Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
Byju’s lenders petition to put subsidiaries in bankruptcy in the US
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
Oil slips for sixth consecutive day on big builds in US oil, fuel stocks
Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.
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Moving to clean energy could also bring savings of up to $4.6 trillion each year, according to new research from Colorado-based think tank RMI.
Planet overheating, ban fossil fuel ads: UN chief
UN Secretary-General Antonio Guterres stated humans are as destructive as the meteor that caused the dinosaur extinction, urging a ban on oil, gas, and coal advertising. His comments coincided with scientists reporting the last 12 months as the hottest on record. The global average temperature is 1.63°C above pre-industrial levels. Despite the agreement to phase out fossil fuels at COP28, emissions remain high. Guterres called for taxing fossil fuel profits and reallocating funds to combat climate change, as critical climate talks continue in Bonn ahead of the COP29 summit in November.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Oil falls more than $1 on worries of supply rising later in 2024
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
Oil dives 3%, OPEC+ decision fails to allay demand worries
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
NHAI's revised toll rates come to effect across highways
NHAI has hiked toll charges by 5% on national highways. The revised user fee has been implemented from Monday, affecting motorists across the country.
Adani Power arm amalgamates Stratatech Mineral Resources
Adani Power Ltd's arm Mahan Energen Ltd approved merging Stratatech Mineral Resources with Dhirauli Coal Mine to enhance fuel security, subject to shareholder and regulatory approvals, with a peak-rated capacity of 6.5 million tonnes per annum. The merger involves a wholly-owned subsidiary engaged in mining, power generation, and allied activities.
Government likely to cut petrol, diesel prices ahead of LS polls
The government is likely reduce the petrol and diesel prices ahead of the Lok Sabha polls as crude oil prices have also come down in the international market which will enable the oil marketing companies to bear the burden.
Tata Motors developing new petrol engine to power premium SUV range
The updated versions of both Harrier and Safari have received top safety ratings from the vehicle safety group Global NCAP.
Exclusive: PM to announce massive cuts in petrol, diesel prices before year-end
According to sources, the Petroleum Ministry has prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval that could come on Thursday.
Outlets retailing E20 fuel will cover entire country by 2025: Petroleum Minister
India's GDP growth came in at 7.7 per cent in the first six months of the current fiscal year, said Puri, who also serves as the Minister of Housing & Urban Affairs.
Pakistan cuts petrol and diesel prices
The price of petrol would drop by 40 Pakistani rupees ($0.144) to 283.38 rupees a litre effective October 16.
After slashing LPG cylinder prices, is government mulling the same for petrol and diesel?
Oil marketing companies have been performing well for the last two quarters, reporting profits in their petrol and diesel segments. Zee Business sources told that OMCs want to pass that profit on to customers.
Ethanol maker BCL Industries to increase distillery capacity to 850 KLPD to meet increasing demand
The development assumes significance as it comes in the backdrop of the government's recent decision to hike the ethanol price twice to keep up with the momentum of meeting the 12 per cent blending target of ethanol with petrol for the 2022-23 ethanol supply year, ending November.