Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
Petrol, diesel prices may be cut if crude rates stay low for longer: Petroleum Secretary
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.
Current refining margins on fuel unsustainable, will hurt refiners: Oil secretary
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 sees 14 pc rise in domestic fuel sales, exports drop
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.
MRPL commissions marketing terminal in Bengaluru
‘The facility aims to enhance the availability and distribution of petroleum products such as petrol, diesel, and ATF in the region’
Not opposed to petrol & diesel but we need to be more responsible towards environment & citizens: Nitin Gadkari
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 bring its first hydrogen car onto the market from 2028
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.
Uncovering the dark money: How banks are funding fossil fuels in secret
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.
Efforts on to make India a global aviation hub, manufacture aircraft: Naidu
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.
Donald Trump shrugs off global warming worries, says 'that is not our problem' in latest remarks
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 prices jump $1 on Gulf Coast storm, post selloff recovery
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.
Aim to shift a third of trucks to LNG in 5-7 Years: Oil Ministry
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.
India will find it difficult to slash fossil fuel imports, no need for too much EV subsidies: Nitin Gadkari
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.
Gujarat hydropower plants made a record in electricity generation in August'24
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 September 2024: HDFC Bank, ICICI Bank, SBI Card, Kotak Mahindra Bank, Axis Bank
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 launches fuel credit card with IOCL
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.
Ukraine drones set oil depot ablaze in Russia's Rostov, attack distant Kirov region
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.