Indian Oil Corporation withdraws proposed Rs 22,000 crore rights issue
In July 2023, the board of directors of the IOC approved raising capital through the issuance of equity shares on a right basis.
In July 2023, the board of directors of the IOC approved raising capital through the issuance of equity shares on a right basis.
Global crude prices increased on Friday. The November contract of Brent crude on the Intercontinental Exchange is currently trading above the $72-per-barrel-mark.
NCT Delhi, diesel price remains at Rs 84.07 per litre while petrol at 93.21 per litre.
The two auto fuel prices were static for two day weekend period prior to this increase.
Accordingly, petrol price remained at previous days level of Rs 91.27 a litre and diesel Rs 81.73 a litre in the national capital.
Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.
With global crude rising again and crossing $ 67 a barrel mark, OMCs may have to revise fuel prices upwards again. OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.
The OMCs went on price cut for the first time this year on two consecutive days - March 24 and 25 after keeping oil prices steady for past 24 days.
Petrol and diesel fell by 22 paise and 23 paise per litre respectively last week on Tuesday in the wake of global softening of oil prices.
That the Finance minister’s tweet after having briefed a press conference on his dubious plan to reduce oil prices by…
