Indian Oil Corporation ( IOC ) to raise petrol prices in India

Indian Oil Corporation, India's largest oil firm, may increase petrol prices all throughout the country. The exact increase that can happen is not known currently. Average per liter price is Rs: 65/- in India +- Rs:4/- according to the various cities. It is estimated that IOC makes a loss of about Rs:7/- per liter currently. Add tax to it and it makes about Rs:7.50/- loss considering the current price. If the prices are increased by anything more than Rs:5/- per liter than that is going to disturb the environment nationally. Prices are regulated by the government and common public in India blames the government for any fuel price rise without knowing that global prices are actually very high than what we get in India. The government and Indian oil companies always try to keep a balance but oil companies just cannot keep making losses, some or the other time the burden has to pass to the people who are actually using the vehicles.

IOC was losing Rs 297 crore per day on selling diesel, domestic LPG and kerosene at the government controlled rates. IOC is losing about Rs:18/- per litre on diesel, Rs 28/- per litre on kerosene and whooping Rs:315/- per LPG cylinder (14.2 kg domestic cylinder). The total debt of IOC was around Rs:53,000/- crore at the end of March, 2011 and is growing at the rate of Rs:5,000/- crore per month! This cannot continue forever! Price rise is the only solution.  Is there any else?

Mukesh Ambani becomes first non-American to come on board of Bank Of America

Mumbai(India): Mukesh Ambani, chairman of India' most valuable oil company Reliance Industries(RIL) and highly recognized businessman comes on the board of Bank of America - one of the oldest and largest financial institutions alive in US. Surprising it may sound, why an Oil company tycoon is been invited on board of one of the world's largest banking and financial institution, but that's the truth. Mukesh brings a lot on board. Mukesh Ambani is a multi-billionaire who is listed on Forbes billionaire list in top 10. Reliance Industries run the world's largest oil refinery at Jamnagar, Gujrat and has a total market capitalization of more than $70 billion! Reliance Industries has revenues more than $40 billion - more than what Facebook and Google have combined together (Google has about $24 billion and Facebook around $2 billion at the max.). Reliance Industries and various companies under the 'Reliance' belt Mukesh and his brother-cum-business rival Anil Ambani own have tremendous influence on various sectors of the Indian business market including oil, retail, electronics and telecommunication, finance and mutual fund industry etc. India is a thriving market and Mukesh Ambani understands India and Indian market at granular level, I'm sure Bank of America has some serious business plans in India.