The Prime Minister Narendra Modi-headed Union Cabinet on Wednesday is likely to take up a proposal that would overhaul the crude procurement process for government-owned refiners- IOC, BPCL, HPCL and MRPL. The move is aimed to make the refiners more competitive like their private peers such as RIL and Essar Oil and take benefits of spontaneous buying of cargoes.

Sources told FE that the petroleum ministry has sent the final proposal for clearance from the Union Cabinet, which is likely to decide on it on Wednesday.

Shares of oil marketing companies such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) gained on Tuesday after Credit Suisse maintained its “outperform” rating on fuel retailers, citing refining margins to remain strong for oil retailers as demand-supply tightens.

BPCL, IOC and HPCL closed 0.97 per cent, 2.10 per cent and 2.53 per cent higher at Rs 810.60, Rs 392.95 and Rs 740.40, respectively.

Shares of state-owned oil marketing companies (OMCs) – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – have rallied by up to 10% on the BSE in early morning trade after these companies reported a strong set of numbers for the quarter ended December 31, 2015 (Q3FY16).

All these companies posted a combined net profit of Rs 5,588 crore in Q3FY16 against net loss of Rs 2,411 crore in the same quarter last fiscal. It had reported an aggregate net profit of Rs 368 crore in September 2015 quarter.

Adani Gas-Indian Oil combine, GAIL Gas, Gujarat Gas and Bharat Petroleum Corp Ltd​ (BPCL) are among 18 companies that have bid for licence to retail CNG to automobiles in 20 cities like North Goa and Bhatinda.

Of the 34 cities that oil regulator Petroleum and Natural Gas Regulatory Board​ (PNGRB) had offered in the sixth round of bidding, 56 bids from 18 companies were received for 20 cities, official sources said.

After three years, sale of branded petrol and diesel is getting back to normalcy for the three government-owned oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPC) and Hindustan Petroleum Corporation (HPC).

The government OMCs say the price differential between branded and non-branded fuel has come down, though the sales in branded petrol are better than for branded diesel. Branded fuels are regular fuels with additives supposed to enhance a vehicle's performance.

Shares of domestic oil marketing companies surged over 3 per cent on Wednesday on account of lower-than-expected cut in petrol and diesel prices.

At 10.14 am, shares of Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were trading 2.55 per cent, 3.21 per cent and 2.82 per cent up at Rs 911, Rs 431 and Rs 833.45, respectively.

Shares of refinery companies are under pressure with the S&P BSE Oil & Gas index falling nearly 4% in late noon trades.

Hindustan Petroleum Corporation Limited (HPCL), Oil & Natural Gas Corporation (ONGC) and Cairn India have plunged more than 5% each, while Indian Oil Corporation (IOC), Reliance Industries and Bharat Petroleum Corporation (BPCL) down 3%-4% on the BSE.

Bharat Petroleum Corp Ltd is planning to launch an initial public offer (IPO) of its Bina refinery unit next year, chairman of the state-owned firm S Varadarajan said on Thursday.

India's second-biggest state refiner, BPCL will hold 50% in Bharat Oman Refineries Ltd (BORL), which had built the unit, while Oman Oil Company will hold the remaining 26%. The IPO "is planned for next year," Varadarajan told reporters.

Foreign companies are in talks to buy a stake of up to 24% in Bina refinery in Madhya Pradesh, which is jointly owned by Bharat Petroleum Corp and Oman's state oil firm, BPCL's chairman told Reuters on Thursday.

The two owners want to boost the refinery's capacity by about 30% from 120,00 barrels per day (bpd), said BPCL Chairman S. Varadarajan.

Mumbai: Bharat Petroleum Corp. Ltd (BPCL) will be investing Rs1 trillion between 2016 and 2021 for its next phase of growth, as lower crude price and reduced losses on fuel sales gives the company more headroom for business expansion.

The investments are mainly targeted towards increasing the company’s refining capacity by 40%, branching into the petrochemicals sector, expanding in the city gas distribution business and establishing itself as an oil and gas explorer and producer, the company informed the media on Wednesday.

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