Nitin Gadkari announced that the Ministry of Road Transport and Highways has started hydrogen vehicle pilot projects. These projects include buses and trucks. The initiative is part of the National Green Hydrogen Mission. Testing will occur on ten routes across India. Major companies like TATA Motors and Reliance are involved. The government has allocated Rs 208 crore for this initiative.
The Congress party has criticized the government's decision to raise excise duty on petrol and diesel by ₹2 per litre. Rahul Gandhi and Mallikarjun Kharge accused the Modi government of exploiting citizens already burdened by inflation, despite a significant drop in international crude oil prices since 2014.
Karnataka's Deputy CM Shivakumar has advised BJP leaders to direct their 'Jan Akrosh Yatra' against the central BJP government, citing its role in petrol, diesel, and gas price hikes. This comes after the Karnataka BJP announced protests against state price increases and new taxes. BJP leader R Ashoka has accused CM Siddaramaiah of corruption and criticized rising liquor prices.
The government has increased excise duty on petrol and diesel by Rs 2 per litre to boost revenues despite falling global crude prices. This move aims to offset the financial impact of recent tax cuts and windfall tax reliefs. India's oil minister suggests potential future fuel price reductions if low crude prices persist.
The Union government has raised the excise duty on petrol and diesel by ₹2 per litre, effective April 8, 2025, to boost revenue. Congress President Mallikarjun Kharge criticized the move, citing declining crude oil prices. The Oil Ministry assured this hike won't impact consumers due to recent retail price cuts. Major oil marketing company shares fell following the announcement.
Chief Minister Siddaramaiah criticized the BJP's protest campaign, coinciding with a central excise duty hike on petrol and diesel. He accused Prime Minister Modi of exposing the BJP's hypocrisy and blamed the Union Government's economic policies for rising fuel prices. Siddaramaiah challenged BJP leaders to address the price hikes or face public anger, highlighting the impact on essential goods.
Delhi's upcoming EV Policy 2.0 proposes phasing out CNG autorickshaws, with no new registrations after August 15th. Existing CNG permits won't be renewed, replaced by e-auto permits. The policy targets fossil fuel vehicles used for waste management and city buses, mandating a complete electric transition by 2027.
Global crude oil prices continued their downward descent on Monday with Brent prices ruling at $63.23 per barrel in early afternoon (India time), a decline of over 3%
The special additional excise duty on petrol and diesel has been raised by ₹2 each to ₹13 and ₹10, respectively, to offset global price drops and help recover oil PSU losses, potentially yielding ₹32,000 crore annually
Dividends declared by operating CPSEs in FY 2023-24 stood at ₹1.23 lakh crore against ₹1.05 lakh crore in FY 2022-23, showing an increase of over 16%
Oil Minister Hardeep Singh Puri hinted at a potential reduction in petrol and diesel prices, contingent on global crude prices continuing to stay low. He mentioned that if crude prices remain subdued, consumers could reasonably expect a fuel price cut after a year-long hiatus.
Reliance BP Mobility CEO Harish Mehta stated that the government will continue intervening in domestic fuel pricing to protect consumers from international market fluctuations. While petrol was deregulated in 2010 and diesel in 2014, recent events have disrupted this alignment.
Petrol, diesel, jet fuel, and LPG sales in March 2024 grew at a slower pace compared to the full year, with petrol seeing a 5.3% rise and diesel at 0.9%. Full year growth for petrol was 7.3% and 2% for diesel. Jet fuel and LPG also showed moderated increases.
President Trump's administration is terminating grants for two clean energy projects and reviewing roughly 300 others, prioritizing fossil fuels over renewable energy. The Department of Energy states the awards do not align with the administration's objectives, impacting efforts to reduce greenhouse gas emissions and transition to cleaner energy sources.
Residents of Bengaluru face increased expenses as the new financial year begins, with prices rising for milk, waste management, metro fares, and bus tickets. The Congress-led state government and service providers cite rising operational costs. Milk prices rise by Rs 4 per litre, waste collection charges increase, and public transport fares see significant hikes, affecting daily commuters.
Automakers are urging the government to relax new CAFE III fuel efficiency norms, set to begin in April 2027, due to the low penetration of electric vehicles. They argue current standards are too stringent without significant EV adoption and seek calculations based on the MIDC cycle.
Iraq will continue supplying Lebanon with fuel for another six months, according to a statement from Iraqi Prime Minister Mohammed Shia al-Sudani. This deal, initially made in July 2021, aims to mitigate Lebanon's severe power shortage. Lebanon exchanges the heavy fuel oil received from Iraq for gas oil, which powers its underperforming power stations.
India is on track to lead the world in electric vehicle manufacturing by 2030. Union Minister Nitin Gadkari announced initiatives to boost alternative fuel vehicles. The Indian automobile industry has grown significantly. Falling lithium-ion battery costs and new innovations are driving demand. Infrastructure development, such as dedicated cycle tracks, will support this growth.
India has great potential to produce Sustainable Aviation Fuel (SAF) using available biomass waste and feedstocks like rice and wheat straws. Airbus is working with the Indian Institute of Petroleum to develop new SAF production methods. Policies and government support are vital for scaling production and making SAF more cost-competitive.
India is on track to achieve its 500 GW renewable energy target by 2030, with Rs 32 lakh crore investment commitments. Union Minister Pralhad Joshi highlighted the progress, including 223 GW of non-fossil-fuel capacity. Renewable energy project bids cover 169 GW, and the government is supporting offshore wind projects with viability gap funding.
In October-November period, when the unmet demand will likely be high, and in the high-demand months of March to June, almost all the available coal capacity will be despatched, leaving little margin to manage uncertainties, the report said.
India's WPI inflation is expected to drop to 2% in February 2025, down from 2.3% in January. The decline is driven by falling oil prices and a seasonal decrease in food prices, particularly vegetables. The fuel index is also expected to remain negative due to reduced oil demand.
An American Airlines Flight 4012 caught fire at Denver International Airport, triggering the evacuation of passengers. No injuries were reported, and emergency crews quickly extinguished the fire. Video footage showed passengers exiting the aircraft and standing on its wing as flames engulfed the plane. While the cause remains unclear, this incident raises further concerns about aviation safety.
Union Minister Ashwini Vaishnaw refuted allegations by Kerala Congress, clarifying that India's 45% power generation capacity from non-fossil fuels differs from the energy generated figure. This distinction arose after an accusation of inaccuracy regarding the energy mix. Vaishnaw emphasized the difference and showcased current statistics, aiming for clarity on India's renewable energy progress.
A US-linked tanker, Stena Immaculate, collided with the Solong container ship in the North Sea, causing fires and leaving one crew member missing. Authorities are investigating the matter while emergency teams work to contain potential oil spills. Experts warn of severe environmental risks if the jet fuel leak is not swiftly controlled.
India must increase its non-fossil fuel energy capacity to 600 GW by 2030 to meet rising electricity demand. Achieving this will prevent unmet demand and reduce reliance on coal. This pathway will also reduce costs, create jobs, and lower carbon emissions. The report highlights the need for renewable energy to meet India’s demand sustainably.
He has also served as the Managing Director & Country Head for Kearney India for five years
During the last ten years till ethanol supply year (ESY) 2023-24 (November-October), ethanol blending in petrol by PSU OMCs resulted in savings of more than ₹1.13 lakh crore of foreign exchange
)
Stock jumps 50% from January lows; Motilal Oswal maintains ‘Buy’ with Rs 260 target.
Nayara Energy announced a buyback offer for its minority shareholders to purchase over 2.59 crore shares at Rs 731 each, providing an exit opportunity for shareholders unable to trade since delisting in 2016. This follows frequent shareholder requests for liquidity.