Recent fuel, transport and policy updates, in a clear and scan-friendly format.
The Reserve Bank of India's Monetary Policy Committee (MPC) has decided to maintain the current interest rate at 6.5%, following a 4:2 majority decision. The panel projected real GDP growth for FY25 to be 7.2%, up from 7%. The MPC is also maintaining the Standing Deposit Facility rate at 6.25% and the Marginal Standing Facility bank rate at 6.75%.
The UN's weather agency predicts an 80% chance of global temperatures surpassing the 1.5°C target in the next five years, as outlined in the Paris climate accord. The World Meteorological Organization expects temperatures from 2024 to 2028 to be 1.1 to 1.9°C hotter than the start of the industrial era. UN Secretary-General António Guterres highlighted this threat in a speech for World Environment Day. The EU's climate service reported May as the hottest ever, with 12 consecutive months of record temperatures, attributing the trend to fossil fuel burning.
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.
Moving to clean energy could also bring savings of up to $4.6 trillion each year, according to new research from Colorado-based think tank RMI.
UN Secretary-General Antonio Guterres stated humans are as destructive as the meteor that caused the dinosaur extinction, urging a ban on oil, gas, and coal advertising. His comments coincided with scientists reporting the last 12 months as the hottest on record. The global average temperature is 1.63°C above pre-industrial levels. Despite the agreement to phase out fossil fuels at COP28, emissions remain high. Guterres called for taxing fossil fuel profits and reallocating funds to combat climate change, as critical climate talks continue in Bonn ahead of the COP29 summit in November.
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
NHAI has hiked toll charges by 5% on national highways. The revised user fee has been implemented from Monday, affecting motorists across the country.
Adani Power Ltd's arm Mahan Energen Ltd approved merging Stratatech Mineral Resources with Dhirauli Coal Mine to enhance fuel security, subject to shareholder and regulatory approvals, with a peak-rated capacity of 6.5 million tonnes per annum. The merger involves a wholly-owned subsidiary engaged in mining, power generation, and allied activities.
The government is likely reduce the petrol and diesel prices ahead of the Lok Sabha polls as crude oil prices have also come down in the international market which will enable the oil marketing companies to bear the burden.
The updated versions of both Harrier and Safari have received top safety ratings from the vehicle safety group Global NCAP.
According to sources, the Petroleum Ministry has prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval that could come on Thursday.
India's GDP growth came in at 7.7 per cent in the first six months of the current fiscal year, said Puri, who also serves as the Minister of Housing & Urban Affairs.
The price of petrol would drop by 40 Pakistani rupees ($0.144) to 283.38 rupees a litre effective October 16.
