Latest Fuel News

Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.

India cuts windfall tax on petroleum crude

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.

Oil prices on track for weekly gain on solid demand outlook

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.

Consumer inflation eases to 1-year low of 4.75% in May

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 slips on US growth worries, ample crude supply

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 bond yields to track US peers down after positive inflation surprise

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 to lead world in fuel demand growth: IEA

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.

Oil prices extend rally on potential U.S. crude purchase for reserve

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.

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Investment in clean energy technologies is set to reach $2 trillion this year, doubling fossil fuel spending.

Oil rises on hopes of summer fuel demand

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).

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Shipping industry in Athens anticipates higher earnings amidst geopolitical conflicts and supply uncertainties.

BPCL plans to set up new refinery for Rs 50k cr

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.

From chimneys to skies: NTPC explores sustainable aviation fuel

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.