Pakistan slashes petrol and diesel prices ahead of Eid ul Adha, providing relief to the inflation-hit masses
The Pakistani government has announced significant reductions in petrol and high-speed diesel (HSD) prices ahead of Eid ul Adha, cutting petrol prices by Rs 10.20 and HSD prices by Rs 2.33 per litre. Effective from Saturday, this move aims to alleviate inflation pressures on the public. The decision, based on international market price variations, is expected to provide relief to a population grappling with double-digit inflation.
The BJP accused the Congress government in Karnataka of poor financial management after petrol price hikes. The party said that they will protest against the decision on Monday. The government announced a substantial increase in petrol and diesel prices, drawing criticism from citizens and opposition. The BJP lambasted the timing of the hike post-election, calling for its withdrawal due to the financial strain it places on the public and various industries in the state.
The decision also stated that the sales tax for petrol increased from 25.92 percent to 29.84 percent and from 14.34 percent to 18.44 percent for diesel
The BJP in Karnataka is set to protest against the recent hike in petrol and diesel prices, following the state government's decision to increase sales tax on fuel. The hike has led to a Rs 3 per litre increase in petrol prices and a Rs 3.5 per litre increase in diesel prices. State BJP President B Y Vijayendra criticized the Chief Minister for the decision, calling it desperate and aimed at resource mobilization. Protests are planned across the state, demanding the immediate withdrawal of the hike.
India's coal imports surged 13.2% to 26.10 million tonnes in April 2024, driven by early summer demand. Non-coking coal reached 17.40 MT and coking coal 4.97 MT. Amid calls for boosting domestic production, imports continue to rise, expected to meet power and industrial sector needs ahead of monsoon season restocking
Karnataka Chief Minister Siddaramaiah defended the recent hike in petrol and diesel prices, arguing it will fund essential services and development projects. He emphasized that despite the increase, Karnataka's fuel taxes are lower than most Southern states. Siddaramaiah criticized the BJP for alleged fiscal mismanagement during its previous tenure.
Climate policy - like any policy - should be the democratic outcome of a deliberation of the benefits of cutting emissions versus the costs. Climate science tells us about some of these benefits, but tells us nothing of the costs that climate economics does.
The new rates will be effective June 15, 2024, Central Board of Indirect Taxes and Customs ( CBIC) said in a late night notification Friday.
India reduced the windfall tax on petroleum crude to 3,250 Indian rupees per metric ton from 5,200 rupees on June 15. The tax for diesel and aviation turbine fuel remained at zero. The tax is revised every fortnight and the recent adjustment was made on June 1.
The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel
Oil prices fell on Friday, with Brent crude futures down 0.87% to $82.04 a barrel and West Texas Intermediate losing 1% to $77.84. OPEC+ decision to unwind output cuts after September also impacted the market.
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Consumer Inflation Data May 2024 News: Retail inflation in India stood at 4.75 per cent last month, an improvement from the previous month's 4.83 per cent, according to to official data. Measured by the Consumer Price Index (CPI), retail inflation - or consumer inflation - indicates the rate of price increase for a specific basket of goods and services purchased by consumers. Read on to know more about what the latest CPI data indicates.
Oil prices fell as U.S. Federal Reserve maintained interest rates, impacting market sentiment. Concerns over supply disruptions and ceasefire negotiations in Gaza added volatility to the market.
Indian government bond yields are expected to decrease following a drop in U.S. peers due to softer-than-expected inflation data and the Federal Reserve's indication of maintaining high rates. The benchmark 10-year yield in India may range between 6.96% and 7.01%.
India, the third-largest oil importer globally, is set to drive oil demand growth according to the IEA. Forecasts predict a significant rise in consumption by 1.3 million barrels between 2023 and 2030, with India's demand exceeding China's. The nation's expanding economy and growing population are key factors in this surge. With a focus on road transport fuels and limited petrochemical growth, India's refining capacity is also expected to increase to meet rising demands, making the country heavily reliant on oil imports.
Indian output will get a small uplift in 2024 as the 50,000 bpd offshore K-G Basin Cluster-2 project ramps up and the onshore Rajasthan Basin posts a modest increase, says IEA
Oil prices rose on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, supported by expectations of rising fuel demand this summer. Market focus is on the Fed's policy meeting and upcoming reports from OPEC and the International Energy Agency. Analysts expect Brent to rise to $86 a barrel in the third quarter.
Investment in clean energy technologies is set to reach $2 trillion this year, doubling fossil fuel spending.
Goldman Sachs analysts expect Brent to rise to $86 a barrel in third quarter, saying in a report that solid summer transport demand will push the oil market into a third-quarter deficit of 1.3 million barrels per day (bpd).
Shipping industry in Athens anticipates higher earnings amidst geopolitical conflicts and supply uncertainties.
The state-owned oil marketing company will invest around Rs 50,000 crore in the project for which it is currently evaluating locations in three states - Andhra Pradesh, Uttar Pradesh, and Gujarat, two industry officials aware of the development told ET.
NTPC is exploring sustainable jet fuel production by mixing carbon captured from its thermal power plant and green hydrogen. The company aims to set up 100,000 tonnes annual capacity at an upcoming green hydrogen hub in Andhra Pradesh.
Starting Monday, toll rates on the Delhi-Meerut Expressway (DME) and Eastern Peripheral Expressway (EPE) will increase by 5%. After the revision, four-wheelers will pay between Rs 45 and Rs 160, and heavy vehicles will be charged between Rs 40 and Rs 250, depending on the distance traveled. Currently, the toll is Rs 2.19 per km on the 135 km-long expressway, with no toll for traffic between Delhi and Ghaziabad.
The analysts at ClimaMeter said the intense and prolonged heat wave India endured in May was a result of the naturally occurring El Nino phenomenon -- unusual warming of the ocean surface in the central and eastern tropical Pacific Ocean -- and the rapidly increasing concentration of greenhouse gases -- primarily carbon dioxide and methane -- in the atmosphere.
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Global investment in clean energy technology and infrastructure is set to hit $2 trillion this year, twice the amount going into fossil fuels, an International Energy Agency report showed. Total energy investment is expected to exceed $3 trillion for the first time in 2024, the IEA said in its annual World Energy Investment report.
Humans are as dangerous to Earth as the meteorite that drove dinosaurs to extinction, the UN chief said Wednesday, urging an end to fossil fuel ads after 12 months that were the hottest on record. Last month was the hottest May on record and the 12th consecutive month to break such a record, the EU climate monitor Copernicus announced.
Formula One will enter a new era in 2026 with smaller and lighter cars featuring active aerodynamics. The FIA presented the technical regulations for the new generation of 'nimble' cars, aiming for better efficiency and handling. FIA president Mohammed Ben Sulayem hailed the unique revision to make the championship more relevant and attractive.