OMCs hike petrol pump dealers’ commissions New Delhi, August 4 (IANS): State-run oil marketing companies (OMCs) have hiked commissions paid to fuel pump dealers by up to 43% for petrol and by up to 59% for diesel, effective from the start of this month, Indian Oil Corp (IOC) has announced. Announcing the decision along with the company results for the first quarter of the current fiscal, IOC Chairman Sanjiv Singh told reporters here on Thursday that commission to petrol pump dealers was previously paid as fixed amount per litre and was uniform for all operators irrespective of their size. However, in view of the hardships of dealers selling less than the national average of 170 kilolitre of fuel per month, a graded formula has been decided, he said."The dealers' margin for petrol and diesel has been revised with effect from August 1. It is approximately 9% to 43% in petrol and 11% to 59% in diesel," an IOC release said here. The statement said: "The oil industry has approximately 9 lakh customer attendants working at petrol pumps, who will be benefited by this." "As a major part of the current revision, central minimum wages have been introduced for employees working at the petrol pumps, which are approximately 50% higher, in lieu of State minimum wages," it added. LS passes bill to establish petroleum institute New Delhi, August 4 (IANS): The Lok Sabha on Friday passed a bill to establish an Indian Institute of Petroleum and Energy in the port city Visakhapatnam in Andhra Pradesh and declare it as an institution of national importance. The Indian Institute of Petroleum and Energy Bill will help establishing the institute that aims to provide high quality education and research focussing on the themes of petroleum, hydrocarbons and energy. Petroleum and Natural Gas Minister Dharmendra Pradhan said the Krishna-Godavari basin could fulfil India’s energy needs for several years to come, and the challenge was to use it well. He said the institute would become the foundation for future energy security by training professionals in the field. Equity markets pare losses to close in green Mumbai, August 4 (IANS): Indian equity markets pared their initial losses to provisionally close in the green on Friday, as broadly positive European markets and a surge in buying activites in consumer durables, oil and gas, and metal stocks, lifted investors’ sentiments. The wider Nifty50 of the National Stock Exchange (NSE) provisionally closed higher by 56.50 points or 0.56 per cent at 10,070.15 points (at 3.30 p.m.). The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,191.12 points, closed at 32,324.45 points -- up 86.57 points, or 0.27 per cent -- from its previous close at 32,237.88 points.
