FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Indian Retailers Raise Fuel Prices for the Third Time in May as Global Prices Remain High

By

As the global crude oil prices remain high, Indian state-owned fuel retailers have raised petrol and diesel prices for the third time this month, according to a Reuters report on Saturday, quoting local dealers.

After the first price increase in four years on May 15, the price of fuel ​has been hiked by around 5 rupees, as the Iran war has disrupted global oil supply, the report said.

State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547), together control more than 90% of the country's over 103,000 fuel stations.

They usually fix the rates of diesel and petrol in line with each other, and until recently, had not raised gasoline and diesel prices since April 2022.

As per the report, the Indian oil ministry has said that the government currently has no plans to provide financial support for refiners.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Asia

Infratil Cuts Stake in Contact Energy

Contact Energy (ASX:CEN, NZE:CEN) said the stake of Infratil (ASX:IFT) and Infratil Investments in the firm fell to 9.081% as of Monday from 14.081% previously, according to same-day filings with the Australian and New Zealand bourses.Infratil Investments signed a deal with Macquarie Securities (NZ), under which Infratil Investments appointed Macquarie Securities to underwrite, sell, and manage the disposal of 53.5 million ordinary shares in the firm held by Infratil Investments. The shares were allocated to investors at a sale price of NZ$9.25 per ordinary share.Infratil now holds 97.2 million shares of the firm.Contact Energy's shares rose nearly 1% in recent trading on Monday.

ASX:CENASX:IFTNZE:CEN
Asia

Update: Market Chatter: National Australia Bank Plans to Hire Over 1,000 Employees in India, Vietnam

(Updates with comments from National Australia Bank in the last two paragraphs.)National Australia Bank (ASX:NAB) intends to hire over 1,000 additional employees in India and Vietnam following a doubling of its headcount in both countries over the last three years, the Australian Financial Review reported Monday, citing an anonymous source inside the bank.The company has roughly 5,000 staff in India and around 2,000 in Vietnam, representing about 18% of its total workforce, according to the report.The reported overseas hiring plans come amid tensions over Australian banks reducing their domestic headcount."The notion that Australia lacks enough skilled workers, especially in technology and engineering, is laughable, given these are the exact types of jobs being targeted in sweeping job cuts happening across the finance sector as we speak," AFR cited Finance Sector Union national assistant secretary Nicole McPherson as saying.In a statement to, National Australia Bank said its overall workforce in Australia has increased over the last five years, while some of the growth in Asia is due to "insourcing capability that NAB had previously outsourced over a number of years.""Our workforce continues to evolve to ensure we can help customers more consistently at the times they need us, and to help us access great talent in key markets," the bank said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:NAB
Asia

Australian Clinical Labs Says Commonwealth Bank Stake Rises

Australian Clinical Labs (ASX:ACL) said the Commonwealth Bank of Australia's (ASX:CBA) voting power in the company rose to 8.31% from 7.29% as of May 22, according to a Monday Australian bourse filing.The bank now holds 15.6 million ordinary shares of the firm.

ASX:ACLASX:CBA