Nayara Energy plans to add 400 petrol pumps this year, expanding its network of 6,500+ outlets across India. The firm aims to grow its retail presence in states like Gujarat, Maharashtra, Tamil Nadu, and Rajasthan, and invites new dealership applications to boost local entrepreneurship.
Oil prices reached their highest levels since October as colder weather in the Northern Hemisphere and Beijing's economic stimulus measures boosted global fuel demand. Brent crude futures rose to $76.66 per barrel, while U.S. West Texas Intermediate crude reached $74.18 per barrel.
The scheme also allows a consumer who did not previously own a truck to get a scrapping certificate from someone else to avail the incentives while buying. The incentive amount for e-trucks is likely to be announced later this month. Girish Wagh, executive director, Tata Motors, said initiatives like the PM E-Drive provide the much-needed push for EV adoption in the M&HCV segment by "fostering industry confidence and accelerating investments in cleaner technologies."
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India's petrol and diesel consumption soared in December 2024 as holiday travel boosted demand, reversing the fall witnessed in previous months, preliminary data of state-owned fuel retailers showed on Wednesday.
Jet fuel prices were reduced by 1.5 percent and commercial LPG prices by Rs 14.5 per 19-kg cylinder in January. Cooking gas prices for households remain unchanged. The last price cut for petrol and diesel was in mid-March. Prices of ATF and LPG may vary by state. Oil corporations revise fuel prices on the first of each month.
Industry bodies have urged the Finance Minister to consider reducing personal income tax rates, lowering excise duty on fuel, and implementing measures to boost employment-intensive sectors in the upcoming budget. Concerns about Chinese product dumping, food security, and inflation due to climate change were also highlighted.
Refex Renewables & Infrastructure on Monday said its arm Refex Sustainability Solutions Ltd (RSSL) has completed acquisition of 51 per cent stake in Vyzag Bio-Energy Fuel.
India's petrol and diesel consumption increased in December 2024 due to holiday travel. Petrol sales rose 9.8 per cent and diesel demand was up 4.9 per cent from the previous year. Fuel demand also increased due to agriculture activities. This rise continues the trend of growth seen in November 2024 despite the tepid monsoon months.
India's greenhouse gas emissions dropped by 7.93% in 2020 compared to 2019, and the emission intensity of its GDP declined by 36% between 2005 and 2020. India aims to further reduce GDP emission intensity by 45% by 2030 and achieve 50% electric power from non-fossil fuels.
Oil prices increased due to China's expanded manufacturing activity in December. Brent crude futures increased to $74.46 a barrel and U.S. West Texas Intermediate crude to $71.48 a barrel. Brent declined 3.2%, and WTI was down 0.6% for the year. Declining U.S. crude stockpiles provided short-term support.
Indian Oil Corporation (IOCL) will provide fuel services at Noida International Airport (NIA) in Jewar, Uttar Pradesh, under a 30-year concession agreement. IOCL will operate three fuel stations at different strategic locations within the airport, ensuring seamless and efficient fueling services as the airport prepares for its inauguration early next fiscal.
The Confederation of Indian Industry (CII) recommends personal income tax cuts and excise duty reduction on fuel to enhance disposable incomes and stimulate spending. They also propose increasing daily wages under MGNREGA and payouts under PM-Kisan. Engineering Exports Promotion Council (EEPC) suggests a faceless GST audit system to aid MSMEs in reducing compliance costs and focusing on growth.
India is investigating allegations of dumping LNG fuel tanks from China after a domestic company complained. The investigation could lead to anti-dumping duties if it finds that cheap imports are hurting local manufacturers. These tanks are important for large vehicles and the case is being examined by the Directorate General of Trade Remedies.
Union Budget: CII recommends lowering excise duty on fuel to boost consumption, reduce inflation, and increase disposable income in its pre-budget suggestions for 2025-26. The proposal includes reducing marginal tax rates for incomes up to Rs 20 lakh and increasing benefits under key government schemes to enhance rural recovery.
Climate change led to an average of 41 more days of extreme heat in 2024, making it the warmest year on record. The year witnessed 219 extreme weather events, 3,700 deaths, and millions displaced. To avoid further devastation, transitioning away from fossil fuels is crucial, as current policies may increase global warming to 3 degrees Celsius by 2100.
The Black Sea oil spill has become a major environmental disaster, forcing Russia to declare a federal emergency.
NTPC's subsidiary, NTPC Renewable Energy Ltd, started commercial operations for the first 37.50 MW of its 200 MW Gujarat Solar PV Project on December 21, 2024. This increases NTPC group's total installed and commercial capacity to 76,598.18 MW. NTPC aims to reach 60 GW of renewable energy capacity by 2032.
Reliance built the world's largest grassroots refinery in Jamnagar, Gujarat, in just 33 months. This transformed India from a fuel deficit to a self-sufficient nation. The complex was expanded over time, turning Jamnagar into a global refining hub. The success of this project made Jamnagar a top refining site and an environmental success story.
On Saturday, Russia warned of severe environmental damage from a significant oil spill in the Black Sea after two tankers collided in a storm near Crimea on December 15. With one tanker sank, authorities have declared a state of emergency and acknowledged ongoing pollution threats despite efforts for clean-up operations.
Compliance options include using biofuel or pooling with other vessels to share pollution savings. Non-compliance results in a penalty, impacting ships sailing between EU ports.
India's oil demand growth has outpaced China's in 2024 and is expected to continue growing faster in 2025. This increase is leading Indian refiners to expand capacity and diversify crude imports. India is focusing on broadening its exploration policy and attracting private and foreign investments to reduce its heavy dependency on imported oil.
India could become a major sustainable aviation fuel producer. The country has ample ethanol and other resources. This will help lower emissions from air travel. The International Air Transport Association sees India as a potential SAF hub. India's SAF could even supply the global market. The aviation industry needs more sustainable fuel production.
Private jet fuel suppliers have significantly outpaced state-run companies in sales growth this fiscal year, achieving a 63% rise compared to the public sector’s 5.5%. Their market share has grown to nearly 12%, driven by aggressive marketing and expanded supply networks.
Ukraine used drones to hit a key Russian fuel depot. This is the second such attack in a week. The attack targeted facilities supplying Russia's military. Russia retaliated with widespread attacks on Ukraine's power grid. Fighting intensified in Ukraine's northeast. Russia claims to have captured two settlements. Several drone strikes caused casualties and damage in both countries.
India holds significant potential to become a major sustainable aviation fuel (SAF) producer, leveraging its ethanol resources and lipid feedstocks. IATA highlights India's existing ethanol production and the potential of agricultural waste for SAF. While global SAF production is increasing, it remains below projections, emphasizing the need for greater investment and development in SAF technologies.
The notices, sent between September and November, allege that companies wrongly classified CNG fuel tanks as general cylinders for compressed gas and paid 18% GST, despite these cylinders being exclusively used in motor vehicles. The authorities have sought unpaid tax from July 2017 to April 2024, with interest and penalty. Industry says this could have huge tax implications.
Scientists found a huge natural hydrogen source in America. It could power us for thousands of years. A test site shows promising results. This hydrogen burns clean, unlike fossil fuels. Researchers are studying how to extract and store it. A government grant will help their research. This discovery could change our energy future.
The GST Council meeting saw states opposing the inclusion of ATF under GST. Finance Minister Nirmala Sitharaman announced the states' decision. They prefer ATF to remain part of the crude petroleum diesel basket. The aviation sector's request for GST on ATF was denied. The existing tax structure for ATF will continue.
The GST Council is set to discuss several changes, including reducing tax on life and health insurance premiums, food delivery platforms, and aviation turbine fuel. It may raise taxes on luxury goods like wristwatches, shoes, and apparel, and introduce a 35% tax for sin goods.
Shares of aviation companies such as InterGlobe Aviation (IndiGo) and SpiceJet are expected to remain in focus today, as the government may discuss bringing aviation turbine fuel (ATF) under the Goods and Services Tax (GST) regime at the 55th GST Council meeting. This move, if implemented, could have a significant impact on the aviation sector.