Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
Oil set for weekly loss as markets worry about demand
Oil prices rose on concerns of high interest rates impacting fuel demand. Federal Reserve's interest rate policy, US crude oil inventories, and statements from Fed Chair Jerome Powell influenced market sentiment. Analysts anticipate market shifts as OPEC+ considers extending production cuts and reports emerge of oil overproduction by Russia.
What is 'Net Zero', anyway? A short history of a monumental concept
The G7 leaders recently committed to achieving net zero emissions by 2050, with the Albanese government in Australia introducing legislation to create a Net Zero Economy Authority to drive investment in clean energy. The concept of net zero, aiming to balance carbon emissions with carbon sinks, emerged from early climate negotiations in the 1990s. It gained traction in the late 2000s as a metric for assessing mitigation efforts and became a key goal of the 2015 Paris Agreement. However, challenges remain in ensuring fairness and equity between developed and developing nations, and in avoiding greenwashing by corporations.
India's use of crude tankers to export diesel slows in May
Indian refiners reduce diesel shipments to Europe in May due to rising inventories and weak price spreads. April saw high exports, mostly from Reliance Industries' Jamnagar refinery, using Aframax and Suezmax vessels. Cost factors and ample European supply prompt refiners to shift focus back to Asia, exacerbating regional supply glut.
Oil slips for third session on likely 'higher for longer' US rates
U.S. crude oil and gasoline inventories rose last week, while distillates fell, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
For fleet operators, revenue growth to double to 9-11% in FY25: Report
CRISIL Ratings predicts that road transport fleet operators' revenue growth will double to 9-11 per cent this fiscal, driven by better domestic demand and tepid exports. Operating margins are expected to improve 75-100 basis points due to better fleet utilization and steady fuel costs. Operators may moderate capital expenditure for fleet expansion, following strong additions in the past three fiscal years.
Oil flat as firming US gasoline demand offsets rate jitters
Oil market cautious ahead of OPEC+ meeting on June 1 to discuss extending 2.2M bpd output cuts. U.S. fuel demand and Fed's inflation concerns impact prices.
Believe it or not: Even in Saudi Arabia, renewable power is cheaper than fossil fuels
Saudi Arabia has signed deals to purchase electricity from two large-scale wind farms at record-low prices, cheaper than natural gas plants. The kingdom aims to shift rapidly to a larger share of renewables in the power grid, with the goal of generating half of its power from clean sources by 2030. The projects, developed by Japan's Marubeni Corp, benefit from state backing and favorable wind conditions in the country, making them more cost-effective than fossil fuel alternatives. The country's move towards renewable energy is part of Crown Prince Mohammed Bin Salman's efforts to diversify the economy away from oil dependence.
Auto component industry to double investment to $7 billion; Craftsman Automation could give 19% return
Auto component industry to double investment to $7 billion; Craftsman Automation could give 19% return. Premiumization trend drives shift to 'premium' vehicles. UV mix in PVs at 60% in FY24. 125cc+ segment in motorcycles at 52% in FY24. Social media influences rural trends. Finance accessibility boosts premiumization. India targets net zero emissions by 2070, promoting EVs and biofuels.
India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
India to get next-generation nuclear fuel, says Russian Nuclear Agency chief; calls nation a key partner
Atomic Energy Commission chairman Ajit Kumar Mohanty was hosted by the Russian Atomic Chief in Siberia's Tomsk region in Russia on Thursday. The Russian Atomic Chief showed Mohanty the fourth-generation site that will host the safest atomic reactor in history, RT-India reported.
Diesel, petrol export revenues dip 20% to $33 bn in 2023-24
India's exports of diesel and petrol fell by a fifth year-on-year to $33 billion in 2023-24 due to declining international prices. Diesel generated the largest share of export revenues for Indian refiners, accounting for $22 billion of the $48 billion earned by exports of refined fuels. The war in Ukraine and Western sanctions on Russia caused fuel prices to rise, boosting export earnings for Indian refiners.
Delhi man's viral video raises concerns over petrol pump fraud
Cases of fraud at petrol pumps, including tampering with machine settings, have sparked outrage online. A recent viral video shows a Delhi man alleging fraud at a petrol pump in Sadiq Nagar. The post, shared on X, has garnered over 550k views, leading to calls for government action. Commenters shared their own experiences and called for stricter regulations and audits in the fuel industry. Netizens expressed outrage and concern over the incidents, highlighting the need for increased scrutiny of petrol pump operations.
Buy Hindustan Petroleum Corporation, target price Rs 510: Anand Rathi
Hindustan Petroleum Corporation Ltd. key Products/Revenue Segments include Refinery, Rent and Other Operating Revenue for the year ending 31-Mar-2023.
Car sales & summer heat fuel petrol demand in April
Sales of petrol by state-run fuel retailers rose 12.3%, showed provisional data sourced from state-run companies. This is lower than the overall increase of 14% for the industry, indicating market share expansion for private players. Similarly, diesel sales by state-run companies fell 2.3% against an overall 1% rise for the industry in April. ATF and LPG sales by state-run companies expanded by 7% and 12%, respectively, in April.
Armed group attacks trucks on NH 37 in Manipur, one driver injured
Suspected attackers intercepted petrol and LPG tankers traveling along NH-37, in Manipur’s Tamenglong district. Sources said that around 10.30 am attack was launched causing substantial leakage of liquefied petroleum gas (LPG), petrol, and diesel onto the roadside drains. Tires were flattened.
"Petrol bomb attacks won't be repeated" assures Meghalaya CM Conrad
Meghalaya Chief Minister Conrad K Sangma has pledged to prevent further petrol bomb attacks in Shillong after a recent spate of incidents. The government is working to ensure such violence doesn't happen again, with police taking steps to make arrests based on evidence. Seven attacks have occurred in less than a month, sparking fears of escalating violence. The CM emphasized the government's commitment to arresting those involved and maintaining law and order. High-profile figures, including Major General (retd) Rajesh Kumar Jha and the Deputy Chief Minister, have been targeted in these attacks, highlighting the seriousness of the situation.