest level in a week.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
Since the large state-run lender already handles sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, one of the sources said.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, the source said, because pooling dollar demand with one lender would help better manage the market impact.
All three sources declined to be named as they were not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said. The credit line can alleviate immediate dollar demand from the market, supporting the rupee.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora; Editing by Mark Potter and Kate Mayberry)
(([email protected]; +91-8769636545;))
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.
With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)
(([email protected]; +91-8769636545;))
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.
With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)
(([email protected]; +91-8769636545;))
April 9 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INDIAN FUEL RETAILERS ARE BUYING DIESEL AT DISCOUNTED RATES FROM REFINERS - INDUSTRY SOURCE
Further company coverage: BPCL.NS
(([email protected];))
April 9 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INDIAN FUEL RETAILERS ARE BUYING DIESEL AT DISCOUNTED RATES FROM REFINERS - INDUSTRY SOURCE
Further company coverage: BPCL.NS
(([email protected];))
Adds Nayara Energy refinery shutdown in paragraphs 3-4
April 6 (Reuters) - Indian refiners have postponed maintenance shutdowns of their units to meet local fuel demand, a government official said on Monday.
Indian Oil Corporation IOC.NS and Bharat Petroleum Corporation BPCL.NS were among the companies that had planned to shut units at some of their refineries for routine maintenance, Sujata Sharma, joint secretary in the federal oil ministry said.
However, Nayara Energy will shut its 400,000 barrels per day Vadinar refinery for maintenance from April 9, tightening supply of liquefied petroleum gas in the country, she said.
Nayara was originally scheduled to shut the refinery for a month-long maintenance last year but had to postpone the plan as European Union sanctions made it difficult to secure key items required for the turnaround.
(Reporting by Nidhi Varma, writing by Shilpa Jamkhandikar; Editing by Toby Chopra)
(([email protected];))
Adds Nayara Energy refinery shutdown in paragraphs 3-4
April 6 (Reuters) - Indian refiners have postponed maintenance shutdowns of their units to meet local fuel demand, a government official said on Monday.
Indian Oil Corporation IOC.NS and Bharat Petroleum Corporation BPCL.NS were among the companies that had planned to shut units at some of their refineries for routine maintenance, Sujata Sharma, joint secretary in the federal oil ministry said.
However, Nayara Energy will shut its 400,000 barrels per day Vadinar refinery for maintenance from April 9, tightening supply of liquefied petroleum gas in the country, she said.
Nayara was originally scheduled to shut the refinery for a month-long maintenance last year but had to postpone the plan as European Union sanctions made it difficult to secure key items required for the turnaround.
(Reporting by Nidhi Varma, writing by Shilpa Jamkhandikar; Editing by Toby Chopra)
(([email protected];))
Iran war caused shortfall in LPG for cooking in India
High subsidies on LPG weigh on government finances
India pushes adoption of piped gas, sold closer to market price
India's LPG imports to reduce as customers switch to piped gas
New piped gas connections surge in March
By Nidhi Verma
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.
The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.
Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.
"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.
In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.
India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.
LPG DISRUPTION EXPOSES IMPORT DEPENDENCE
The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.
India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.
India satisfies half of its natural gas consumption with imports of liquefied natural gas.
"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.
Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.
Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.
Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.
India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.
Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.
The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.
"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.
(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)
(([email protected]; X: @nidhi712;))
Iran war caused shortfall in LPG for cooking in India
High subsidies on LPG weigh on government finances
India pushes adoption of piped gas, sold closer to market price
India's LPG imports to reduce as customers switch to piped gas
New piped gas connections surge in March
By Nidhi Verma
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.
The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.
Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.
"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.
In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.
India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.
LPG DISRUPTION EXPOSES IMPORT DEPENDENCE
The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.
India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.
India satisfies half of its natural gas consumption with imports of liquefied natural gas.
"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.
Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.
Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.
Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.
India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.
Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.
The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.
"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.
(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)
(([email protected]; X: @nidhi712;))
BENGALURU, March 29 (Reuters) - Two India-bound liquefied petroleum gas tankers carrying about 94,000 metric tons of the cooking gas have safely transited the Strait of Hormuz and are heading towards India, the government said on Sunday.
The carriers BW Tyr and BW Elm are expected to arrive in Mumbai on March 31 and New Mangalore on April 1 respectively, the petroleum ministry said in a statement.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran has said "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The ships are the latest Indian-flagged vessels to make it through the chokepoint. Four LPG tankers have already completed the crossing, while three more are still in the western section of the strait, LSEG ship tracking data showed on Friday.
A total of 18 Indian-flagged vessels with 485 Indian seafarers remain in the western Gulf region, the government said.
India, the world's second-largest LPG importer, last year consumed 33.15 million tons of the gas, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
Port operations across India remain normal with no congestion reported, the government said.
(Reporting by Munsif Vengattil in Bengaluru. Editing by Mark Potter)
(([email protected];))
BENGALURU, March 29 (Reuters) - Two India-bound liquefied petroleum gas tankers carrying about 94,000 metric tons of the cooking gas have safely transited the Strait of Hormuz and are heading towards India, the government said on Sunday.
The carriers BW Tyr and BW Elm are expected to arrive in Mumbai on March 31 and New Mangalore on April 1 respectively, the petroleum ministry said in a statement.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran has said "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The ships are the latest Indian-flagged vessels to make it through the chokepoint. Four LPG tankers have already completed the crossing, while three more are still in the western section of the strait, LSEG ship tracking data showed on Friday.
A total of 18 Indian-flagged vessels with 485 Indian seafarers remain in the western Gulf region, the government said.
India, the world's second-largest LPG importer, last year consumed 33.15 million tons of the gas, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
Port operations across India remain normal with no congestion reported, the government said.
(Reporting by Munsif Vengattil in Bengaluru. Editing by Mark Potter)
(([email protected];))
By Nidhi Verma
NEW DELHI, March 28 (Reuters) - Two liquefied petroleum gas tankers, BW Elm and BW Tyr, are crossing the Strait of Hormuz bound for India, according to ship tracking data from LSEG and Kpler.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran said this week that "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The two India-flagged vessels have crossed the Gulf area and are in the eastern Strait of Hormuz, the data showed.
India is gradually moving its stranded LPG cargoes out from the strait, with four LPG tankers moved so far - Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
As of Friday, 20 Indian-flagged ships including five LPG carriers were stranded in the Gulf, Rajesh Kumar Sinha, special secretary in the federal shipping ministry, said.
LPG carriers Jag Vikram, Green Asha and Green Sanvi are still in the western Strait of Hormuz, LSEG data show.
India, the world's second-largest LPG importer, is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is also loading LPG onto its empty vessels stranded in the Gulf.
(Reporting by Nidhi Verma; Editing by Jan Harvey)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, March 28 (Reuters) - Two liquefied petroleum gas tankers, BW Elm and BW Tyr, are crossing the Strait of Hormuz bound for India, according to ship tracking data from LSEG and Kpler.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran said this week that "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The two India-flagged vessels have crossed the Gulf area and are in the eastern Strait of Hormuz, the data showed.
India is gradually moving its stranded LPG cargoes out from the strait, with four LPG tankers moved so far - Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
As of Friday, 20 Indian-flagged ships including five LPG carriers were stranded in the Gulf, Rajesh Kumar Sinha, special secretary in the federal shipping ministry, said.
LPG carriers Jag Vikram, Green Asha and Green Sanvi are still in the western Strait of Hormuz, LSEG data show.
India, the world's second-largest LPG importer, is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is also loading LPG onto its empty vessels stranded in the Gulf.
(Reporting by Nidhi Verma; Editing by Jan Harvey)
(([email protected]; X: @nidhi712;))
Excise duties cut as oil prices stay volatile
Fiscal hit estimated at $739 million per fortnight
Sets windfall tax on export of diesel at 21.5 rupees per litre
Windfall tax on aviation turbine fuel exports 29.5 rupees/litre
Adds details on fiscal impact
By Chris Thomas and Nikunj Ohri
NEW DELHI, March 27 (Reuters) - India has slashed excise duties on petrol and diesel to protect consumers and curb a potential spike in inflation, while imposing windfall taxes on aviation fuel and diesel exports, amid volatile global oil markets due to the Iran war.
Global oil prices have surged past $100 per barrel after the near closure of the Strait of Hormuz, which serves as a conduit for 40% of India's crude oil imports, since the U.S. and Israel first struck Iran on February 28.
In a government order late Thursday, India's finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees. It also cut the duty on diesel to zero from 10 rupees per litre.
The move comes ahead of elections next month in four Indian states and one federal territory, with voters very sensitive to higher prices.
India will lose 70 billion rupees ($739 million) a fortnight from the excise cuts, although it will recover part of this - 15 billion rupees - through separate export taxes on some fuel products, Vivek Chaturvedi, chairman of Central Board of Indirect Taxes and Customs, told a press briefing.
The net hit to government finances will be 55 billion rupees per fortnight.
The yield on 10-year government bonds rose 7 basis points to 6.95%, its highest level in 20 months on concerns that the government may struggle to meet its fiscal deficit target of 4.3% of GDP for the financial year beginning April.
The tax cuts also ease the burden for oil marketing companies. While fuel prices in India are technically deregulated, state-run oil companies, which control 90% of the retail network, do not always raise prices when crude climbs.
As a result, consumers are shielded from volatility, with either the government or the companies absorbing the increases.
"Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies, approximately 24 rupees a litre for petrol and 30 rupees a litre for diesel, at this time of sky high international prices, are reduced," Oil Minister Hardeep Singh Puri said in a post on X.
The government said that at current crude rates, the combined daily under-recoveries being absorbed by oil firms stand at 24 billion rupees.
Shares of oil marketing companies such as Bharat Petroleum Corp BPCL.NS and HPCL HPCL.NS reversed early gains to close slightly higher.
WINDFALL TAX ON EXPORTS
The diesel export tax was set at 21.5 rupees a litre, along with a 29.5 rupees a litre tax on aviation fuel exports, the order said.
Between April 2025 and January 2026, India exported 14 million metric tons of gasoline and 23.6 million tons of gasoil. Most refiners have stopped exporting fuels. Reliance Industries RELI.NS is the country's biggest fuel exporter.
Finance Minister Nirmala Sitharaman said the government will ensure there is no shortage of petrol, diesel and jet fuel.
It will support oil marketing companies so that citizens are spared price hikes and ensure that jet fuel prices do not rise, she told news agency ANI.
India, the world's third-biggest oil importer and consumer, relies heavily on overseas supplies.
In a letter dated Thursday, the petroleum ministry said it will raise the allocation of liquefied petroleum gas to commercial and industrial users by 20%, taking total supply to 70% of pre-crisis levels.
The increase builds on an existing 50% allocation, with priority to sectors such as steel, automobiles, textiles and other essential industries. India had cut gas allocation for non-cooking purposes after the start of the Iran war.
India consumed 33.15 million tons of cooking gas last year, with imports covering about 60% of demand. About 90% of those imports came from the Middle East.
Prime Minister Narendra Modi and his government have stressed adequate arrangements are in place, including for fertiliser supplies for the summer sowing season and coal to meet rising electricity demand.
The government, in a separate statement, assured the public that retail petrol and diesel prices will not change.
($1 = 94.1980 Indian rupees)
(Reporting by Chris Thomas and Nikunj Ohri. Additional reporting by Tanvi Mehta, Aditi Shah and Rajesh Kumar Singh. Editing by YP Rajesh, Arun Koyyur and Mark Potter)
(([email protected];))
Excise duties cut as oil prices stay volatile
Fiscal hit estimated at $739 million per fortnight
Sets windfall tax on export of diesel at 21.5 rupees per litre
Windfall tax on aviation turbine fuel exports 29.5 rupees/litre
Adds details on fiscal impact
By Chris Thomas and Nikunj Ohri
NEW DELHI, March 27 (Reuters) - India has slashed excise duties on petrol and diesel to protect consumers and curb a potential spike in inflation, while imposing windfall taxes on aviation fuel and diesel exports, amid volatile global oil markets due to the Iran war.
Global oil prices have surged past $100 per barrel after the near closure of the Strait of Hormuz, which serves as a conduit for 40% of India's crude oil imports, since the U.S. and Israel first struck Iran on February 28.
In a government order late Thursday, India's finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees. It also cut the duty on diesel to zero from 10 rupees per litre.
The move comes ahead of elections next month in four Indian states and one federal territory, with voters very sensitive to higher prices.
India will lose 70 billion rupees ($739 million) a fortnight from the excise cuts, although it will recover part of this - 15 billion rupees - through separate export taxes on some fuel products, Vivek Chaturvedi, chairman of Central Board of Indirect Taxes and Customs, told a press briefing.
The net hit to government finances will be 55 billion rupees per fortnight.
The yield on 10-year government bonds rose 7 basis points to 6.95%, its highest level in 20 months on concerns that the government may struggle to meet its fiscal deficit target of 4.3% of GDP for the financial year beginning April.
The tax cuts also ease the burden for oil marketing companies. While fuel prices in India are technically deregulated, state-run oil companies, which control 90% of the retail network, do not always raise prices when crude climbs.
As a result, consumers are shielded from volatility, with either the government or the companies absorbing the increases.
"Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies, approximately 24 rupees a litre for petrol and 30 rupees a litre for diesel, at this time of sky high international prices, are reduced," Oil Minister Hardeep Singh Puri said in a post on X.
The government said that at current crude rates, the combined daily under-recoveries being absorbed by oil firms stand at 24 billion rupees.
Shares of oil marketing companies such as Bharat Petroleum Corp BPCL.NS and HPCL HPCL.NS reversed early gains to close slightly higher.
WINDFALL TAX ON EXPORTS
The diesel export tax was set at 21.5 rupees a litre, along with a 29.5 rupees a litre tax on aviation fuel exports, the order said.
Between April 2025 and January 2026, India exported 14 million metric tons of gasoline and 23.6 million tons of gasoil. Most refiners have stopped exporting fuels. Reliance Industries RELI.NS is the country's biggest fuel exporter.
Finance Minister Nirmala Sitharaman said the government will ensure there is no shortage of petrol, diesel and jet fuel.
It will support oil marketing companies so that citizens are spared price hikes and ensure that jet fuel prices do not rise, she told news agency ANI.
India, the world's third-biggest oil importer and consumer, relies heavily on overseas supplies.
In a letter dated Thursday, the petroleum ministry said it will raise the allocation of liquefied petroleum gas to commercial and industrial users by 20%, taking total supply to 70% of pre-crisis levels.
The increase builds on an existing 50% allocation, with priority to sectors such as steel, automobiles, textiles and other essential industries. India had cut gas allocation for non-cooking purposes after the start of the Iran war.
India consumed 33.15 million tons of cooking gas last year, with imports covering about 60% of demand. About 90% of those imports came from the Middle East.
Prime Minister Narendra Modi and his government have stressed adequate arrangements are in place, including for fertiliser supplies for the summer sowing season and coal to meet rising electricity demand.
The government, in a separate statement, assured the public that retail petrol and diesel prices will not change.
($1 = 94.1980 Indian rupees)
(Reporting by Chris Thomas and Nikunj Ohri. Additional reporting by Tanvi Mehta, Aditi Shah and Rajesh Kumar Singh. Editing by YP Rajesh, Arun Koyyur and Mark Potter)
(([email protected];))
By Nidhi Verma
NEW DELHI, March 26 (Reuters) - Russia-backed Indian private refiner Nayara Energy has raised pump prices of gasoline and gasoil, petrol pump dealers said on Thursday, to mitigate some of its revenue losses from retail sales.
Indian refiners, hit hard by a declining rupee and rising oil prices, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
Nayara, India's top private fuel retailer, has raised the price of gasoline by 5 rupees per litre to 100.71 rupees ($1.07), and gasoil by 3 rupees to 91.31 rupees, the dealers said.
Nayara, which sells gasoline and gasoil through its 6,697 retail outlets, plans to shut its 400,000 barrels per day (bpd) Vadinar refinery from April 10 for a month-long maintenance.
Apart from direct sales to customers, the private refiner also sells fuels to the state refiners after it was sanctioned by the European Union last year for links with Russian entities, including oil major Rosneft.
No immediate comment was available from Nayara.
Indian refiners are facing a revenue loss of more than 50 rupees per litre on gasoil and about 20 rupees on gasoline for selling fuels at below-market rates to cushion customers from a spike in global markets, industry sources said.
Indian state refiners have not raised the retail prices of gasoline and gasoil despite a surge in global oil prices LCOc1 to more than $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israel war on Iran.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS.
($1 = 94.1040 Indian rupees)
(Reporting by Nidhi Verma; Editing by Arun Koyyur)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, March 26 (Reuters) - Russia-backed Indian private refiner Nayara Energy has raised pump prices of gasoline and gasoil, petrol pump dealers said on Thursday, to mitigate some of its revenue losses from retail sales.
Indian refiners, hit hard by a declining rupee and rising oil prices, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
Nayara, India's top private fuel retailer, has raised the price of gasoline by 5 rupees per litre to 100.71 rupees ($1.07), and gasoil by 3 rupees to 91.31 rupees, the dealers said.
Nayara, which sells gasoline and gasoil through its 6,697 retail outlets, plans to shut its 400,000 barrels per day (bpd) Vadinar refinery from April 10 for a month-long maintenance.
Apart from direct sales to customers, the private refiner also sells fuels to the state refiners after it was sanctioned by the European Union last year for links with Russian entities, including oil major Rosneft.
No immediate comment was available from Nayara.
Indian refiners are facing a revenue loss of more than 50 rupees per litre on gasoil and about 20 rupees on gasoline for selling fuels at below-market rates to cushion customers from a spike in global markets, industry sources said.
Indian state refiners have not raised the retail prices of gasoline and gasoil despite a surge in global oil prices LCOc1 to more than $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israel war on Iran.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS.
($1 = 94.1040 Indian rupees)
(Reporting by Nidhi Verma; Editing by Arun Koyyur)
(([email protected]; X: @nidhi712;))
India buys Iranian LPG cargo after US sanctions eased
LPG shipment diverted from China to India amid shortages
Cargo to be shared among state fuel retailers nationwide
Recasts headline and story, adds bullet points and details
By Nidhi Verma
NEW DELHI, March 25 (Reuters) - India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.
India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.
Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources said and LSEG data showed.
The South Asian nation has been hit hard by the disruption of energy shipments via the Strait of Hormuz caused by the U.S.-Israeli war with Iran.
THREE RETAILERS TO SHARE LPG CARGO
The Iranian LPG cargo will be shared among the three fuel retailers, Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.
The cargo has been purchased from a trader, and payment will be made in rupees, the sources said, adding India is exploring buying more Iranian LPG cargoes.
Still, an official said he was not aware of Iranian cargoes being bought.
"(There are) no loaded cargoes from Iran, we have not heard of that," said Rajesh Kumar Sinha, special secretary in the federal shipping ministry said Wednesday at a press conference.
The three companies and India's oil ministry did not immediately respond to Reuters requests for comments.
MOST OF IMPORTED LPG FROM MIDDLE EAST
The world's second-largest LPG importer is battling its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.
India consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is gradually moving out its stranded LPG cargoes from the Strait of Hormuz, with four LPG tankers moved so far--Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
India is also loading LPG onto its empty vessels stranded in the Persian Gulf.
(Reporting by Nidhi Verma; Editing by Bernadette Baum)
(([email protected]; X: @nidhi712;))
India buys Iranian LPG cargo after US sanctions eased
LPG shipment diverted from China to India amid shortages
Cargo to be shared among state fuel retailers nationwide
Recasts headline and story, adds bullet points and details
By Nidhi Verma
NEW DELHI, March 25 (Reuters) - India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.
India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.
Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources said and LSEG data showed.
The South Asian nation has been hit hard by the disruption of energy shipments via the Strait of Hormuz caused by the U.S.-Israeli war with Iran.
THREE RETAILERS TO SHARE LPG CARGO
The Iranian LPG cargo will be shared among the three fuel retailers, Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.
The cargo has been purchased from a trader, and payment will be made in rupees, the sources said, adding India is exploring buying more Iranian LPG cargoes.
Still, an official said he was not aware of Iranian cargoes being bought.
"(There are) no loaded cargoes from Iran, we have not heard of that," said Rajesh Kumar Sinha, special secretary in the federal shipping ministry said Wednesday at a press conference.
The three companies and India's oil ministry did not immediately respond to Reuters requests for comments.
MOST OF IMPORTED LPG FROM MIDDLE EAST
The world's second-largest LPG importer is battling its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.
India consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is gradually moving out its stranded LPG cargoes from the Strait of Hormuz, with four LPG tankers moved so far--Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
India is also loading LPG onto its empty vessels stranded in the Persian Gulf.
(Reporting by Nidhi Verma; Editing by Bernadette Baum)
(([email protected]; X: @nidhi712;))
March 24 (Reuters) - Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Green Hydrogen India Private Limited
BPCL–SEMBCORP JV WINS 10KTPA GREEN HYDROGEN CONTRACT FROM NUMALIGARH REFINERY - STATEMENT
(([email protected];))
March 24 (Reuters) - Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Green Hydrogen India Private Limited
BPCL–SEMBCORP JV WINS 10KTPA GREEN HYDROGEN CONTRACT FROM NUMALIGARH REFINERY - STATEMENT
(([email protected];))
India asks oil, gas companies to disclose import, export data
India hit hard by Middle East crisis
Relies heavily on region for imports of oil, LPG and LNG
Recasts with comments from oil ministry
By Nidhi Verma
March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.
"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.
India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.
India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.
India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.
The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.
He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.
"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.
Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.
All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.
India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.
So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.
However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.
India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.
Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.
The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)
(([email protected];))
India asks oil, gas companies to disclose import, export data
India hit hard by Middle East crisis
Relies heavily on region for imports of oil, LPG and LNG
Recasts with comments from oil ministry
By Nidhi Verma
March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.
"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.
India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.
India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.
India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.
The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.
He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.
"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.
Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.
All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.
India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.
So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.
However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.
India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.
Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.
The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)
(([email protected];))
By Nidhi Verma
NEW DELHI, March 17 (Reuters) - Indian state-owned fuel retailers are seeking advance payments for gasoline and gasoil supplied to fuel pumps nationwide, dealers said, as the companies are suffering significant revenue losses from retail sales.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp JPCL.NS.
Indian refiners, hit hard by a declining rupee, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
India has not raised the retail prices of gasoline and gasoil to shield consumers despite a surge in global oil prices LCOc1 to over $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israeli war on Iran.
The three fuel retailers did not respond to Reuters email seeking comments.
The state refiners were previously giving a five-day credit to the dealers for the sale of gasoline and gasoil, dealers said.
"Dealers are very upset because we also run our business on credit, and some dealers sell fuel to the clients, such as government departments and transporters, on a credit basis," said Ajay Bansal, President of All India Petroleum Dealers Association, which represents about 92,000 fuel stations in the country.
(Reporting by Nidhi Verma; Editing by Michael Perry)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, March 17 (Reuters) - Indian state-owned fuel retailers are seeking advance payments for gasoline and gasoil supplied to fuel pumps nationwide, dealers said, as the companies are suffering significant revenue losses from retail sales.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp JPCL.NS.
Indian refiners, hit hard by a declining rupee, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
India has not raised the retail prices of gasoline and gasoil to shield consumers despite a surge in global oil prices LCOc1 to over $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israeli war on Iran.
The three fuel retailers did not respond to Reuters email seeking comments.
The state refiners were previously giving a five-day credit to the dealers for the sale of gasoline and gasoil, dealers said.
"Dealers are very upset because we also run our business on credit, and some dealers sell fuel to the clients, such as government departments and transporters, on a credit basis," said Ajay Bansal, President of All India Petroleum Dealers Association, which represents about 92,000 fuel stations in the country.
(Reporting by Nidhi Verma; Editing by Michael Perry)
(([email protected]; X: @nidhi712;))
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Popular questions
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What does BPCL do?
Bharat Petroleum Corporation is a leading Oil and Gas company, providing services to both retail and bulk customers. Through its extensive network of retail outlets and LPG distributorships, BPCL ensures a consistent and reliable supply of fuel and related services. In addition to serving retail customers, BPCL also caters to the energy needs of bulk customers, which include the Defense Forces, Indian Railways, State government organizations, State transport undertakings, power producers, etc. This comprehensive approach allows BPCL to play a crucial role in meeting the energy demands of multiple sectors, industries and retail consumers across the country.
Who are the competitors of BPCL?
BPCL major competitors are Indian Oil Corp., HPCL, MRPL, Chennai Petrol. Corp, Reliance Industries. Market Cap of BPCL is ₹1,35,839 Crs. While the median market cap of its peers are ₹84,613 Crs.
Is BPCL financially stable compared to its competitors?
BPCL seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does BPCL pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. BPCL latest dividend payout ratio is 32.04% and 3yr average dividend payout ratio is 32.35%
How has BPCL allocated its funds?
Companies resources are allocated to majorly unproductive assets like Capital Work in Progress
How strong is BPCL balance sheet?
Balance sheet of BPCL is strong. But short term working capital might become an issue for this company.
Is the profitablity of BPCL improving?
The profit is oscillating. The profit of BPCL is ₹24,333 Crs for TTM, ₹13,337 Crs for Mar 2025 and ₹26,859 Crs for Mar 2024.
Is the debt of BPCL increasing or decreasing?
The net debt of BPCL is decreasing. Latest net debt of BPCL is ₹25,721 Crs as of Mar-26. This is less than Mar-25 when it was ₹31,355 Crs.
Is BPCL stock expensive?
BPCL is not expensive. Latest PE of BPCL is 5.14, while 3 year average PE is 7.96. Also latest EV/EBITDA of BPCL is 3.85 while 3yr average is 8.9.
Has the share price of BPCL grown faster than its competition?
BPCL has given lower returns compared to its competitors. BPCL has grown at ~6.09% over the last 10yrs while peers have grown at a median rate of 12.08%
Is the promoter bullish about BPCL?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in BPCL is 52.98% and last quarter promoter holding is 52.98%.
Are mutual funds buying/selling BPCL?
The mutual fund holding of BPCL is decreasing. The current mutual fund holding in BPCL is 8.14% while previous quarter holding is 9.38%.