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India's petrol and diesel consumption soared in November as the festive season reversed a fall in demand witnessed in previous months, preliminary data of state-owned firms showed on Friday.
Diesel sales grew 8.4% year-on-year in November, ending a period of stagnation this fiscal. Petrol sales rose 9.2%, jet fuel increased by 7.7%, and LPG saw a 7.3% growth. The rise in diesel sales was supported by the sowing season, elections, and new vehicle sales.
Minister Nitin Gadkari emphasizes the importance of switching to biofuels and electric vehicles for sustainable development. India's transport sector heavily contributes to air pollution, and significant fossil fuels are imported annually. Initiatives like bio-CNG projects and municipal waste-to-bio-CNG projects are promoting a green economy, creating jobs, boosting exports, and making India self-reliant.
October imports had fallen to 4.34 Mb/d, the lowest in over a year.
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The Finance Ministry would review the efficacy of windfall tax on the export of petrol, diesel and Aviation Turbine Fuel (ATF) as global crude oil prices have stabilised, sources said. Phenomenal profits made by some oil refiners on exporting fuel at the expense of domestic supplies had prompted the government to introduce an export tax on petrol, diesel and ATF in July 2022.
Climate summits have failed to achieve emission cuts. A new approach focusing on green energy R&D can provide a better solution. Trump's election may lead to a shift away from costly policies. The global transition to green energy is not keeping pace. Investment in green innovation is necessary to make renewable energy affordable and drive global economic growth.
Bolivia Fuel Crisis: Bolivia struggles with fuel scarcity. Long lines at gas stations are common. The country's foreign currency reserves have dropped. Food prices are rising. Citizens protest against President Arce. The economic crisis impacts daily life. Farmers face difficulties. The government promises solutions. Public anger grows ahead of the 2025 election.
Delhi's transport department is tackling traffic and pollution with a four-pronged strategy. This includes congestion pricing during peak hours at city entry points, creating vehicle-restricted zones, transitioning municipal vehicles to electric power, and enforcing BS6 or electric truck standards. Revenue from congestion charges will fund public transport and infrastructure improvements.
A new study reveals that up to 60% of India's PM2.5 pollution originates from residential, power generation, and industrial emissions, with 80% attributed to fossil fuels. The study proposes dividing India into 15 airsheds for targeted interventions, highlighting the Indo-Gangetic Plains and the plateau region as critical areas demanding coordinated air quality management.
Rich nations struggle to offer compelling alternatives, highlighting the need for a substantial global investment in clean energy for developing countries.
President-elect Trump proposed tariffs on Canada, Mexico, and China, impacting oil, gas, agriculture, and manufacturing. The U.S. significantly relies on these countries for energy and agricultural imports, potentially increasing fuel and food costs. Key imports include Canadian oil and gas, Mexican produce, and potash.
Oil prices held steady following a ceasefire agreement between Israel and Hezbollah. OPEC+ considered delaying planned oil output increases. US crude stocks declined, while fuel inventories rose. A potential 25% tariff on Mexican and Canadian imports, including crude oil, was announced by then US President-elect Donald Trump. These factors influenced market dynamics.
Amara Raja Infra completed India's first green hydrogen fuelling station in Leh, built for NTPC Ltd. The station, inaugurated on Sunday, produces 80kg of green hydrogen daily and will power five hydrogen fuel cell buses, promoting emission-free transport in the challenging high-altitude terrain. This project marks a significant step in India's National Hydrogen Energy Mission.
Experts warn of a challenging winter ahead, particularly if temperatures plummet. The situation has raised concerns about energy rationing and economic stability.
Amara Raja Infra completed India's first green hydrogen fuelling station in Leh, Ladakh, for NTPC Ltd. The station, inaugurated on Saturday, produces 80kg of green hydrogen daily and will power five hydrogen fuel cell buses, promoting emission-free transport in the challenging high-altitude terrain. This project marks a significant step in India's National Hydrogen Energy Mission.
The COP29 climate summit concluded with a new climate finance target of at least $300 billion by 2035 to aid developing nations in transitioning from fossil fuels. The agreement, reached after intense negotiations, will see contributions from various sources, including multilateral development banks.
Fossil fuel exports have been a hot topic at the United Nations climate conference in Baku this year, with activists and delegates from some climate-vulnerable countries arguing nations should be held accountable for the pollution they send overseas - often to poor developing nations - in the form of oil, gas and coal.
Diesel makes up about 4 out of every 10 barrels of oil used in India, with softness occurring amid weak buying signals from China and Europe
Tripura government will start rationing petrol from November 10. The decision comes after a railway track derailment disrupted fuel supply to the state. Two-wheeler owners will get petrol worth Rs 200 per day. Three-wheelers will get Rs 400 worth of petrol. Four-wheeler owners will have access to Rs 1000 worth of petrol daily.
Moody's Ratings predicts that India and other Asian nations could benefit from US-China tensions and investment shifts under a potential Donald Trump presidency. Trump's protectionist trade policies, particularly towards China, are expected to redirect trade and investment flows, potentially benefiting India and ASEAN countries. However, these policies could also disrupt global supply chains and hinder global growth.
Russian fuel oil and vacuum gasoil (VGO) exports dipped 3% in October, with India and Saudi Arabia emerging as top recipients. While Saudi imports dipped, India's intake surged as it sought cheaper alternatives to Urals crude. China, another major importer, saw a decline amidst potential tax reforms impacting fuel oil demand.
Vineet Mittal, Founder and Chairman of Avaada Group, projects that India will achieve a complete solar equipment manufacturing ecosystem within the next four to five years. This ambitious goal aims to reduce reliance on imports and establish India as a renewable energy leader.
Diesel and petrol consumption rise during the month
New credit card rules: ICICI Bank informed its credit card users via SMS regarding the updates. Here’s a summary of what changes are being implemented for ICICI Bank credit card customers, based on an SMS that was sent by the bank.
New credit card rules: ICICI Bank informed its credit card users via SMS regarding the updates. Here’s a summary of what changes are being implemented for ICICI Bank credit card customers, based on an SMS that was sent by the bank.
India has significantly cut its oil and gas subsidies by 85 per cent from 2013 to 2023. This was achieved using policy reforms including phasing out petrol and diesel subsidies and increasing taxes. The extra tax revenue from these increases funded renewable energy projects, electric vehicles, and LPG usage among the rural poor, reshaping India's energy landscape.
India has significantly cut its oil and gas subsidies by 85 per cent from 2013 to 2023. This was achieved using policy reforms including phasing out petrol and diesel subsidies and increasing taxes. The extra tax revenue from these increases funded renewable energy projects, electric vehicles, and LPG usage among the rural poor, reshaping India's energy landscape.
Jet fuel (ATF) prices have been increased by 3.3% to Rs 90,538.72 per kilolitre in the national capital, following previous reductions. The price of commercial LPG was hiked by Rs 62 to Rs 1,802 per 19-kg cylinder. Prices for petrol and diesel remain unchanged since mid-March.
Jet fuel (ATF) prices have been increased by 3.3% to Rs 90,538.72 per kilolitre in the national capital, following previous reductions. The price of commercial LPG was hiked by Rs 62 to Rs 1,802 per 19-kg cylinder. Prices for petrol and diesel remain unchanged since mid-March.
Oil prices rose driven by unexpected drops in U.S. crude and gasoline inventories and potential delays in OPEC+ output increases. Brent and WTI futures gained after a significant mid-week rally. Analysts attribute the rise to stronger-than-anticipated fuel demand and potential postponement of OPEC+ production hikes.