Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
After bumper profits, govt scraps Rs 30,000 cr capital support to oil cos
Finance Minister Nirmala Sitharaman cancelled a Rs 30,000 crore equity infusion for Indian Oil, Bharat Petroleum, and Hindustan Petroleum due to record FY24 profits. Interim support was Rs 15,000 crore. Prices remained low April-September 2022, with provided LPG subsidies and resisted daily revisions. ONGC, GAIL aim for net-zero emissions. FY23 losses were driven by the oil crisis.
Oil prices rise as US crude and fuel inventories seen shrinking
U.S. crude inventories fell for four weeks ending July 19, pushing Brent to $81.47 and WTI to $77.38. API confirmed declines; official data pending. Prices previously hit a six-week low due to Israel-Hamas ceasefire talks. Economic concerns in China also persist, marking the first four-week crude decrease since September 2023.
Rolls-Royce and TCS collaborate on Hydrogen Research Programme
TCS partnered with Rolls-Royce to research hydrogen fuel systems for sustainable aviation, focusing on fuel combustion, delivery, and integration challenges. This is to address the aviation industry's goal of net zero carbon emissions by 2050. The collaboration leverages TCS's engineering expertise to support Rolls-Royce in achieving its technology ambitions for a greener future,. The partnership builds on their longstanding relationship and shared commitment to driving sustainable transformation across industries.
Airlines placed 51 passengers in no-fly list for unruly behaviour this year
A total of 300 passengers have been placed on the no-fly list in the last five years, including 51 people this year till July 1, according to data provided by Minister of State for Civil Aviation Murlidhar Mohol to the Rajya Sabha. In 2023, as many as 110 passengers were placed on the no-fly list while the count stood at 63 and 66 in 2022 and 2021, respectively.
Indian refiner BPCL sees further cuts in oil OSPs as fuel margins drop
Bharat Petroleum Corp, India's third-largest refiner, anticipates Middle Eastern crude producers to reduce official selling prices due to declining fuel margins. Global refiners face lower profitability with decreased fuel cracks. BPCL's net profit for the quarter ending June 30 dropped 71% year-on-year. The company processes 700,000 barrels per day and sells 52.5 million metric tons of refined fuel annually.
Humans caused climate change. Amid the suffering, now they must solve it
Climate change, fueled by fossil fuel consumption, results in extreme weather, property damage, inequality, and migration, costing billions worldwide. Renewable energies like solar, wind, and green hydrogen offer solutions. Effective policy changes and immediate actions are required to combat these issues, despite the implementation challenges and necessary humanitarian responses.
Pakistan again raises petrol, diesel prices. How rates compare with India's?
Recent hike in petrol prices by Pakistani government adds to inflation woes. Prices now at Rs 275.60/liter for petrol and Rs 283.63/liter for diesel. Inflation has quickened in Pakistan, impacted by higher energy costs.
Low-cost hydrogen cell startup Protonas bags funding in round led by Transition VC
Protonas, specializing in low-cost PEM hydrogen fuel cells, received funding from Transition VC. The funds will be used to set up manufacturing facilities in Chennai and develop prototypes.
Jaipur airport eyes setting up fuel farm for major operational upgrade
Jaipur Airport has a Rs 6,000 crore investment plan for various development projects by 2027, focusing on passenger amenities and efficiency. Initiatives like DigiYatra, passenger Wi-Fi, and IoT-based projects aim to enhance the passenger experience. Sustainable growth is also a priority, with a shift towards more electric vehicles at the airport.
Powered By
Several shipping companies, such as Maersk Tankers, Mitsui OSK Lines, Trafigura, and Gunvor Group, are investing in ammonia tankers for 2027.
IndianOil launches high-speed car racing fuel STORM-X
IndianOil, India's leading oil firm, commenced the production of high-octane fuel for racing cars and dispatched its first batch. The Paradip refinery in Odisha is now producing STORM-X, a specialized petrol designed for motorsport.
)
After 13 years, Delhi govt increases PUC certificate charges for vehicles
The charges for petrol, CNG or LPG (including bio fuel) two and three wheelers has been increased from Rs 60 to Rs 80 and for four wheelers from Rs 80 to Rs 110, he said in a statement.
Affordable fuel, not free market doctrine, is priority: Oil Minister Hardeep Puri
Oil Minister Hardeep Puri defended India's control over pump prices, prioritizing affordable fuel for consumers over free market principles. Speaking at an energy conference, Puri highlighted the government's commitment to ensuring availability and affordability rather than adhering strictly to global market doctrines. He expressed concerns about India's heavy reliance on imported crude and emphasized the role of the exploration and production sector in achieving energy self-sufficiency and economic growth. Puri also announced the formation of a committee to address industry issues collaboratively.
World's first hydrogen-powered commercial ferry to run on San Francisco Bay, and it's free to ride
California officials announced that the world's first hydrogen-powered commercial passenger ferry, the MV Sea Change, will begin operations on San Francisco Bay on July 19. The 70-foot catamaran will transport up to 75 passengers as part of a pilot program designed to phase out diesel-powered vessels and reduce carbon emissions. The service will run for free for six months.
Oil rises on cooling US inflation, strong summer demand
Oil prices rose Friday amid strong summer demand and easing U.S. inflation. Brent futures rose 0.4% to $85.77, and WTI rose 0.6% to $83.12. U.S. gasoline demand hit 9.4 million bpd for the week of July 5. US refiners drew from stocks. Falling consumer prices boosted sentiment; WTI futures tight. ANZ’s Daniel Hynes noted the weaker dollar.
Wait for better opportunities to buy shipyard companies: Sandip Sabharwal
The bad part is the valuations are excessive at this stage, which is true for many of the sectors which are doing well, their visibility is very good, the valuations are also very high.