Exciting developments in the oil market as prices hold steady near recent highs, driven by robust demand projections and the possibility of U.S. interest rate cuts. The looming threat of Hurricane Beryl and reduced crude imports into Asia, especially China, add further intrigue to the market landscape.
Fuel sales data from April to June indicates a growth in petrol and diesel consumption, with petrol sales rising by 4.2% and diesel sales by 0.7% year-on-year. The aviation turbine fuel (ATF) and liquefied petroleum gas (LPG) sales also saw increases, reflecting a positive trend in the national oil product demand.
Jet fuel prices saw a 1.2% hike on Monday, with Aviation Turbine Fuel (ATF) rising to Rs 96,148.38 per kl in Delhi, following a previous 6.5% reduction on June 1. In Mumbai, ATF reached Rs 89,908.30 per kl. Meanwhile, commercial LPG prices for hotels and restaurants were cut by Rs 30 per 19-kg cylinder to Rs 1,646.
Consumption of diesel and petrol falls 5%, respectively on a monthly basis
India's climate change strategy includes the EV30@30 initiative, aiming for 30% of new vehicle sales to be electric by 2030. This transition enhances air quality, reduces oil dependence, and fosters economic growth. While challenges like limited commercial EV options and charging infrastructure persist, government incentives and rising private investments are accelerating EV adoption.
The PNGRB's proposal targets the problem of surplus capacity, which has been a significant concern for India's LNG import terminals for several years
The annual growth rate of India's coal imports declined to 2.49% in the past decade, down from 21.48% in the previous decade, reflecting progress towards energy self-reliance. The share of imported coal also decreased, with a compound annual growth rate of -2.29%. India aims to optimize its indigenous coal resources and leverage technology.
An analysis by Climate Central revealed that nearly five billion people globally, including 619 million in India, faced extreme heat due to climate change over nine days in June. The report highlighted impacts in several countries, with experts warning that carbon pollution must be reduced to prevent future heat-related disasters.
Maharashtra's Deputy Chief Minister Ajit Pawar announced tax reductions on petrol and diesel in Mumbai, lowering diesel prices by 2 rupees per litre and petrol by 65 paise per litre. The state budget also includes provisions such as free gas cylinders under the CM Anna Chhatra Yojana, bonuses for cotton and soybean farmers, and increased compensation for deaths caused by animal attacks to Rs 25 lakhs
The Congress government in Karnataka has been accused of playing politics with the chief minister and deputy CM posts, leading to fuel and milk price hikes and scams in government departments. Opposition leader R Ashoka has called for the CM to resign, accusing him of "eating 80% of the funds." The scam broke out after a KMVSTDC officer committed suicide over alleged corruption.
Karnataka Chief Minister Siddaramaiah on Wednesday defended the Rs two hike in 'Nandini' milk prices, which now come with an additional 50 ml of milk in half-litre and one-litre packets. This adjustment has been made to support farmers in light of increased milk procurement. He emphasized that milk prices have not actually been raised.
North Korea announced it successfully tested a multiwarhead missile, aiming to enhance its capability to overwhelm U.S. missile defenses. The launch tested separation and guidance control of individual warheads, which were accurately directed to targets and verified by radar. This test, North Korea's first known attempt at developing a multiwarhead missile, was seen as a significant step in Kim Jong Un's weapons modernization program. While South Korea initially assessed the launch as a failed hypersonic missile test, analysts suggest it was a preliminary evaluation of key MIRV subsystems. This development intensifies regional security concerns.
North Korea announced a successful test of a multiwarhead missile aimed at enhancing its capability to overcome US and South Korean defenses. However, South Korea disputed this claim, asserting the missile launch had actually failed. North Korea's state media reported the test involved separating and guiding warheads accurately, showcasing progress in its missile development despite technical challenges. Analysts anticipate further tests to refine this technology, which includes decoys to evade missile defenses. The test coincides with heightened regional tensions, including North Korea's objections to US military presence and provocative actions toward South Korea.
Thyssenkrupp Industries India, whose majority shares were recently sold by its German parent company, is set to enter the sustainable aviation fuel (SAF) sector as part of its new business strategy under Indian ownership. Vivek Bhatia, the managing director, informed ET that the capital goods company is currently in the process of finalizing partnerships for its SAF initiative. SAF is an eco-friendly aviation fuel derived from non-petroleum sources, such as forestry and agricultural waste, used cooking oil, carbon captured from the atmosphere, and green hydrogen.
Lufthansa has introduced an environmental charge on fares, aligning with EU regulations to reduce emissions. Surcharge of up to 72 euros to be applied on flights, offsetting costs of sustainable aviation fuel.
"I think the CBAM, to the extent that it does result in significant revenue from tariffs, should recycle some of those funds in lump sum forms to help countries clean up their production processes and adapt to climate change," says Cameron Hepburn, Battcock Professor of Environmental Economics at the Smith School of Enterprise and the Environment, Oxford University.
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
The prices of other KMF products such as curd and milk-related items will remain unchanged, said Federation chairman Bhima Naik. Chalking the hike up to the growing cost of milk storage, he said, “As it is the current harvest season, the storage of milk in all district milk unions is increasing every day and the current storage is close to one crore litres.” The price, he added, was still less, compared to the neighbouring states.
In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
The government lent a helping hand by cutting several fuel prices but many of the fuels like petrol, diesel and LPG are not commonly used in rural areas, like they are in urban centres, leading to rural inflation being much higher than urban, it said.
KMF says this was not an increase in price of milk, but a revision of price and quantity with each sachets carrying an additional 50 ml for the enhancements in price
SUNRISE, Fla. (AP) — Aleksander Barkov put his hands at either end of the Stanley Cup and began skating away to start the celebration that the Florida Panthers have wanted forever.
Groww clarified in response to a user complaint that the app took the money but never actually invested it in the mutual fund. Groww said the money was never debited from the customer's account.
Discounts on the Fronx and XL6 have also increased for a limited period.
Highlights in pictures of the Euro 2024 Switzerland vs Germany Group A match from the Frankfurt Arena Stadium.
Climate change is driving dangerous heat waves across the Northern Hemisphere, with global emissions continuing to rise since 1995.
Hawaii settles with 13 young plaintiffs in Navahine v. Hawaii Department of Transportation lawsuit to decarbonize transportation by 2045, approved by Judge Tonaki.
A team of five strongmen built a bogus toll plaza on private land in Gujarat’s Morbi district barely 600 meters from the National Highways Authority of India’s (NHAI) official toll plaza.
BPCL has teamed up with Bounce Infinity, an Indian electric scooter manufacturer, to accelerate EV adoption in India by launching "eDrive stores" at BPCL retail outlets. These stores aim to make electric two-wheelers more accessible nationwide. Pardeep Goyal, BPCL's Business Head of Retail, highlighted the initiative's role in supporting sustainability goals and transforming fuel stations into versatile energy hubs.