Global crude oil prices recently slipped to below $70 per barrel, the lowest since December 2021
The proposed acquisition will enable the company to enter into the green and alternate fuels segment which is expected to witness strong and accelerated growth in the coming years, Lumax Auto said in a statement.
The company plans to onboard 20,000 fuel pump outlets and extend its app's language offerings.
India's retail inflation rose to 3.65% in August from a five-year low of 3.54%. Food inflation, making up half of the CPI basket, increased to 5.66%. Despite staying within RBI's tolerance range, it remains above the target of 4%. A weak rupee and monsoon risks may keep inflation pressures high.
Ministry of Road Transport & Highways Secretary Anurag Jain has advocated for the scrapping of pre-BS era vehicles, particularly commercial heavy vehicles, due to pollution and safety concerns. He highlighted that these older vehicles contribute significantly to pollution and have higher fuel and maintenance costs. The government is working on incentivizing vehicle scrapping.
Petrol Diesel Price Cut: Indians may see relief in petrol and diesel prices if global oil prices remain low. State-run fuel companies may consider reducing prices if the global crude rates stay lower for extended period, Oil Secretary Pankaj Jain said. India is also seeking increased output from OPEC+ and maximizing crude purchases from cost-effective suppliers like Russia.
Refining margins on fuels have dropped to unsustainably low levels, impacting domestic refiners, especially those without petrol pumps. Oil Secretary Pankaj Jain highlighted the issue, noting that weak fuel demand and higher refinery runs have hurt earnings. Lower crude prices may benefit some refiners but not all.
Nayara Energy, India's largest private fuel retailer, reported a 14.3% increase in fuel sales for Q2 2024 while exports declined due to rising local demand. The company sold most of its diesel and petrol domestically and expanded its retail network to underserved markets, contributing significantly to India's energy security.
‘The facility aims to enhance the availability and distribution of petroleum products such as petrol, diesel, and ATF in the region’
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Union Minister Road Transport and Highways Nitin Gadkari has said that the central government is not against the use of non-renewable fuels but its responsibility towards the people of the country and the environment inspires it to promote electric vehicles (EVs).
BMW plans to launch its first hydrogen-powered vehicle in 2028, using fuel cell technology developed with Toyota. The vehicle will be an existing model with a hydrogen fuel cell drive option. BMW expects the hydrogen charging infrastructure to be significantly developed by then to support its plans.
Research by Tax Justice Network has revealed that trillions of dollars in bank finance for fossil fuel companies are being channeled through opaque financial centers, including the Netherlands. The study examined $6.9 trillion in syndicated financing from 60 global banks between 2016 and 2023, highlighting a lack of transparency in funding energy companies.
Union minister K Rammohan Naidu announced efforts to make India a global aviation hub and start manufacturing aircraft. Speaking at the Asia Pacific Ministerial Conference on Civil Aviation, he highlighted infrastructure, integration, and innovation as key growth elements. The number of operational airports in India has grown significantly since 2014.
US Presidential Election 2024: Former US President Donald Trump has dismissed concerns about climate change, claiming that rising sea levels are not a pressing issue. He emphasized the threat of 'nuclear warming' instead. Trump's stance contrasts sharply with the current administration's climate policies and suggests a potential rollback of environmental regulations if he is re-elected.
Oil futures surged by a dollar on Monday as a potential hurricane approached the U.S. Gulf Coast, and markets rebounded from a selloff due to weak U.S. jobs data. West Texas Intermediate crude rose 1.48% to $68.67 a barrel, while Brent crude increased 1.39% to $72.05 a barrel.
The Indian government aims to have liquefied natural gas (LNG) power a third of the country's long-haul heavy-duty vehicle fleet within 5-7 years, with plans to use domestic gas for this initiative. The proposal includes stabilizing LNG prices by allocating 0.5 million metric standard cubic meters per day of domestic gas for the next three years, sufficient to support 50,000 trucks.
Union Transport Minister Nitin Gadkari highlighted the challenges of reducing India's crude oil imports by 25% at the BloombergNEF summit. He emphasised the potential for green fuel, particularly hydrogen, and aimed for India to become a leading manufacturer of lithium-ion batteries and green-fuel automobiles. Gadkari noted that India's low production costs would attract automobile companies and reduce import dependency.
The Sardar Sarovar Dam, a key player in Gujarat's water and energy management, alone generated over 800 MU of electricity, with a total of 891 MU coming from both the Sardar Sarovar River Bed Power House (RBPH) and Canal Head Power House (CHPH).
Top fuel credit cards in India: A fuel credit card is a specific payment card intended to provide advantages to users at petrol pumps. ET Wealth Online has put together a list of the leading credit cards from major banks that offer fuel benefits as of September 4, 2024.
RBL Bank has launched the 'Xtra Credit Card' in partnership with Indian Oil Corporation, offering customers up to 8.5% savings on fuel purchases. The bank expects a moderate growth of 12-15% in its credit card portfolio this fiscal year. The card will be issued via the Mastercard network and offers significant fuel points for every ₹100 spent.
A Ukraine drone attack caused a fire at an oil depot in Russia's Rostov region. Drones also targeted the Kirov region but were intercepted. No casualties were reported. The attack in Rostov's Kamensky district came just days after another oil depot fire in the Proletarsk district.
Ahead of Labor Day weekend, Circle K is providing discounts on gasoline. Inner Circle Rewards members can receive 40 cents off per gallon in Arizona and Nevada on Thursday.
Oil prices increased amid concerns about the Gaza conflict escalating regionally. Brent and U.S. crude futures rose as fighting between Hezbollah and Israel intensified, potentially impacting oil supplies. An optimistic economic outlook fueled by anticipated U.S. interest rate cuts also contributed to the price surge, while the U.S. bolstered its Strategic Petroleum Reserve.
Face subdued demand from Europe, low margins, and refinery maintenance in upcoming months
Oil prices saw a minor decline in Asian trading after rising over 7% due to supply concerns linked to Middle East tensions and Libyan oil field closures. Brent crude and WTI futures both fell. The market had reacted to potential disruptions from Israel-Hezbollah clashes and Libya halting oil production amid political disputes.
Starting November 1, 2024, the Union government will lift the cap on sugar diversion for ethanol production, allowing the use of cane juice, syrup, and various molasses types. Additionally, distilleries can now purchase up to 2.3 million metric tons of rice from the Food Corporation of India for ethanol. This policy aims to boost renewable energy while maintaining stable sugar availability. The Department of Food and Public Distribution and the Ministry of Petroleum and Natural Gas will oversee the impact on sugar supplies.
Strong hybrid vehicle sales grew 62.5% in the June quarter, driven by the Uttar Pradesh govt's incentives. In contrast, electric vehicle sales have stalled due to range anxiety and costs. Manufacturers are now exploring alternative technologies, such as hybrids and flex-fuel, to bridge the gap. The Indian EV infra remains a work in progress.
The Petroleum and Natural Gas Regulatory Board (PNGRB) aims to declare major oil companies' jet fuel pipelines to key airports as common carriers. This move could allow private sector players to utilize these pipelines, potentially lowering transport costs and creating a more competitive jet fuel market.
Booming demand for AI-powered chips has increased the need for sophisticated and expensive wafer fabrication equipment that is essential for chip manufacturing, benefiting companies such as Applied Materials.