Russian fuel oil and vacuum gasoil (VGO) exports dipped 3% in October, with India and Saudi Arabia emerging as top recipients. While Saudi imports dipped, India's intake surged as it sought cheaper alternatives to Urals crude. China, another major importer, saw a decline amidst potential tax reforms impacting fuel oil demand.
Vineet Mittal, Founder and Chairman of Avaada Group, projects that India will achieve a complete solar equipment manufacturing ecosystem within the next four to five years. This ambitious goal aims to reduce reliance on imports and establish India as a renewable energy leader.
Diesel and petrol consumption rise during the month
New credit card rules: ICICI Bank informed its credit card users via SMS regarding the updates. Here’s a summary of what changes are being implemented for ICICI Bank credit card customers, based on an SMS that was sent by the bank.
New credit card rules: ICICI Bank informed its credit card users via SMS regarding the updates. Here’s a summary of what changes are being implemented for ICICI Bank credit card customers, based on an SMS that was sent by the bank.
India has significantly cut its oil and gas subsidies by 85 per cent from 2013 to 2023. This was achieved using policy reforms including phasing out petrol and diesel subsidies and increasing taxes. The extra tax revenue from these increases funded renewable energy projects, electric vehicles, and LPG usage among the rural poor, reshaping India's energy landscape.
India has significantly cut its oil and gas subsidies by 85 per cent from 2013 to 2023. This was achieved using policy reforms including phasing out petrol and diesel subsidies and increasing taxes. The extra tax revenue from these increases funded renewable energy projects, electric vehicles, and LPG usage among the rural poor, reshaping India's energy landscape.
Jet fuel (ATF) prices have been increased by 3.3% to Rs 90,538.72 per kilolitre in the national capital, following previous reductions. The price of commercial LPG was hiked by Rs 62 to Rs 1,802 per 19-kg cylinder. Prices for petrol and diesel remain unchanged since mid-March.
Jet fuel (ATF) prices have been increased by 3.3% to Rs 90,538.72 per kilolitre in the national capital, following previous reductions. The price of commercial LPG was hiked by Rs 62 to Rs 1,802 per 19-kg cylinder. Prices for petrol and diesel remain unchanged since mid-March.
Oil prices rose driven by unexpected drops in U.S. crude and gasoline inventories and potential delays in OPEC+ output increases. Brent and WTI futures gained after a significant mid-week rally. Analysts attribute the rise to stronger-than-anticipated fuel demand and potential postponement of OPEC+ production hikes.
Oil prices rose driven by unexpected drops in U.S. crude and gasoline inventories and potential delays in OPEC+ output increases. Brent and WTI futures gained after a significant mid-week rally. Analysts attribute the rise to stronger-than-anticipated fuel demand and potential postponement of OPEC+ production hikes.
One year after world leaders issued the landmark call for a global move away from fossil fuels, nations are failing to turn that promise into action, say climate diplomats, campaigners and policy experts. Many are promising bold policies that align with agreed warming limits, but are approving new oil and gas fields -- an impossible contradiction, says the UN's expert climate panel.
One year after world leaders issued the landmark call for a global move away from fossil fuels, nations are failing to turn that promise into action, say climate diplomats, campaigners and policy experts. Many are promising bold policies that align with agreed warming limits, but are approving new oil and gas fields -- an impossible contradiction, says the UN's expert climate panel.
North Korea recently launched an intercontinental ballistic missile, the Hwasong-19, calling it "the world's strongest." Experts question its wartime practicality due to its enormous size. Analysts suggest North Korea still faces technological challenges in making functional ICBMs. The launch appears partly as a response to international criticisms and to draw attention before the U.S. presidential election.
North Korea recently launched an intercontinental ballistic missile, the Hwasong-19, calling it "the world's strongest." Experts question its wartime practicality due to its enormous size. Analysts suggest North Korea still faces technological challenges in making functional ICBMs. The launch appears partly as a response to international criticisms and to draw attention before the U.S. presidential election.
India's petrol consumption increased by 7.3 per cent in October due to festive season demand. However, diesel sales decreased by 3.3 per cent, partly due to lower agricultural demand from extended rains. LPG and ATF sales saw year-on-year increases, with LPG up by 7.5 per cent and ATF by 2.5 per cent.
India's petrol consumption increased by 7.3 per cent in October due to festive season demand. However, diesel sales decreased by 3.3 per cent, partly due to lower agricultural demand from extended rains. LPG and ATF sales saw year-on-year increases, with LPG up by 7.5 per cent and ATF by 2.5 per cent.
Petrol and jet fuel sales increased by around 8.5% in October due to higher travel during the festive season. Diesel sales remained stagnant, affected by factors such as high rainfall and a shift towards electricity by farmers and railways. LPG sales rose by 7.5%.
Petrol and jet fuel sales increased by around 8.5% in October due to higher travel during the festive season. Diesel sales remained stagnant, affected by factors such as high rainfall and a shift towards electricity by farmers and railways. LPG sales rose by 7.5%.
The Centre has categorized blended aviation turbine fuel under mineral items, introducing excise duties, and is considering voluntary use by 2024 and mandatory by 2027. The aviation industry is concerned about increased fuel costs and potential need for incentives, with ongoing consultations among various ministries.
The Centre has categorized blended aviation turbine fuel under mineral items, introducing excise duties, and is considering voluntary use by 2024 and mandatory by 2027. The aviation industry is concerned about increased fuel costs and potential need for incentives, with ongoing consultations among various ministries.
North Korea launched an intercontinental ballistic missile, potentially linked to its development of solid-fuel rocket engines. Solid-fuel missiles are easier to operate and harder to detect compared to liquid-fuel weapons. This development could enhance North Korea's nuclear counterattack capability, although experts believe the country still needs more time to fully master the technology.
North Korea launched an intercontinental ballistic missile, potentially linked to its development of solid-fuel rocket engines. Solid-fuel missiles are easier to operate and harder to detect compared to liquid-fuel weapons. This development could enhance North Korea's nuclear counterattack capability, although experts believe the country still needs more time to fully master the technology.
India’s appetite for oil products in October-December is set to get a boost from the upcoming festival season as well as the agricultural season
India’s appetite for oil products in October-December is set to get a boost from the upcoming festival season as well as the agricultural season
Minister also welcomes OMC decision to enhance dealer commissions
Minister also welcomes OMC decision to enhance dealer commissions
Geopolitical tensions will challenge the energy sector, but consumer goods, automotive, and healthcare sectors are expected to grow in 2025. Fossil fuel markets face risks, while renewable energy investments remain strong. Financial sector sees mixed outlook with regulatory easing. Retail volumes will grow, stricter online retail regulations will be enforced, and the automotive sector will see record new-vehicle sales.
India's oil demand is expected to rise by 3.5-4% in Q4 2024 due to festive activities, agricultural needs, and election-related transportation. Despite a 2% drop in diesel demand caused by heavy monsoon rains, gasoline demand grew by 3%. Marriage season and automobile sales will further boost fuel consumption.
Israeli airstrikes on Saturday targeted key facilities in Iran that were linked to its defunct nuclear weapons program and solid fuel missile production. These strikes potentially hampered Iran's missile production capability, as assessed by researchers using commercial satellite imagery.