Recent fuel, transport and policy updates, in a clear and scan-friendly format.
Recent hike in petrol prices by Pakistani government adds to inflation woes. Prices now at Rs 275.60/liter for petrol and Rs 283.63/liter for diesel. Inflation has quickened in Pakistan, impacted by higher energy costs.
Protonas, specializing in low-cost PEM hydrogen fuel cells, received funding from Transition VC. The funds will be used to set up manufacturing facilities in Chennai and develop prototypes.
Jaipur Airport has a Rs 6,000 crore investment plan for various development projects by 2027, focusing on passenger amenities and efficiency. Initiatives like DigiYatra, passenger Wi-Fi, and IoT-based projects aim to enhance the passenger experience. Sustainable growth is also a priority, with a shift towards more electric vehicles at the airport.
Several shipping companies, such as Maersk Tankers, Mitsui OSK Lines, Trafigura, and Gunvor Group, are investing in ammonia tankers for 2027.
IndianOil, India's leading oil firm, commenced the production of high-octane fuel for racing cars and dispatched its first batch. The Paradip refinery in Odisha is now producing STORM-X, a specialized petrol designed for motorsport.
The charges for petrol, CNG or LPG (including bio fuel) two and three wheelers has been increased from Rs 60 to Rs 80 and for four wheelers from Rs 80 to Rs 110, he said in a statement.
Oil Minister Hardeep Puri defended India's control over pump prices, prioritizing affordable fuel for consumers over free market principles. Speaking at an energy conference, Puri highlighted the government's commitment to ensuring availability and affordability rather than adhering strictly to global market doctrines. He expressed concerns about India's heavy reliance on imported crude and emphasized the role of the exploration and production sector in achieving energy self-sufficiency and economic growth. Puri also announced the formation of a committee to address industry issues collaboratively.
California officials announced that the world's first hydrogen-powered commercial passenger ferry, the MV Sea Change, will begin operations on San Francisco Bay on July 19. The 70-foot catamaran will transport up to 75 passengers as part of a pilot program designed to phase out diesel-powered vessels and reduce carbon emissions. The service will run for free for six months.
Oil prices rose Friday amid strong summer demand and easing U.S. inflation. Brent futures rose 0.4% to $85.77, and WTI rose 0.6% to $83.12. U.S. gasoline demand hit 9.4 million bpd for the week of July 5. US refiners drew from stocks. Falling consumer prices boosted sentiment; WTI futures tight. ANZ’s Daniel Hynes noted the weaker dollar.
The bad part is the valuations are excessive at this stage, which is true for many of the sectors which are doing well, their visibility is very good, the valuations are also very high.
Gahlot said the charges of PUC certificates for diesel vehicles has been revised from ₹100 to ₹140
In May 2024, retail inflation for industrial workers in India eased to 3.86%, down from 4.42% a year earlier. The Consumer Price Index-Industrial Workers (CPI-IW) rose by 0.5 points to 139.9 points, compared to 139.4 points in April 2024. The food and beverages group increased to 145.2 points from 143.4 points in April, while the fuel & light segment decreased to 149.5 points from 152.8 points. The Labour Bureau compiles these indices based on retail prices collected across 317 markets in 88 industrially significant centers nationwide.
Signs of a turning point in humanity’s fossil fuel addiction are everywhere, from evidence that China’s emissions are peaking this year, to the ongoing failure of crude oil output to climb above levels it hit in 2018.
Tata Motors and Mahindra & Mahindra have announced significant discounts on their popular SUVs in India, amid weakening demand and rising inventory. M&M has offered over Rs 2 lakh on its AX7 variants for the next four months, starting at Rs 19.49 lakh. Tata Motors has also reduced prices by up to Rs 70,000 on select models and up to 1.4 lakh on its range of fossil fuel and EV SUVs.
When Narendra Modi took office as Prime Minister in 2014, he set clear goals for the oil and gas sector, leading to significant achievements over the past decade. His administration's strong policy support and close oversight have ensured nearly universal access to cooking gas, expansion of petrol pumps and gas distributors, growth in natural gas pipelines and LNG import capacity, an increase in ethanol blending, and a reduction in fuel subsidies.
Oil prices rebounded due to falling U.S. crude stockpiles and rate cut hopes. WTI and Brent futures rose. Investors anticipate economic growth from rate cuts. Powell's comments and limited Texas energy issues post-Hurricane Beryl supported prices. API and EIA foresee higher demand. Crude stocks fell by 1.923 million barrels on July 5. Gasoline inventories also decreased as ports reopened.
