Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
India will find it difficult to slash fossil fuel imports, no need for too much EV subsidies: Nitin Gadkari
Union Transport Minister Nitin Gadkari highlighted the challenges of reducing India's crude oil imports by 25% at the BloombergNEF summit. He emphasised the potential for green fuel, particularly hydrogen, and aimed for India to become a leading manufacturer of lithium-ion batteries and green-fuel automobiles. Gadkari noted that India's low production costs would attract automobile companies and reduce import dependency.
Gujarat hydropower plants made a record in electricity generation in August'24
The Sardar Sarovar Dam, a key player in Gujarat's water and energy management, alone generated over 800 MU of electricity, with a total of 891 MU coming from both the Sardar Sarovar River Bed Power House (RBPH) and Canal Head Power House (CHPH).
Top fuel credit cards in India September 2024: HDFC Bank, ICICI Bank, SBI Card, Kotak Mahindra Bank, Axis Bank
Top fuel credit cards in India: A fuel credit card is a specific payment card intended to provide advantages to users at petrol pumps. ET Wealth Online has put together a list of the leading credit cards from major banks that offer fuel benefits as of September 4, 2024.
RBL Bank launches fuel credit card with IOCL
RBL Bank has launched the 'Xtra Credit Card' in partnership with Indian Oil Corporation, offering customers up to 8.5% savings on fuel purchases. The bank expects a moderate growth of 12-15% in its credit card portfolio this fiscal year. The card will be issued via the Mastercard network and offers significant fuel points for every ₹100 spent.
Ukraine drones set oil depot ablaze in Russia's Rostov, attack distant Kirov region
A Ukraine drone attack caused a fire at an oil depot in Russia's Rostov region. Drones also targeted the Kirov region but were intercepted. No casualties were reported. The attack in Rostov's Kamensky district came just days after another oil depot fire in the Proletarsk district.
Labour Day sales offer: Are you planning to travel? Circle K is offering 40 cents off on gas, grab it now
Ahead of Labor Day weekend, Circle K is providing discounts on gasoline. Inner Circle Rewards members can receive 40 cents off per gallon in Arizona and Nevada on Thursday.
Oil climbs on Mideast escalation fears, US rate cut expectations
Oil prices increased amid concerns about the Gaza conflict escalating regionally. Brent and U.S. crude futures rose as fighting between Hezbollah and Israel intensified, potentially impacting oil supplies. An optimistic economic outlook fueled by anticipated U.S. interest rate cuts also contributed to the price surge, while the U.S. bolstered its Strategic Petroleum Reserve.
India’s diesel, petrol exports likely to hit the slow lane
Face subdued demand from Europe, low margins, and refinery maintenance in upcoming months
Oil prices pause after surging on Libyan outages, Middle East tensions
Oil prices saw a minor decline in Asian trading after rising over 7% due to supply concerns linked to Middle East tensions and Libyan oil field closures. Brent crude and WTI futures both fell. The market had reacted to potential disruptions from Israel-Hezbollah clashes and Libya halting oil production amid political disputes.
Government lifts cap on sugar diversion for ethanol production starting in November 2024
Starting November 1, 2024, the Union government will lift the cap on sugar diversion for ethanol production, allowing the use of cane juice, syrup, and various molasses types. Additionally, distilleries can now purchase up to 2.3 million metric tons of rice from the Food Corporation of India for ethanol. This policy aims to boost renewable energy while maintaining stable sugar availability. The Department of Food and Public Distribution and the Ministry of Petroleum and Natural Gas will oversee the impact on sugar supplies.
Strong hybrids rev up to fly past EVs in green race as car sales make a pit stop
Strong hybrid vehicle sales grew 62.5% in the June quarter, driven by the Uttar Pradesh govt's incentives. In contrast, electric vehicle sales have stalled due to range anxiety and costs. Manufacturers are now exploring alternative technologies, such as hybrids and flex-fuel, to bridge the gap. The Indian EV infra remains a work in progress.
PNGRB seeks common carrier status for PSUs' ATF pipelines
The Petroleum and Natural Gas Regulatory Board (PNGRB) aims to declare major oil companies' jet fuel pipelines to key airports as common carriers. This move could allow private sector players to utilize these pipelines, potentially lowering transport costs and creating a more competitive jet fuel market.
Applied Materials forecasts quarterly revenue above estimates
Booming demand for AI-powered chips has increased the need for sophisticated and expensive wafer fabrication equipment that is essential for chip manufacturing, benefiting companies such as Applied Materials.
Radical changes to India inflation regime are risky, study shows
The paper by think-tank National Council of Applied Economic Research addresses the ongoing debate among policymakers over whether food prices should be stripped from inflation targeting. Economists argue that this approach is not feasible in a country like India, where food makes up nearly half of the consumer price index basket.
India imports USD 2.8 billion worth of crude oil from Russia in July
India purchased $2.8 billion worth of crude oil from Russia in July, making it the second-largest buyer after China. Russia became India's top oil supplier owing to discounted prices following the Ukraine invasion. These imports now constitute nearly 40% of India's total oil purchases, significantly shifting global trade patterns.
Why almost nobody is buying green hydrogen
Hydrogen's promise as a clean fuel has led to plans for 1,600 plants globally. Yet, most lack firm buyers, with only 12% having secured agreements.