Oil prices fell further due to a significant increase in U.S. fuel inventories, with Brent crude and West Texas Intermediate both dropping by 0.4%. Despite the drop, concerns over tighter supplies from OPEC and Russia limited further declines. Market dynamics are influenced by winter demand and potential changes in U.S. policies with the new administration.
Founded in 2019, AtoB sees major opportunity in modernising payments for the $1 trillion commercial fuel and transportation industry, particularly trucking. It partners not only truckers and small businesses but major banks as well as oil and gas companies, building a digital infrastructure to bring them together, cofounder and CEO Vignan Velivela said.
The rise in import duties, which comes on top of a separate policy last October to reduce tax rebates on fuel oil shipments, will further crimp margins for China's refining sector that has been reeling from lacklustre margins since last year.
Airbus SE delivered 766 aircraft in 2024, just below its 770 target. The A321neo model constituted 60% of these deliveries. Airbus also secured 826 net orders, bringing its backlog to 8,658 planes. The company considers 2024 a good year despite a challenging environment, according to Christian Scherer, the CEO of Airbus's commercial aircraft unit.
Railway Minister Ashwini Vaishnaw revealed that Indian Railways has created the world's most powerful hydrogen fuel-run train engine, with 1,200 horsepower. The first trial is set to occur soon in Haryana. This technology could also be used in trucks and tugboats. Vaishnaw discussed transforming Odisha into an IT hub in the next two to three years.
Oil prices rose on Friday, driven by cold weather in Europe and the U.S., and economic stimulus from China. Brent crude futures reached $76.51 per barrel, and West Texas Intermediate hit $73.96. The gains were supported by increased demand for heating oil, a drop in U.S. crude stockpiles, and a fall in the U.S. oil rig count.
As Donald Trump prepares to reverse Joe Biden's climate initiatives, a historical parallel emerges with Ronald Reagan's undoing of Jimmy Carter's environmental policies. Despite setbacks, Carter's advances in clean energy and the EPA have lasting impacts, underlining their importance in the ongoing transition to renewable power and environmental preservation.
Oil prices continue to rise, reaching their highest levels in over two months due to anticipated government policies aimed at reviving economic growth worldwide. Lower interest rates and China’s proactive measures are expected to stimulate fuel demand. Additionally, a potential cold snap in the U.S. and Europe may increase diesel demand.
US President Joe Biden has banned offshore drilling across the entire Atlantic and Pacific coasts, as well as parts of the Gulf of Mexico and Bering Sea. This action, aimed at protecting over 625 million acres of waters, is part of efforts to transition to a clean energy economy and address the climate crisis.
Under a 30-year concession agreement, IOC will operate fuel stations at three key locations within the airport: near the main western access road for passengers, at the airside for airport operations, and close to the eastern cargo precinct, as reported by ET earlier.
Recent reports have revealed that US President Joe Biden have permanently banned a latest offshore oil and gas drilling at the US coastal waters by using a 72 year old law which eventually includes the entire East Coast. Speculations are on the rise that this certain move by Joe Biden has come as a blow for US President-elect Donald Trump before he is all set to take the office again.
Prices of home-cooked meals rose in December due to dearer tomato and potato prices. The average cost of preparing a vegetarian thali increased by 6 percent compared to last year. The cost of a non-vegetarian thali rose by 12 percent. Tomato and potato prices surged, while broiler costs also contributed to the increase.
India Ratings and Research (Ind-Ra) expects GRMs to remain subdued during FY26, similar to H1 FY25, on account of slowing global consumer and industrial demand, particularly in China
India’s refined petroleum product exports increased by 20 per cent year-on-year in October 2024, says Xavier Tang, Market Analyst at Vortexa
Nayara Energy plans to add 400 petrol pumps this year, expanding its network of 6,500+ outlets across India. The firm aims to grow its retail presence in states like Gujarat, Maharashtra, Tamil Nadu, and Rajasthan, and invites new dealership applications to boost local entrepreneurship.
Oil prices reached their highest levels since October as colder weather in the Northern Hemisphere and Beijing's economic stimulus measures boosted global fuel demand. Brent crude futures rose to $76.66 per barrel, while U.S. West Texas Intermediate crude reached $74.18 per barrel.
The scheme also allows a consumer who did not previously own a truck to get a scrapping certificate from someone else to avail the incentives while buying. The incentive amount for e-trucks is likely to be announced later this month. Girish Wagh, executive director, Tata Motors, said initiatives like the PM E-Drive provide the much-needed push for EV adoption in the M&HCV segment by "fostering industry confidence and accelerating investments in cleaner technologies."
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India's petrol and diesel consumption soared in December 2024 as holiday travel boosted demand, reversing the fall witnessed in previous months, preliminary data of state-owned fuel retailers showed on Wednesday.
Jet fuel prices were reduced by 1.5 percent and commercial LPG prices by Rs 14.5 per 19-kg cylinder in January. Cooking gas prices for households remain unchanged. The last price cut for petrol and diesel was in mid-March. Prices of ATF and LPG may vary by state. Oil corporations revise fuel prices on the first of each month.
Industry bodies have urged the Finance Minister to consider reducing personal income tax rates, lowering excise duty on fuel, and implementing measures to boost employment-intensive sectors in the upcoming budget. Concerns about Chinese product dumping, food security, and inflation due to climate change were also highlighted.
Refex Renewables & Infrastructure on Monday said its arm Refex Sustainability Solutions Ltd (RSSL) has completed acquisition of 51 per cent stake in Vyzag Bio-Energy Fuel.
India's petrol and diesel consumption increased in December 2024 due to holiday travel. Petrol sales rose 9.8 per cent and diesel demand was up 4.9 per cent from the previous year. Fuel demand also increased due to agriculture activities. This rise continues the trend of growth seen in November 2024 despite the tepid monsoon months.
India's greenhouse gas emissions dropped by 7.93% in 2020 compared to 2019, and the emission intensity of its GDP declined by 36% between 2005 and 2020. India aims to further reduce GDP emission intensity by 45% by 2030 and achieve 50% electric power from non-fossil fuels.
Oil prices increased due to China's expanded manufacturing activity in December. Brent crude futures increased to $74.46 a barrel and U.S. West Texas Intermediate crude to $71.48 a barrel. Brent declined 3.2%, and WTI was down 0.6% for the year. Declining U.S. crude stockpiles provided short-term support.
Indian Oil Corporation (IOCL) will provide fuel services at Noida International Airport (NIA) in Jewar, Uttar Pradesh, under a 30-year concession agreement. IOCL will operate three fuel stations at different strategic locations within the airport, ensuring seamless and efficient fueling services as the airport prepares for its inauguration early next fiscal.
The Confederation of Indian Industry (CII) recommends personal income tax cuts and excise duty reduction on fuel to enhance disposable incomes and stimulate spending. They also propose increasing daily wages under MGNREGA and payouts under PM-Kisan. Engineering Exports Promotion Council (EEPC) suggests a faceless GST audit system to aid MSMEs in reducing compliance costs and focusing on growth.
India is investigating allegations of dumping LNG fuel tanks from China after a domestic company complained. The investigation could lead to anti-dumping duties if it finds that cheap imports are hurting local manufacturers. These tanks are important for large vehicles and the case is being examined by the Directorate General of Trade Remedies.
Union Budget: CII recommends lowering excise duty on fuel to boost consumption, reduce inflation, and increase disposable income in its pre-budget suggestions for 2025-26. The proposal includes reducing marginal tax rates for incomes up to Rs 20 lakh and increasing benefits under key government schemes to enhance rural recovery.
Climate change led to an average of 41 more days of extreme heat in 2024, making it the warmest year on record. The year witnessed 219 extreme weather events, 3,700 deaths, and millions displaced. To avoid further devastation, transitioning away from fossil fuels is crucial, as current policies may increase global warming to 3 degrees Celsius by 2100.
The Black Sea oil spill has become a major environmental disaster, forcing Russia to declare a federal emergency.