India`s First & Only Website for Petrol Pump Users of 6 Major Cities: Find the best petrol station near your home or work. Networks of several websites that can help you find the best experience of getting your vehicles thirst quenched. When you enter information voluntarily about a petrol station you help fight against high prices, bad service, fuel pilferage and cheating. Our aim is to get the consumers of Petrol, Diesel, CNG and LPG the best service possible from petrol stations of your choice. Improvement of retail services will help both the petrol pumps to improve and customers to get a no non-sense customer service. Save Planet, Paisa and Petrol. TM
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Old Fuel prices: Feb 27, 2010 new prices will be updated soon
No plans to sell stake in ONGC, IOC: Petroleum Secretary
11 March 2010;deccanherald.com:New Delhi:The government is not considering selling equity in Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC), Petroleum Secretary S Sundareshan said on Wednesday. Both IOC and ONGC are not in favour of raising money through equity route as valuations are being impacted due to uncertain fuel pricing policy. Also, market conditions were not right for FPOs. "(These are) not the correct market time for FPOs," he said.
More losses for oil companies as price rise option closes
11 March 2010;business-standard.com:Ajay Modi:New Delhi: Even before the start of the new financial year, the spectre of rising losses during 2010-11 has begun to haunt the three state-controlled oil marketing companies that account for over 90 per cent of the country’s retail petroleum products market. Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are apprehensive that their under-recoveries (the gap between the retail prices and their refining and marketing costs) will rise on account of rising crude oil prices and the political constraints on the government to raise retail rates. “We expect under-recoveries to increase in the next year if prices are not increased since the average crude oil price next year is likely to remain higher from this year’s level of $70 a barrel,” said S V Narasimhan, director (Finance), IOC, the biggest of the oil marketing companies. The Indian basket of crude oil, which tracks benchmark Brent crude, has averaged $69.17 a barrel in the current financial year. However, the global economic recovery, crude oil prices have been rising in the past few months. The average in February 2010 was $73.65 and, by the end of the first week of March, the average price of the Indian crude oil basket had already crossed $77 a barrel. The oil marketing companies (OMC), however, are not hopeful of an early decision by the government to raise auto and cooking fuel prices. Confirming such fears, a government official said that the petroleum and natural gas ministry was yet to move on the recommendations of the Kirit Parikh committee on petroleum products. The Kirit Parikh committee report, which was submitted over a month ago, had suggested market-linked prices for petrol and diesel. However, only a partial increase of Rs 6 a litre for kerosene and Rs 100 per LPG cylinder were proposed. It also proposed a reduction in kerosene sold through ration cards by 20 per cent. An OMC official, who declined to be identified, also said the opposition outcry over the last increase in the prices of diesel and petrol (by Rs 2.55 and Rs 2.71 a litre, respectively) in last month’s Budget had put an end to their hopes of a further price rise in the next few months. The OMCs are already sitting on an unmet under-recovery of about Rs 19,000 crore in the current fiscal as the finance ministry struggles to meet its fiscal deficit target for 2009-10. The Budget for 2010-11 proposes to bring down the fiscal deficit to 5.5 per cent of gross domestic product (GDP) from 6.7 in the current year. With no adequate financial provision in the Budget for the next year to compensate the OMCs for their under-recoveries and the government’s political inability to raise prices in the next few months at least, the prospects of rising under-recoveries appear more than real. The three marketing companies are estimated to be together losing Rs 196 crore a day on the sale of petrol, diesel, kerosene and LPG, with IOC alone losing Rs 107 crore. For the full year, they are estimated to have under-recoveries of Rs 46,600 crore. A senior finance ministry official, however, pointed out that the government had provided Rs 3,108 crore for oil subsidies for the next year, pending a decision on petroleum prices. "There was no basis of providing a subsidy for the next year. Necessary provision can be made later in the supplementary to the Budget," he added. He further said there would be no impact on the fiscal deficit since by October-November, the trend in savings of other ministries would be known and the government would be able to effect savings in expenditure under other heads. A similar trend was seen this year when the amount provided was Rs 2,954 crore at the start of the year, rising to Rs 14,954 crore in the revised estimates. For the current year, the underrecovery on petrol and diesel is being compensated by upstream companies but the underrecovery on kerosene and LPG is supposed to be compensated by the government. After the discounts provided by upstream companies — Oil and Natural Gas Corporation, Oil India Ltd and Gas Authority of India Ltd — the OMCs are still left with losses of over Rs 31,000 crore. However, the Budget made a provision of Rs 12,000 crore for under recoveries in the current financial year. The OMCs incur an under-recovery of Rs 4.97 a litre on petrol, Rs 3.27 a litre on diesel, Rs 16.91 a litre on kerosene and Rs 267.39 on a domestic LPG cylinder. The recent increase of Rs 2.71 and Rs 2.55 a litre in prices of petrol and diesel, respectively, has impaired the ability of the government to act on the committee’s recommendations. This increase was taken following the restoration of the five per cent customs duty on crude and Rs 1 a litre increase in excise duty announced in the recent Budget.
10 March 2010;dailypioneer.com:Rakesh Bihari Jha:New Delhi: Ford is betting big on Indian car market as the US car maker is developing some more products keeping in mind the specific needs of this market even as it entered small car market on Tuesday with its aggressively priced ‘Figo’. “Ford Figo’s launch is the first step in the series of vehicles being developed keeping in mind the specific needs of Indian market,” said Ford Asia Pacific and Africa president Joe Hinrichs, adding, “we are looking at expanding this segment and work has already begun to develop next generation platform named ‘B’.” The entry level Ford Figo of 1.2 litre petrol engine is priced at Rs 3,49, 900, while 1.4 litre diesel engine car priced at Rs 4,47, 900. With the launch of Figo compact car market in India has become crowed and more competitive, as a result, Ford’s product will be in close competition with Maruti’s Swift and Ritz, Hyundai’s i10, GM’s Beat and Polo of Volkswagen. Ford, which managed to sell just about 30,000 units in 2009, entered the small car market with Figo to be a volume player. Explaining the reason behind developing some more products for Indian car market Ford India Managing Director Michael Boneham said: “You need more entries into the small car segment. We will continue to focus on that segment and the company will launch new vehicles in every 12-18 months.” He, however, declined to give details on planned car launches. Talking about its small car Boneham said : “Come heat, come dust, come Monsoon rains or Delhi traffic, the Figo was born and bred for India.” "Given where the sub B segment has traditionally been in terms of content, space and price, we feel Figo will open new opportunities for consumers looking for a better choice," he added. Like other global auto majors, the company also hopes to turn India into a small car export hub. “Figo would first ship to South Africa and we’ll be adding more markets as people across the region see how cool the Figo really is,” added Boneham. The plant, which manufactures other Ford models for India, too, has a total car-making capacity of 200,000 units a year and an annual engine manufacturing capacity 250,000 units.
10 March 2010;economictimes.indiatimes.com:Lijee Philip:MUMBAI: Mahindra & Mahindra (M&M) — the maker of tractors and utility vehicles, whose foray into the car market in a joint venture with Renault has been marred by public spats over management control — has started calling back some of its top executives in the JV, a clear indication that the agreement with the French company could be nearing an end. In the recent past, three M&M executives have left the joint venture as the two partners appear to be on the verge of separating. Nalin Mehta, the CEO of Mahindra Renault who has been appointed the new chief operating officer of Mahindra Navistar — the JV with the US company which will roll out heavy trucks — is the most recent and high-profile executive to return to the parent group. Jyoti Malhotra, the head of sales, and K Ravi, who was in charge of services, have also returned to M&M. Mr Mehta’s appointment as the COO of Mahindra-Navistar was announced internally at the end of last week while Mr Malhotra and Mr Ravi returned earlier this year. No public announcement has been made. &M’s spokeswoman said that it was the company’s policy to deploy key managers in different parts of the group. “In any scaled down activity, a realignment of business operations is imperative. it’s part of the M&M policy to look at frequent job rotations within the company and it’s part of the career planning.” Both M&M and Renault are likely to come out with a road map on the future of their partnership later this month. Renault had recently announced that it is setting up its own distribution network in India to handle future product launches and had also promised a statement on the future of the troubled joint venture — known as Mahindra Renault Private Ltd or MRPL — later this month. Renault, which sells the mid-size car Logan through MRPL, has said its plans to launch Fluence sedan and Koleos, a cross-over vehicle that combines the features of a car and a sports utility vehicle, in India in 2011. Officially, both M&M and Renault have maintained a diplomatic silence though the differences between the two have been in the public domain for a while. As chronicled in a number of ET stories, the two companies have been unable to agree on product development, innovation and pricing. M&M is understood to be unhappy with MRPL because it wants a greater say in engineering decisions, something which the French automobile major is unwilling to countenance. With the managements not pulling along, Mahindra Renault, a 51:49 joint venture between the two partners, is struggling to sell cars in large numbers due to uncompetitive pricing. The JV, which retails only the Logan, has seen sales fall from peak levels of 2,000 a month in 2007 to just 500 units a month in a booming market. In the April to February 2010 period, sales plunged 60% to 4,981 units. MRPL dealers have been dissatisfied with the very public inability of the two partners to get along. The Mahindra-Renault JV was announced in 2005. Set up with an initial investment of Rs 700 crore, it planned to roll out 50,000 Logans from M&M’s Nashik plant. Renault, headquartered in Paris, has resumed investments in a plant near Chennai which it is building with its global partner Nissan Motor and which is not part of the joint venture with M&M.
