Government looks to relax norms for setting up petrol pumps PTI Oct 23,
Heavy selling in state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum, which finished the day with losses between 16 per cent and 25 per cent, weighed on the benchmark indices. Friday's session also coincided with release of the Reserve Bank of India's fourth bi-monthly policy statement, in which the central bank kept the repo rate unchanged at 6.
Here are 10 things to know: The central bank maintained status quo on repo rate - the key interest rate at which it lends short-term funds to commercial banks, surprising the Street. Caution prevailed in the run-up to the much-awaited policy decision from the inflation-targeting RBI, amid expectations of a basis-point rate hike, according to analysts.
Overall breadth of the markets was strongly negative, with 1, stocks on the Nifty 50 closing lower against moving higher. On the BSE, stocks advanced against 1, that declined for the day. The selloff in energy sector shares came a day after the government announced a reduction of Rs 2.
Wednesday's move by the government forces oil retailers to bear the burden of fuel price reduction for the first time since deregulation of diesel in The price cut sparked fears of the country going back toward the regulated regime - in which the prices of petrol and diesel were controlled by the government.
Soaring crude oil prices along with depreciation of the rupee in the forex market has made imports more expensive. India meets more than 80 per cent of its oil requirement through imports. Rate-sensitive sectors such as financials, auto and realty were under pressure.
The banking, financial services, auto and real estate sub-indices finished 1. On the other hand, mild gains in IT stocks limited the downside, with the Nifty IT closing 1 per cent higher.
Weakness in the rupee boosts profitability of exporters such as IT companies. The Sensex and Nifty lost 2, points and points - around 6 per cent - in three days respectively.Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. The death of a 2-year-old girl, hanged in jam in Bihar’s Jehanabad Even today, the rate of petrol and diesel has not come down, but prices have increased.
SGC Investments is an oil marketing company that operates all over the country. The company specialises in the distribution of petroleum products, delivering fuel direct to its commercial customers in the mining and transportation industries.
As a result of owning their own fuel tankers, SGC is able to offer fuel at very competitive prices. Some of the most expensive marketing risks lie in the area of promotion. This is the use of paid advertising, unpaid public relations and selling to convey company and product benefits to targeted.
69 rows · Petroleum Marketing Monthly preface Explanatory notes Federal and state . OMV Petrol Ofisi AS imports, manufactures, stores and markets fuels, gasoline and lubricants in Turkey.