MG Motor India and Hindustan Petroleum Corporation Ltd collaborate to expand EV charging infrastructure in India, installing fast chargers at key locations for long distance and intercity commutes.
The company has a plan to double the capacity of its 5 million metric tonnes-per-year Dhamra LNG terminal in Eastern India, CEO Satinder Pal Singh said, adding that the terminal is operating at about 52% capacity.
Hydrogen, a vital element in water creation, is gaining traction as a fuel source for fuel-cell electric vehicles.
EET Retail, the retail division of EET Fuels, has reopened two new service stations in the UK, signaling a new era of convenience and service for the Essar consumer brand.
Sales of hybrid transmission cars and SUVs are rapidly increasing, challenging electric vehicles in market share. Maruti Suzuki and Toyota offer popular models in this segment, with hybrid vehicles capturing 2.48% of the passenger vehicle market in Q1 2024.
Oil prices crept higher on Friday, having been under pressure from lingering concerns that sticky inflation could prolong higher interest rates and curb fuel demand.
Hybrids run on electricity generated by burning fossil fuels. This situation will not change as we move up the hybrid technology tree. EVs, too, run on electricity produced in India principally from fossil fuels. However, transition to renewables makes EVs progressively less polluting. At some point in the future, EVs will be far cleaner than hybrids. So, do the two categories deserve the same fiscal encouragement?
Oil prices in holding pattern ahead of OPEC+ meeting on June 2 to discuss maintaining output cuts. Brent crude contract inches up to $82.23 a barrel in early Asian trading.
Oil prices rose on concerns of high interest rates impacting fuel demand. Federal Reserve's interest rate policy, US crude oil inventories, and statements from Fed Chair Jerome Powell influenced market sentiment. Analysts anticipate market shifts as OPEC+ considers extending production cuts and reports emerge of oil overproduction by Russia.
The G7 leaders recently committed to achieving net zero emissions by 2050, with the Albanese government in Australia introducing legislation to create a Net Zero Economy Authority to drive investment in clean energy. The concept of net zero, aiming to balance carbon emissions with carbon sinks, emerged from early climate negotiations in the 1990s. It gained traction in the late 2000s as a metric for assessing mitigation efforts and became a key goal of the 2015 Paris Agreement. However, challenges remain in ensuring fairness and equity between developed and developing nations, and in avoiding greenwashing by corporations.
Indian refiners reduce diesel shipments to Europe in May due to rising inventories and weak price spreads. April saw high exports, mostly from Reliance Industries' Jamnagar refinery, using Aframax and Suezmax vessels. Cost factors and ample European supply prompt refiners to shift focus back to Asia, exacerbating regional supply glut.
U.S. crude oil and gasoline inventories rose last week, while distillates fell, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
CRISIL Ratings predicts that road transport fleet operators' revenue growth will double to 9-11 per cent this fiscal, driven by better domestic demand and tepid exports. Operating margins are expected to improve 75-100 basis points due to better fleet utilization and steady fuel costs. Operators may moderate capital expenditure for fleet expansion, following strong additions in the past three fiscal years.
Oil market cautious ahead of OPEC+ meeting on June 1 to discuss extending 2.2M bpd output cuts. U.S. fuel demand and Fed's inflation concerns impact prices.
Saudi Arabia has signed deals to purchase electricity from two large-scale wind farms at record-low prices, cheaper than natural gas plants. The kingdom aims to shift rapidly to a larger share of renewables in the power grid, with the goal of generating half of its power from clean sources by 2030. The projects, developed by Japan's Marubeni Corp, benefit from state backing and favorable wind conditions in the country, making them more cost-effective than fossil fuel alternatives. The country's move towards renewable energy is part of Crown Prince Mohammed Bin Salman's efforts to diversify the economy away from oil dependence.
Auto component industry to double investment to $7 billion; Craftsman Automation could give 19% return. Premiumization trend drives shift to 'premium' vehicles. UV mix in PVs at 60% in FY24. 125cc+ segment in motorcycles at 52% in FY24. Social media influences rural trends. Finance accessibility boosts premiumization. India targets net zero emissions by 2070, promoting EVs and biofuels.
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
Atomic Energy Commission chairman Ajit Kumar Mohanty was hosted by the Russian Atomic Chief in Siberia's Tomsk region in Russia on Thursday. The Russian Atomic Chief showed Mohanty the fourth-generation site that will host the safest atomic reactor in history, RT-India reported.
India's exports of diesel and petrol fell by a fifth year-on-year to $33 billion in 2023-24 due to declining international prices. Diesel generated the largest share of export revenues for Indian refiners, accounting for $22 billion of the $48 billion earned by exports of refined fuels. The war in Ukraine and Western sanctions on Russia caused fuel prices to rise, boosting export earnings for Indian refiners.
Cases of fraud at petrol pumps, including tampering with machine settings, have sparked outrage online. A recent viral video shows a Delhi man alleging fraud at a petrol pump in Sadiq Nagar. The post, shared on X, has garnered over 550k views, leading to calls for government action. Commenters shared their own experiences and called for stricter regulations and audits in the fuel industry. Netizens expressed outrage and concern over the incidents, highlighting the need for increased scrutiny of petrol pump operations.
Hindustan Petroleum Corporation Ltd. key Products/Revenue Segments include Refinery, Rent and Other Operating Revenue for the year ending 31-Mar-2023.
Sales of petrol by state-run fuel retailers rose 12.3%, showed provisional data sourced from state-run companies. This is lower than the overall increase of 14% for the industry, indicating market share expansion for private players. Similarly, diesel sales by state-run companies fell 2.3% against an overall 1% rise for the industry in April. ATF and LPG sales by state-run companies expanded by 7% and 12%, respectively, in April.
Suspected attackers intercepted petrol and LPG tankers traveling along NH-37, in Manipur’s Tamenglong district. Sources said that around 10.30 am attack was launched causing substantial leakage of liquefied petroleum gas (LPG), petrol, and diesel onto the roadside drains. Tires were flattened.
Meghalaya Chief Minister Conrad K Sangma has pledged to prevent further petrol bomb attacks in Shillong after a recent spate of incidents. The government is working to ensure such violence doesn't happen again, with police taking steps to make arrests based on evidence. Seven attacks have occurred in less than a month, sparking fears of escalating violence. The CM emphasized the government's commitment to arresting those involved and maintaining law and order. High-profile figures, including Major General (retd) Rajesh Kumar Jha and the Deputy Chief Minister, have been targeted in these attacks, highlighting the seriousness of the situation.
His house is situated in Nongmynsong within the East Khasi Hills district. He lodged a First Information Report (FIR) which led to an increase in security in and around his property. Recently, individuals on motorcycles threw a petrol bomb at a police vehicle that was escorting Director of NEEPCO (Personnel) Major General (retired) RK.
Tripura govt restricts fuel sale due to disrupted train movement. Restored passenger service, but goods train halted in Jatinga, Assam. Fuel rationing in place with daily vehicle limits. Restoration progress ongoing in Assam's Jatinga.
Hindustan Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 66529.92 Crore) operating in Gas & Petroleum sector.
In the first half of April, India's petrol consumption surged by 7%, reaching 1.22 million tonnes, compared to 1.14 million tonnes during the same period last year. However, diesel sales witnessed a decline of 9.5% to 3.14 million tonnes. This rise in petrol sales can be attributed to increased use of personal vehicles following a price cut, along with the crop harvesting season and the onset of summer.
Jaishankar emphasized the crucial role of foreign policy in citizens' lives, citing India's clear stance on the Russia-Ukraine war. He highlighted world issues, UNSC membership aspirations, and the importance of strong leadership.