Petrol sales rose 10% and diesel 4.3% in July compared to the previous year as economic activity gained pace, according to oil ministry data. Jet fuel consumption expanded by 9%, while cooking gas sales increased by 11% in July.
Oil prices increased on Friday, yet were poised for a fourth consecutive weekly drop, driven by weaker global fuel demand as indicated by recent manufacturing data from the U.S., Europe, and Asia. Concerns about Chinese demand and potential supply disruptions in the Middle East further influenced the market outlook.
India's diesel and jet fuel exports to Singapore and Australia hit their highest levels in 2-1/2 years in July, fueled by waning European demand and cheaper shipping costs. Industry sources indicate that Australia's increased imports were also due to planned refinery maintenance and new government mandates for refined product stockpiles.
The initial phase, with a capacity of 1 million tonne per annum, is slated for commissioning by December 2026, they say
The memorandum of understanding includes exploring construction and deployment of green ammonia-fuelled vessels owned either by COSCO or jointly owned by both companies.
Electric vehicles often have higher initial costs and may depreciate faster, but lower maintenance and fuel savings can balance this.
UBS has increased price targets for BPCL, HPCL, and IOC, forecasting a 16-18% upside. The firm upgraded IOC and HPCL to 'buy' while keeping BPCL at 'buy.' UBS anticipates crude price moderation, boosting integrated margins for Indian state-owned oil marketing companies without any retail fuel price cuts if crude stays above $80 per barrel.
India's refining capacity is set to grow by about 20% to 309.5 million metric tons by 2028 to address increasing fuel demand, said the junior petroleum minister. The existing capacity is around 5.14 million bpd. Strategic petroleum reserves would cover 9.5 days of crude oil needs, and new storage facilities have been approved in Odisha and Karnataka.
The government stated that ethanol blending with diesel is experimental and there are no plans to mandate it due to issues like deposit formation in fuel tanks. Minister Hardeep Singh Puri emphasized the need for further testing and safety considerations. Ethanol blending with petrol, however, has reached 15%, targeting 20%.
Airport charges have also started to climb upwards, and the airline is monitoring it as well as having discussions with airport partners. Further, maintenance works are going through a bit of an inflationary cycle, he said during an analyst's call.
The government is developing a long-term energy transition strategy to maintain growth, collaborating with the Asian Development Bank and NITI Aayog. Ajay Seth highlighted the need for a unique strategy for India's lower per capita income compared to advanced economies. Infrastructure funding and carbon pricing affordability are also being examined.
MRPL plans to sell 240,000 metric tons of jet fuel in term supplies from September to February. Interested buyers must submit proposals by July 31 to offload cargo between the 1st-28th of each month. This exploratory move, not an official sale tender, offers limited buyer obligations. MRPL has not offered term cargoes in the past two years.
The Power Ministry has announced a plan requiring a Rs 6.67 lakh crore investment to reach the estimated electricity demand by 2031-32. The Central Electricity Authority determined that the country needs a coal & lignite installed capacity of 283 GW. The country currently produces 217.5 GW. The Government of India aims to add at least 80 GW of coal-based capacity by 2031-32, alongside a push for non-fossil fuel-based electricity generation to reach a target of 50 per cent by 2030. Currently the figure stands at 45.5 per cent.
Asked about India's response on temple vandalization in Edmonton, Jaiswal stated, "We have strongly taken up the matter with Canadian authorities, both here in Delhi and in Ottawa. We condemn the vandalization. We expect the local authorities to take swift and strong action against those responsible."
The two record-breaking highs in global surface air temperatures in a single week underscored the continuous increase brought on by climate change. Both natural and human factors are contributing to the warming trend, which is causing extreme heatwaves and the health hazards they bring.
Bharti Airtel’s Africa business reported a $31 million net profit in the first fiscal quarter, reversing a $151 million net loss year-on-year, aided by reduced net finance costs and mobile money growth.
Finance Minister Nirmala Sitharaman cancelled a Rs 30,000 crore equity infusion for Indian Oil, Bharat Petroleum, and Hindustan Petroleum due to record FY24 profits. Interim support was Rs 15,000 crore. Prices remained low April-September 2022, with provided LPG subsidies and resisted daily revisions. ONGC, GAIL aim for net-zero emissions. FY23 losses were driven by the oil crisis.
U.S. crude inventories fell for four weeks ending July 19, pushing Brent to $81.47 and WTI to $77.38. API confirmed declines; official data pending. Prices previously hit a six-week low due to Israel-Hamas ceasefire talks. Economic concerns in China also persist, marking the first four-week crude decrease since September 2023.
TCS partnered with Rolls-Royce to research hydrogen fuel systems for sustainable aviation, focusing on fuel combustion, delivery, and integration challenges. This is to address the aviation industry's goal of net zero carbon emissions by 2050. The collaboration leverages TCS's engineering expertise to support Rolls-Royce in achieving its technology ambitions for a greener future,. The partnership builds on their longstanding relationship and shared commitment to driving sustainable transformation across industries.
A total of 300 passengers have been placed on the no-fly list in the last five years, including 51 people this year till July 1, according to data provided by Minister of State for Civil Aviation Murlidhar Mohol to the Rajya Sabha. In 2023, as many as 110 passengers were placed on the no-fly list while the count stood at 63 and 66 in 2022 and 2021, respectively.
Bharat Petroleum Corp, India's third-largest refiner, anticipates Middle Eastern crude producers to reduce official selling prices due to declining fuel margins. Global refiners face lower profitability with decreased fuel cracks. BPCL's net profit for the quarter ending June 30 dropped 71% year-on-year. The company processes 700,000 barrels per day and sells 52.5 million metric tons of refined fuel annually.
Climate change, fueled by fossil fuel consumption, results in extreme weather, property damage, inequality, and migration, costing billions worldwide. Renewable energies like solar, wind, and green hydrogen offer solutions. Effective policy changes and immediate actions are required to combat these issues, despite the implementation challenges and necessary humanitarian responses.
Recent hike in petrol prices by Pakistani government adds to inflation woes. Prices now at Rs 275.60/liter for petrol and Rs 283.63/liter for diesel. Inflation has quickened in Pakistan, impacted by higher energy costs.
Protonas, specializing in low-cost PEM hydrogen fuel cells, received funding from Transition VC. The funds will be used to set up manufacturing facilities in Chennai and develop prototypes.
Jaipur Airport has a Rs 6,000 crore investment plan for various development projects by 2027, focusing on passenger amenities and efficiency. Initiatives like DigiYatra, passenger Wi-Fi, and IoT-based projects aim to enhance the passenger experience. Sustainable growth is also a priority, with a shift towards more electric vehicles at the airport.
Several shipping companies, such as Maersk Tankers, Mitsui OSK Lines, Trafigura, and Gunvor Group, are investing in ammonia tankers for 2027.
IndianOil, India's leading oil firm, commenced the production of high-octane fuel for racing cars and dispatched its first batch. The Paradip refinery in Odisha is now producing STORM-X, a specialized petrol designed for motorsport.
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The charges for petrol, CNG or LPG (including bio fuel) two and three wheelers has been increased from Rs 60 to Rs 80 and for four wheelers from Rs 80 to Rs 110, he said in a statement.
Oil Minister Hardeep Puri defended India's control over pump prices, prioritizing affordable fuel for consumers over free market principles. Speaking at an energy conference, Puri highlighted the government's commitment to ensuring availability and affordability rather than adhering strictly to global market doctrines. He expressed concerns about India's heavy reliance on imported crude and emphasized the role of the exploration and production sector in achieving energy self-sufficiency and economic growth. Puri also announced the formation of a committee to address industry issues collaboratively.
California officials announced that the world's first hydrogen-powered commercial passenger ferry, the MV Sea Change, will begin operations on San Francisco Bay on July 19. The 70-foot catamaran will transport up to 75 passengers as part of a pilot program designed to phase out diesel-powered vessels and reduce carbon emissions. The service will run for free for six months.