With EV sales steadily gaining pace, senior officials from these companies said they have already diversified into setting up electric vehicle (EV) charging infrastructure and battery swapping stations to offset the potential impact of lower fuel sales going forward.
The market appears to be factoring in an estimated 300 million barrel shortage in the Strategic Petroleum Reserves (SPR) and consistent production cuts from Saudi Arabia and Russia, effectively offsetting weakened demand from China.
Monthly revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders occur on the first day of each month, with the new rates becoming effective from August 1.
Shell and TotalEnergies experienced significant declines in Q2 profits compared to last year's impressive earnings, attributing the drop to weaker oil and gas prices, refining margins, and trading results. Both companies missed earnings forecasts.
OMCs are estimated to have made a combined profit of INR 22,100 crore in the April-June quarter, higher than INR 20,800 crore in the January-March period and a loss of INR 18,500 crore in the year-ago quarter, the brokerage said.
The OMCs, on their part, are concerned that the equity infusion proposal could impact their share prices, market valuation and market perception.
The retail price of a 19 kg commercial LPG cylinder in Delhi will now be Rs 1,856.50.
This significant increase was primarily due to the Pradhan Mantri Ujjwala Yojana (PMUY), which has led to an increase in LPG coverage from just 62 per cent in 2016 to a whopping 104.1 per cent in 2022.
The volatility in international crude and product prices is likely to benefit Oil Marketing Companies’ marketing earnings in Q4 but for the companies operating in the CGD space the fourth quarter ended March 2023 could be mixed.
The profitability of the Indian oil marketing companies (OMCs) has increased as retail selling prices of petroleum products have "remain unchanged" during six months in 2022.
Ethyl alcohol or Ethanol (C2H5OH) is a biofuel that is naturally made by fermenting sugar. While it is mostly derived by extracting sugar from sugarcane, other organic matter like foodgrains can also be used for its production.
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