Latest Fuel News

Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.

EET Fuels secures $650 million financial facilities

EET Fuels, owner of the Stanlow refinery in the UK, has secured $650 million in financing and trade credit, bolstering its efforts to reduce emissions by 95% by decade-end through industrial carbon capture and blue hydrogen. This funding reflects strong market confidence in the company's decarbonization strategy.

Rapper Sean 'Diddy' Combs files appeal for release ahead of upcoming sex trafficking trial

Sean “Diddy” Combs has filed an appeal against a federal judge’s decision to keep him in jail while he awaits trial for sex trafficking charges. His legal team is challenging the ruling, which claims that Combs poses a danger to the community. The case involves allegations that Combs used his influence to coerce women into drug-fueled sexual performances. He is scheduled for a court hearing on October 9.

Petrol sales rises 2.8% in September, diesel drops 2%

Petrol sales in India saw a 2.8% increase in September year-on-year, while diesel fell by 2%, indicating an oil demand slowdown. LPG sales rose by 1%. The growth rates for these fuels in September were lower than the April-August averages. Jet fuel sales jumped 9.5% driven by strong air traffic.

SpiceJet, IndiGo shares rally up to 6% after ATF price cut

The ATF prices have been cut to Rs 87,597 per kg in Delhi, down from Rs 93,480 per kg earlier. The price reduction will help ease the burden on airlines for whom fuel makes up 40% of the airlines’ operating costs.

Sponsored

Coal India to apply uniform rates on late payments

Effective October 1, Coal India Ltd (CIL) will implement uniform interest rates on receivables past due, aiming for ease of business. Previously, interest rates varied even for the same buyer under different fuel supply agreements. The change addresses consumers' concerns about inconsistent interest rates.

Fossil fuel dominance in electricity generation to end by 2030, renewable to cross 50% share: RBI

The Reserve Bank of India reports that fossil fuels' dominance in India's electricity generation will end by the decade's close. Renewable energy is expected to surpass 50% globally. The RBI emphasizes the need for tripling renewable investments to meet net-zero targets and highlights the importance of addressing sectors like steelmaking and aviation.

Sponsored

Yes, energy-guzzling AI can help greening

AI's potential to aid in greening the world while consuming significant energy is not paradoxical. It can enhance energy efficiency and expedite the transition to renewable sources. Overcoming challenges like energy demand, computing capacity, and skilled personnel is crucial for AI's widespread application and commercial viability.

Kutting-edge Kolkata kuts its trams out from the age of EVs - Go figure

The article discusses the persistent issues in urban planning across Indian cities, focusing on Kolkata's decision to phase out its tram services. It highlights the government's failure to prioritize sustainable public transport and criticizes the ongoing preference for private vehicles, which exacerbates pollution and chaos in urban areas.

Oil companies making Rs 15/ltr profit on petrol even as consumers await big price cuts

Indian oil marketing companies are experiencing significant profits due to falling crude oil prices, but consumers have yet to see a substantial reduction in petrol and diesel prices. Despite the financial success of companies like IOC, BPCL, and HPCL, fuel prices remain high, impacting household expenses and inflation.

Headroom to cut petrol, diesel prices by Rs 2-3 per litre: Icra

Recent declines in crude oil prices have improved margins for state-owned fuel companies, allowing potential cuts in petrol and diesel prices by Rs 2-3 per litre. The price of imported crude oil averaged $74 per barrel in September, down from $83-84 in March. This could lead to reduced retail fuel prices if crude prices remain stable.

Sponsored

India's oil-product exports soar amid refinery shutdowns in Europe

India's clean oil-product exports surged to their highest since March 2022, driven by increased demand from Europe and Africa due to refinery shutdowns. In September, shipments of diesel, gasoline, and jet fuel reached 1.5 million barrels a day, marking a 39% year-on-year increase. European refinery maintenance and poor margins contributed to this spike.

Oil prices little changed as US stockpile drop offsets global demand woes

Oil prices remained stable on Thursday after a previous decline, as increased fuel demand and reduced stockpiles in the U.S. balanced concerns over global demand, especially in China. Brent crude rose to $73.55 per barrel, while U.S. West Texas Intermediate reached $69.73 per barrel, following China's stimulus measures and easing supply disruptions in Libya.

Sponsored