Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
IndiGo fined Rs 25 lakh over ATF customs duty dispute
IndiGo has been fined Rs 25 lakh by Ludhiana's Joint Commissioner (Customs) over a customs dispute involving unconsumed Aviation Turbine Fuel. The company disclosed the penalty, stating no material impact on its financials or operations and intends to challenge the order legally. IndiGo’s firm stance involves taking appropriate legal measures against the penalty.
India stands as an 'outstanding destination' for investors: PM Modi at Bharat Mobility Global Expo 2025
Prime Minister Narendra Modi highlights India as a prime location for investment in the mobility sector, emphasizing government support for green vehicles and infrastructure development. Sales of electric vehicles have surged, and the auto industry is poised for significant growth. Modi encourages investment, citing the rise of the middle class and a strong automotive market.
Power Finance Corporation signs 120 billion yen loan pact with Japan Bank for International Cooperation
State-owned PFC has signed an agreement with Japan Bank for International Cooperation (JBIC) for a 120 billion Japanese yen loan facility to finance renewable energy projects. This largest green financing deal by JBIC in India aims to support the nation's transition to non-fossil-fuel-based energy sources.
Govt may give Rs 35,000 crore LPG subsidy to IOC, BPCL, HPCL
The government plans to grant a Rs 35,000 crore subsidy to IOC, BPCL, and HPCL to cover losses from selling domestic LPG at unchanged prices despite rising costs. The subsidy will be dispensed over two years, starting with Rs 10,000 crore in the current fiscal year.
Oil prices extend losses on rising U.S. fuel inventories
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.
Fintech startup AtoB to open Bengaluru R&D centre, expand global footprint
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.
Beijing eyes cut in fuel oil imports amid boost to consumer subsidies
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 overcomes slow start, delivers 766 jets in 2024
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.
India made hydrogen fuel train engine more powerful than others: Ashwini Vaishnaw
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 heads for weekly gains on colder weather, Chinese policy support
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.
To understand Trump and Biden, look to Reagan and Carter
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 rises from two-month highs on optimism over policy support for growth
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.
Joe Biden issues major coastal protection before Trump handover
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.
IOC shares in focus as co to provide fueling services at Noida International Airport
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.
Donald Trump royally frustrated as Joe Biden uses 72-year-old law to give the President-elect a slap in the face
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 tomato, potato in bitter taste; home-cooked meals get costlier in December: Report
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.