During a military parade, Iran showcased a new ballistic missile and an enhanced one-way attack drone, according to state media. The solid-fuel Jihad missile has a range of 1,000 km, while the upgraded Shahed-136B drone can travel over 4,000 km. Supreme Leader Ayatollah Ali Khamenei urged Islamic nations to sever ties with Israel.
India plans to expand its nuclear power capacity over the next two decades to meet energy security and climate goals. The country is building new reactors, including 700-MWe PHWRs and a 500-MWe PFBR. Private players are also being involved in developing small modular reactors and new nuclear technologies.
India's fuel consumption is rising while global demand weakens, affecting next year's crude purchase negotiations. The govt plans to pass benefits of a new oilfield law to winners of the ninth exploration licensing round. The volatile market may delay state-run companies from reducing consumer prices.
India and the US have agreed to boost sustainable aviation fuel, promote electrification of medium and heavy-duty vehicles, and use hydrogen in buses and tractors. The agreement was made during the Strategic Clean Energy Partnership dialogue, highlighting investments in clean energy markets and modernising power distribution for reliable energy access.
Reliance Industries and BP's joint venture has significantly increased its petrol and diesel sales in India this year, achieving a market share of 2.75% for petrol and 4.35% for diesel. Nayara also saw growth, while Shell experienced mixed results. Private players' market share in fuel retail has risen amid declining refining margins globally.
International oil prices remain volatile, causing uncertainty in petrol and diesel price reductions despite lower input costs. State-owned fuel retailers have not revised rates since late 2021, citing volatility. Petrol and diesel prices are currently frozen, with potential cuts before Maharashtra elections uncertain.
India, the world's third-largest energy consumer, is exploring biogas as a sustainable alternative to fossil fuels. Biogas can reduce energy costs, improve waste management, and lower greenhouse gas emissions. Government initiatives aim to boost biogas production, contributing to energy security and environmental sustainability.
Household consumption is expected to grow faster in the second quarter due to easing inflation and a revival of rural demand, according to the RBI bulletin. Retail inflation has slowed, boosting private consumption and investment activity. However, volatility in food prices remains a risk. The RBI projects real GDP growth at 7.2% for the current fiscal year.
Union Road Transport and Highways Minister Nitin Gadkari announced that Jammu and Kashmir holds 6% of the world's lithium stock, highlighting India's potential to produce lithium-ion batteries. He emphasised the future of electric vehicles and the need for alternate fuels like ethanol and hydrogen. Gadkari also discussed India's growing automobile industry and its significant export contributions.
Despite the shift towards cleaner energy, fossil fuels will still account for 40 to 60 per cent of global energy supply by 2050 due to slow EV adoption and challenges in scaling clean technologies. Renewables are expected to grow but require significant infrastructure investments.
Ather predicts that by 2031, electric two-wheelers will be 52% cheaper than petrol bikes even without subsidies, highlighting their long-term cost efficiency despite higher initial costs
Global crude oil prices recently slipped to below $70 per barrel, the lowest since December 2021
The proposed acquisition will enable the company to enter into the green and alternate fuels segment which is expected to witness strong and accelerated growth in the coming years, Lumax Auto said in a statement.
The company plans to onboard 20,000 fuel pump outlets and extend its app's language offerings.
India's retail inflation rose to 3.65% in August from a five-year low of 3.54%. Food inflation, making up half of the CPI basket, increased to 5.66%. Despite staying within RBI's tolerance range, it remains above the target of 4%. A weak rupee and monsoon risks may keep inflation pressures high.
Ministry of Road Transport & Highways Secretary Anurag Jain has advocated for the scrapping of pre-BS era vehicles, particularly commercial heavy vehicles, due to pollution and safety concerns. He highlighted that these older vehicles contribute significantly to pollution and have higher fuel and maintenance costs. The government is working on incentivizing vehicle scrapping.
Petrol Diesel Price Cut: Indians may see relief in petrol and diesel prices if global oil prices remain low. State-run fuel companies may consider reducing prices if the global crude rates stay lower for extended period, Oil Secretary Pankaj Jain said. India is also seeking increased output from OPEC+ and maximizing crude purchases from cost-effective suppliers like Russia.
Refining margins on fuels have dropped to unsustainably low levels, impacting domestic refiners, especially those without petrol pumps. Oil Secretary Pankaj Jain highlighted the issue, noting that weak fuel demand and higher refinery runs have hurt earnings. Lower crude prices may benefit some refiners but not all.
Nayara Energy, India's largest private fuel retailer, reported a 14.3% increase in fuel sales for Q2 2024 while exports declined due to rising local demand. The company sold most of its diesel and petrol domestically and expanded its retail network to underserved markets, contributing significantly to India's energy security.
‘The facility aims to enhance the availability and distribution of petroleum products such as petrol, diesel, and ATF in the region’
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Union Minister Road Transport and Highways Nitin Gadkari has said that the central government is not against the use of non-renewable fuels but its responsibility towards the people of the country and the environment inspires it to promote electric vehicles (EVs).
BMW plans to launch its first hydrogen-powered vehicle in 2028, using fuel cell technology developed with Toyota. The vehicle will be an existing model with a hydrogen fuel cell drive option. BMW expects the hydrogen charging infrastructure to be significantly developed by then to support its plans.
Research by Tax Justice Network has revealed that trillions of dollars in bank finance for fossil fuel companies are being channeled through opaque financial centers, including the Netherlands. The study examined $6.9 trillion in syndicated financing from 60 global banks between 2016 and 2023, highlighting a lack of transparency in funding energy companies.
Union minister K Rammohan Naidu announced efforts to make India a global aviation hub and start manufacturing aircraft. Speaking at the Asia Pacific Ministerial Conference on Civil Aviation, he highlighted infrastructure, integration, and innovation as key growth elements. The number of operational airports in India has grown significantly since 2014.
US Presidential Election 2024: Former US President Donald Trump has dismissed concerns about climate change, claiming that rising sea levels are not a pressing issue. He emphasized the threat of 'nuclear warming' instead. Trump's stance contrasts sharply with the current administration's climate policies and suggests a potential rollback of environmental regulations if he is re-elected.
Oil futures surged by a dollar on Monday as a potential hurricane approached the U.S. Gulf Coast, and markets rebounded from a selloff due to weak U.S. jobs data. West Texas Intermediate crude rose 1.48% to $68.67 a barrel, while Brent crude increased 1.39% to $72.05 a barrel.
The Indian government aims to have liquefied natural gas (LNG) power a third of the country's long-haul heavy-duty vehicle fleet within 5-7 years, with plans to use domestic gas for this initiative. The proposal includes stabilizing LNG prices by allocating 0.5 million metric standard cubic meters per day of domestic gas for the next three years, sufficient to support 50,000 trucks.
Union Transport Minister Nitin Gadkari highlighted the challenges of reducing India's crude oil imports by 25% at the BloombergNEF summit. He emphasised the potential for green fuel, particularly hydrogen, and aimed for India to become a leading manufacturer of lithium-ion batteries and green-fuel automobiles. Gadkari noted that India's low production costs would attract automobile companies and reduce import dependency.
The Sardar Sarovar Dam, a key player in Gujarat's water and energy management, alone generated over 800 MU of electricity, with a total of 891 MU coming from both the Sardar Sarovar River Bed Power House (RBPH) and Canal Head Power House (CHPH).