Recent fuel, transport and policy updates, in a clear and scan-friendly format.
Total consumption totalled 19.99 million metric tons in June, up from 19.48 million tons last year, data showed. Demand was down 3.5% on a monthly basis from the 20.72 million metric tons consumed in May. Sales of diesel, mainly used by trucks and commercially run passenger vehicles, fell 5% month-on-month to 7.98 million tons in June.
Crude oil prices rose 6% in June due to OPEC+ production cuts and US summer fuel demand. WTI, Brent, and MCX futures gained. Geopolitical risks, hurricanes, like Hurricane Beryl, influenced prices. Energy agencies predict slower oil demand growth and surplus amid energy transitions. China's and India's demand are key. Fed rate cut decisions also impact oil markets.
In the context of Britain's political landscape and its climate ambitions, Keir Starmer, poised to become the next prime minister, has positioned the Labour Party as advocates for transforming the nation into a "clean energy superpower." This aspiration marks a significant departure from Britain's historical role as a major contributor to climate pollution, stemming from its origins in the Industrial Revolution fueled by coal.
The head of Israel's Mossad has returned from Doha after an initial meeting with mediators trying to reach a Gaza ceasefire and hostage release deal, and negotiations will resume next week, Prime Minister Benjamin Netanyahu's office said on Friday.
India's Bajaj Auto has launched the world's first compressed natural gas (CNG)-powered two-wheeler, the Freedom 125, in Pune. The entry-level vehicle, likely priced at Rs 95,000, aims to shake up the motorcycle market. CEO Rajiv Bajaj praised the bike as an avatar of freedom and freedom from petrol. Key features include telescopic front forks, mono-link suspension, front disc and rear drum brake setup, and a 125cc engine.
The Bajaj Freedom CNG motorcycle offers significant fuel cost savings, potentially reducing expenses by around 50% compared to petrol motorcycles
This is to be done in consultation with the Central Pollution Control Board (CPCB) and Ministry of Petroleum and Natural Gas (MoPNG), per an official release issued on Thursday
Oil prices stabilized in Asian trade, set for a fourth week of gains amid strong U.S. summer demand and supply concerns. Brent and WTI prices rose. Russia's Rosneft and Lukoil to cut July exports. Saudi Aramco lowered Asian prices. Sentiment boosted by geopolitical tensions, a 12.2 million barrels draw, potential Fed rate cuts, and the Gaza conflict.
Union Budget 2024: The Modi-led government is likely to allocate Rs 9,000 crore for the LPG subsidy to beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY) in the upcoming Budget, according to a report by ET Now citing sources. This move continues the government's focus on providing subsidies under the Ujjwala Yojana scheme, primarily benefiting women.
Solar power generation in the third-largest producer of electricity from the sun rose to 63.6 billion kilowatt-hours (kWh) in the first half of 2024, the data showed, up 14.7% compared with the same period last year and 18.5% in the calendar year 2023. The world's fastest growing major economy has prioritised coal to address a surge in power demand in recent years.
The coal industry experienced a notable increase in production and dispatch in the first quarter of the fiscal year, with a significant rise in output from various sectors and mines. The coal ministry's report highlighted positive growth trends in the industry.
An average customer earning Rs 30,000 to Rs 40,000 per month can expect to save about Rs 1,500 per month by using CNG as a fuel. Also, CNG, while still a carbon-based fuel, has far less carbon content, and to that extent, it is much more beneficial from an environmental point of view than diesel or petrol, says Rakesh Sharma, ED, Bajaj Auto.
Exciting developments in the oil market as prices hold steady near recent highs, driven by robust demand projections and the possibility of U.S. interest rate cuts. The looming threat of Hurricane Beryl and reduced crude imports into Asia, especially China, add further intrigue to the market landscape.
Fuel sales data from April to June indicates a growth in petrol and diesel consumption, with petrol sales rising by 4.2% and diesel sales by 0.7% year-on-year. The aviation turbine fuel (ATF) and liquefied petroleum gas (LPG) sales also saw increases, reflecting a positive trend in the national oil product demand.
Jet fuel prices saw a 1.2% hike on Monday, with Aviation Turbine Fuel (ATF) rising to Rs 96,148.38 per kl in Delhi, following a previous 6.5% reduction on June 1. In Mumbai, ATF reached Rs 89,908.30 per kl. Meanwhile, commercial LPG prices for hotels and restaurants were cut by Rs 30 per 19-kg cylinder to Rs 1,646.
Consumption of diesel and petrol falls 5%, respectively on a monthly basis
