Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
Govt revises windfall gains tax on petroleum products, new rates effective from August 17
The government on Friday revised the windfall gains tax on petroleum products, reducing the levy on domestic crude oil to Rs 2,100 per tonne, down from the previous Rs 2,400 per tonne. However, the windfall gains tax on the export of petrol, diesel, and aviation turbine fuel (ATF) remains unchanged at NIL. These new rates will come into effect starting August 17, 2024.
PNG up five times, LPG doubled and ethanol blending up 10 times over last decade, says Hardeep Puri
Union Minister Hardeep Singh Puri announced a notable increase in India’s piped gas connections and LPG users over the past decade. The country’s refining capacity and natural gas pipeline network expanded significantly. India also successfully kept fuel prices stable between January 2022 and July 2024, despite global price surges.
Mahindra Thar Roxx RWD: Unveiling Petrol and Diesel Variant Prices
Earlier this week, Mahindra announced the prices of the entry-level variants of the Mahindra Thar, starting at Rs. 12.99 lakh and Rs. 13.99 lakh (all prices, ex-showroom) for the petrol and diesel versions, respectively.
Oil prices rise on hopes of US rate cuts boosting fuel demand
Oil prices saw a modest rise Thursday on optimism that potential U.S. interest rate cuts could stimulate economic activity and fuel demand. However, gains were limited by concerns over sluggish global demand. The increase followed a decline on Wednesday when U.S. crude inventories unexpectedly rose, and worries about a wider Middle East conflict eased.
Coal India removes quantity limit for power producers
The change will apply to the power generators that have signed a fuel supply agreement with an enabling clause. The fillip for the state-owned miner is that the move would boost supplies at a time when coal demand is showing signs of slackening, the company said.
India's July fuel use gains over 7% y/y
On a monthly basis, demand fell by 1.7% in the world's third-biggest oil importer and consumer.
Plans afoot to push carbon capture utilisation & storage tech: Niti Aayog Member
According to a report from the NITI Aayog back in 2022, when the discussion around the technology started gathering pace in the country, CCUS will be key in decarbonizing the industrial sector, which is hard to electrify and hard to abate. The concept has gathered momentum in the last two years because of its advantage in decarbonizing the power sector, given India's present reliance on coal for meeting over 70% of its electricity needs.
Govt to allow up to 35% bio-bitumen mixing, to save Rs 10,000 cr of foreign exchange outflows
Union Road Transport Minister Nitin Gadkari declared that the government would allow a 35% blend of lignin with petroleum-based bitumen to lessen dependence on imports and reduce costs. The move is also intended to address air pollution from stubble burning. Bio-bitumen sourced from paddy straw has been successfully developed and patented. Numerous projects are underway to convert rice straw into different biofuels. These changes promise significant benefits for farmers and the environment, with trials to assess bio-bitumen's long-term performance in road construction currently being conducted.
Oriana Power to build electrolyser giga factory for green hydrogen, e-fuels
New facility is being built in partnership with Splitwaters, a US-based provider of alkaline electrolyser and BOP equipment.
Toyota would pursue technologies that reduce use of fossil fuel: Dy MD Swapnesh Maru
Toyota Kirloskar Motor (TKM) is committed to reducing its carbon footprint and fossil fuel use in India by adopting diverse technologies. Deputy MD Swapnesh Maru emphasized the need for a multi-pronged approach, including hybrids and blended fuels, due to India's energy challenges. TKM plans expansion with a new plant in Karnataka and aims to increase production capacity while exploring hydrogen as a future fuel.
Indian auto companies will soon produce 100% ethanol-run cars and 2-wheelers: Nitin Gadkari
Recently, Toyota has announced for setting up of a plant to produce flex cars in Aurangabad, Maharashtra, with an investment of Rs 20,000 crore. Gadkari says Tatas and Suzuki are also working on producing 100 per cent ethanol or flex engine cars. In the two-wheeler segment Bajaj, TVS and Hero are making flex-engine bikes and scooters.
After record profits, fuel retailers see profit slump in Q1
Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter.
Rosatom supplies advanced fuel for Kudankulam Nuclear Power plant
Rosatom's TVEL Fuel Company initiated nuclear fuel supply for Kudankulam NPP’s units 3 and 4. Utilizing advanced TVS-2M fuel, the VVER-1000 reactors in Tamil Nadu extend fuel cycles to 18 months, improving efficiency. Units 1 and 2, commissioned in 2013 and 2017, already benefit from these upgrades. Construction of additional units continues.
Oil prices set for fourth weekly fall on demand concerns
Oil prices held steady on Friday but remained on course for a fourth successive weekly decline as signs of weak growth in global fuel demand outweighed fears of supply disruption in the Middle East.
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Petrol and Diesel Prices July 20: Check petrol prices in Delhi, Noida, Mumbai, and other cities
Petrol and Diesel Prices July 20: The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
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Petrol and Diesel Prices July 26: Check petrol prices in Delhi, Noida, Mumbai, and other cities
The public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) change the prices daily in line with international benchmark prices and forex rates.