Latest Fuel News
Recent fuel, transport, and policy updates presented in a clear and scan-friendly format.
Labour Day sales offer: Are you planning to travel? Circle K is offering 40 cents off on gas, grab it now
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 climbs on Mideast escalation fears, US rate cut expectations
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.
India’s diesel, petrol exports likely to hit the slow lane
Face subdued demand from Europe, low margins, and refinery maintenance in upcoming months
Oil prices pause after surging on Libyan outages, Middle East tensions
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.
Government lifts cap on sugar diversion for ethanol production starting in November 2024
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 hybrids rev up to fly past EVs in green race as car sales make a pit stop
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.
PNGRB seeks common carrier status for PSUs' ATF pipelines
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.
Applied Materials forecasts quarterly revenue above estimates
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.
Radical changes to India inflation regime are risky, study shows
The paper by think-tank National Council of Applied Economic Research addresses the ongoing debate among policymakers over whether food prices should be stripped from inflation targeting. Economists argue that this approach is not feasible in a country like India, where food makes up nearly half of the consumer price index basket.
India imports USD 2.8 billion worth of crude oil from Russia in July
India purchased $2.8 billion worth of crude oil from Russia in July, making it the second-largest buyer after China. Russia became India's top oil supplier owing to discounted prices following the Ukraine invasion. These imports now constitute nearly 40% of India's total oil purchases, significantly shifting global trade patterns.
Why almost nobody is buying green hydrogen
Hydrogen's promise as a clean fuel has led to plans for 1,600 plants globally. Yet, most lack firm buyers, with only 12% having secured agreements.
Govt revises windfall gains tax on petroleum products, new rates effective from August 17
The government on Friday revised the windfall gains tax on petroleum products, reducing the levy on domestic crude oil to Rs 2,100 per tonne, down from the previous Rs 2,400 per tonne. However, the windfall gains tax on the export of petrol, diesel, and aviation turbine fuel (ATF) remains unchanged at NIL. These new rates will come into effect starting August 17, 2024.
PNG up five times, LPG doubled and ethanol blending up 10 times over last decade, says Hardeep Puri
Union Minister Hardeep Singh Puri announced a notable increase in India’s piped gas connections and LPG users over the past decade. The country’s refining capacity and natural gas pipeline network expanded significantly. India also successfully kept fuel prices stable between January 2022 and July 2024, despite global price surges.
Mahindra Thar Roxx RWD: Unveiling Petrol and Diesel Variant Prices
Earlier this week, Mahindra announced the prices of the entry-level variants of the Mahindra Thar, starting at Rs. 12.99 lakh and Rs. 13.99 lakh (all prices, ex-showroom) for the petrol and diesel versions, respectively.
Oil prices rise on hopes of US rate cuts boosting fuel demand
Oil prices saw a modest rise Thursday on optimism that potential U.S. interest rate cuts could stimulate economic activity and fuel demand. However, gains were limited by concerns over sluggish global demand. The increase followed a decline on Wednesday when U.S. crude inventories unexpectedly rose, and worries about a wider Middle East conflict eased.
Coal India removes quantity limit for power producers
The change will apply to the power generators that have signed a fuel supply agreement with an enabling clause. The fillip for the state-owned miner is that the move would boost supplies at a time when coal demand is showing signs of slackening, the company said.