Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
July petrol sales up 10%, diesel 4.3%
Petrol sales rose 10% and diesel 4.3% in July compared to the previous year as economic activity gained pace, according to oil ministry data. Jet fuel consumption expanded by 9%, while cooking gas sales increased by 11% in July.
Oil set to fall for fourth week as demand concerns weigh on sentiment
Oil prices increased on Friday, yet were poised for a fourth consecutive weekly drop, driven by weaker global fuel demand as indicated by recent manufacturing data from the U.S., Europe, and Asia. Concerns about Chinese demand and potential supply disruptions in the Middle East further influenced the market outlook.
India's July diesel, jet fuel exports to Singapore, Australia set to hit 2-1/2-year high
India's diesel and jet fuel exports to Singapore and Australia hit their highest levels in 2-1/2 years in July, fueled by waning European demand and cheaper shipping costs. Industry sources indicate that Australia's increased imports were also due to planned refinery maintenance and new government mandates for refined product stockpiles.
Adani Group to commission $4-billion petro-chem project by next year
The initial phase, with a capacity of 1 million tonne per annum, is slated for commissioning by December 2026, they say
China's COSCO Shipping, Fortescue to build green fuel supply chain
The memorandum of understanding includes exploring construction and deployment of green ammonia-fuelled vessels owned either by COSCO or jointly owned by both companies.
Electric cars help the climate. But are they good value?
Electric vehicles often have higher initial costs and may depreciate faster, but lower maintenance and fuel savings can balance this.
State-run oil marketing cos’ shares can see 16-18% upside: UBS
UBS has increased price targets for BPCL, HPCL, and IOC, forecasting a 16-18% upside. The firm upgraded IOC and HPCL to 'buy' while keeping BPCL at 'buy.' UBS anticipates crude price moderation, boosting integrated margins for Indian state-owned oil marketing companies without any retail fuel price cuts if crude stays above $80 per barrel.
India to boost refining capacity to 6.19 mln bpd by 2028, says minister
India's refining capacity is set to grow by about 20% to 309.5 million metric tons by 2028 to address increasing fuel demand, said the junior petroleum minister. The existing capacity is around 5.14 million bpd. Strategic petroleum reserves would cover 9.5 days of crude oil needs, and new storage facilities have been approved in Odisha and Karnataka.
No plan to mandate blending of ethanol with diesel: Govt
The government stated that ethanol blending with diesel is experimental and there are no plans to mandate it due to issues like deposit formation in fuel tanks. Minister Hardeep Singh Puri emphasized the need for further testing and safety considerations. Ethanol blending with petrol, however, has reached 15%, targeting 20%.
IndiGo flags higher inflationary environment, escalation in fuel, airport costs
Airport charges have also started to climb upwards, and the airline is monitoring it as well as having discussions with airport partners. Further, maintenance works are going through a bit of an inflationary cycle, he said during an analyst's call.
Energy transition framework in the works: DEA Secy Ajay Seth
The government is developing a long-term energy transition strategy to maintain growth, collaborating with the Asian Development Bank and NITI Aayog. Ajay Seth highlighted the need for a unique strategy for India's lower per capita income compared to advanced economies. Infrastructure funding and carbon pricing affordability are also being examined.
MRPL issues expression of interest to sell jet fuel term supplies, sources say
MRPL plans to sell 240,000 metric tons of jet fuel in term supplies from September to February. Interested buyers must submit proposals by July 31 to offload cargo between the 1st-28th of each month. This exploratory move, not an official sale tender, offers limited buyer obligations. MRPL has not offered term cargoes in the past two years.
Coal based power capacity needs investment of Rs 6.67 lakh cr to meet demand by 2032: Power Ministry
The Power Ministry has announced a plan requiring a Rs 6.67 lakh crore investment to reach the estimated electricity demand by 2031-32. The Central Electricity Authority determined that the country needs a coal & lignite installed capacity of 283 GW. The country currently produces 217.5 GW. The Government of India aims to add at least 80 GW of coal-based capacity by 2031-32, alongside a push for non-fossil fuel-based electricity generation to reach a target of 50 per cent by 2030. Currently the figure stands at 45.5 per cent.
India strongly takes up temple vandalisation issue with Canadian authorities, expects swift action
Asked about India's response on temple vandalization in Edmonton, Jaiswal stated, "We have strongly taken up the matter with Canadian authorities, both here in Delhi and in Ottawa. We condemn the vandalization. We expect the local authorities to take swift and strong action against those responsible."
Was this the hottest week ever? Scorching heat breaks all records; here is what happened
The two record-breaking highs in global surface air temperatures in a single week underscored the continuous increase brought on by climate change. Both natural and human factors are contributing to the warming trend, which is causing extreme heatwaves and the health hazards they bring.
Airtel Africa reports $31 mn net profit in Q1FY25 on lower finance costs
Bharti Airtel’s Africa business reported a $31 million net profit in the first fiscal quarter, reversing a $151 million net loss year-on-year, aided by reduced net finance costs and mobile money growth.