Oil prices saw a minor decline in Asian trading after rising over 7% due to supply concerns linked to Middle East tensions and Libyan oil field closures. Brent crude and WTI futures both fell. The market had reacted to potential disruptions from Israel-Hezbollah clashes and Libya halting oil production amid political disputes.
Starting November 1, 2024, the Union government will lift the cap on sugar diversion for ethanol production, allowing the use of cane juice, syrup, and various molasses types. Additionally, distilleries can now purchase up to 2.3 million metric tons of rice from the Food Corporation of India for ethanol. This policy aims to boost renewable energy while maintaining stable sugar availability. The Department of Food and Public Distribution and the Ministry of Petroleum and Natural Gas will oversee the impact on sugar supplies.
Strong hybrid vehicle sales grew 62.5% in the June quarter, driven by the Uttar Pradesh govt's incentives. In contrast, electric vehicle sales have stalled due to range anxiety and costs. Manufacturers are now exploring alternative technologies, such as hybrids and flex-fuel, to bridge the gap. The Indian EV infra remains a work in progress.
The Petroleum and Natural Gas Regulatory Board (PNGRB) aims to declare major oil companies' jet fuel pipelines to key airports as common carriers. This move could allow private sector players to utilize these pipelines, potentially lowering transport costs and creating a more competitive jet fuel market.
Booming demand for AI-powered chips has increased the need for sophisticated and expensive wafer fabrication equipment that is essential for chip manufacturing, benefiting companies such as Applied Materials.
The paper by think-tank National Council of Applied Economic Research addresses the ongoing debate among policymakers over whether food prices should be stripped from inflation targeting. Economists argue that this approach is not feasible in a country like India, where food makes up nearly half of the consumer price index basket.
India purchased $2.8 billion worth of crude oil from Russia in July, making it the second-largest buyer after China. Russia became India's top oil supplier owing to discounted prices following the Ukraine invasion. These imports now constitute nearly 40% of India's total oil purchases, significantly shifting global trade patterns.
Hydrogen's promise as a clean fuel has led to plans for 1,600 plants globally. Yet, most lack firm buyers, with only 12% having secured agreements.
The government on Friday revised the windfall gains tax on petroleum products, reducing the levy on domestic crude oil to Rs 2,100 per tonne, down from the previous Rs 2,400 per tonne. However, the windfall gains tax on the export of petrol, diesel, and aviation turbine fuel (ATF) remains unchanged at NIL. These new rates will come into effect starting August 17, 2024.
Union Minister Hardeep Singh Puri announced a notable increase in India’s piped gas connections and LPG users over the past decade. The country’s refining capacity and natural gas pipeline network expanded significantly. India also successfully kept fuel prices stable between January 2022 and July 2024, despite global price surges.
Earlier this week, Mahindra announced the prices of the entry-level variants of the Mahindra Thar, starting at Rs. 12.99 lakh and Rs. 13.99 lakh (all prices, ex-showroom) for the petrol and diesel versions, respectively.
Oil prices saw a modest rise Thursday on optimism that potential U.S. interest rate cuts could stimulate economic activity and fuel demand. However, gains were limited by concerns over sluggish global demand. The increase followed a decline on Wednesday when U.S. crude inventories unexpectedly rose, and worries about a wider Middle East conflict eased.
The change will apply to the power generators that have signed a fuel supply agreement with an enabling clause. The fillip for the state-owned miner is that the move would boost supplies at a time when coal demand is showing signs of slackening, the company said.
On a monthly basis, demand fell by 1.7% in the world's third-biggest oil importer and consumer.
According to a report from the NITI Aayog back in 2022, when the discussion around the technology started gathering pace in the country, CCUS will be key in decarbonizing the industrial sector, which is hard to electrify and hard to abate. The concept has gathered momentum in the last two years because of its advantage in decarbonizing the power sector, given India's present reliance on coal for meeting over 70% of its electricity needs.
Union Road Transport Minister Nitin Gadkari declared that the government would allow a 35% blend of lignin with petroleum-based bitumen to lessen dependence on imports and reduce costs. The move is also intended to address air pollution from stubble burning. Bio-bitumen sourced from paddy straw has been successfully developed and patented. Numerous projects are underway to convert rice straw into different biofuels. These changes promise significant benefits for farmers and the environment, with trials to assess bio-bitumen's long-term performance in road construction currently being conducted.
New facility is being built in partnership with Splitwaters, a US-based provider of alkaline electrolyser and BOP equipment.
Toyota Kirloskar Motor (TKM) is committed to reducing its carbon footprint and fossil fuel use in India by adopting diverse technologies. Deputy MD Swapnesh Maru emphasized the need for a multi-pronged approach, including hybrids and blended fuels, due to India's energy challenges. TKM plans expansion with a new plant in Karnataka and aims to increase production capacity while exploring hydrogen as a future fuel.
Recently, Toyota has announced for setting up of a plant to produce flex cars in Aurangabad, Maharashtra, with an investment of Rs 20,000 crore. Gadkari says Tatas and Suzuki are also working on producing 100 per cent ethanol or flex engine cars. In the two-wheeler segment Bajaj, TVS and Hero are making flex-engine bikes and scooters.
Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter.
Rosatom's TVEL Fuel Company initiated nuclear fuel supply for Kudankulam NPP’s units 3 and 4. Utilizing advanced TVS-2M fuel, the VVER-1000 reactors in Tamil Nadu extend fuel cycles to 18 months, improving efficiency. Units 1 and 2, commissioned in 2013 and 2017, already benefit from these upgrades. Construction of additional units continues.
Oil prices held steady on Friday but remained on course for a fourth successive weekly decline as signs of weak growth in global fuel demand outweighed fears of supply disruption in the Middle East.
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Petrol and Diesel Prices July 20: The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
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The public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) change the prices daily in line with international benchmark prices and forex rates.
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.