New Delhi: Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.Rajasthan Chief Minister Ashok Gehlot also said the PM 'by mistake instead of saying Bhopal, mentioned Jaipur' as petrol and diesel cost more in Bharatiya Janata Party-ruled Madhya Pradesh.The Congress leader also said Rajasthan government reduced VATs on diesel and petrol on three occasions, which resulted an annual revenue loss of about Rs 6,300 crore 'but the PM only mentioned the revenue loss of 6,000 crores of Karnataka and Rs 3500-4000 crores of Gujarat (both states ruled by BJP)'.Making a statement in the Tamil Nadu Assembly, Stalin said since 2014, whenever international crude rates dipped, the National Democratic Alliance government did not pass on the benefit to the customers but only pocketed the additional revenue earned from the differential.Referring to a Tamil saying, he indicated that the PM was not revealing the facts. (Contd On P 2)

 Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier. Rajasthan Chief Minister Ashok Gehlot also said the PM 'by mistake instead of saying Bhopal, mentioned Jaipur' as petrol and diesel cost more in Bharatiya Janata Party-ruled Madhya Pradesh.

Fuel Price: CMs Hit Back At Modi For Tax Cuts Remark

 Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.
Rajasthan Chief Minister Ashok Gehlot also said the PM 'by mistake instead of saying Bhopal, mentioned Jaipur' as petrol and diesel cost more in Bharatiya Janata Party-ruled Madhya Pradesh.




Mumbai (The Hawk): Union Minister for Road Transport and Highways Shri Nitin Gadkari today said with the help of proven technology, economic viability, availability of raw material and marketing there is wide scope for the start ups in the automobile industry. Use of electric vehicles in the county is increasing&nbsp;&nbsp;and Pune has the potential to become transport hub for these vehicles.&nbsp;&nbsp;&nbsp;Shri Gadkari today inspected a selection of start-up products related to transport and commuting at a special interactive function organised by Science and Technology Park, Pune. Shri Gadkari also conducted virtual inauguration of Green Joules – a Start-Up under STP (Pune) for converting agro industrial waste into useable diesel fuel.Speaking on the occasion the Union Minister&nbsp;said that&nbsp;the new technology with use of Ethanol, and other bio fuels are cost effective, pollution free, substitutes for imports. Automobile Industry is growing in the country. Almost all the reputed brands are present. The major manufacturers want to export their products from India. This industry has huge potential and can offer&nbsp;major job opportunities in the country, he added.<img src="https://static.pib.gov.in/WriteReadData/userfiles/image/IMG-20220506-WA0011C8WJ.jpg">He further added&nbsp;that there is a&nbsp;need to focus on research and start-ups as per the local needs. He also emphasized the need for&nbsp;coordination, cooperation and communication about the new technology with in the&nbsp;various&nbsp;&nbsp;government departments. The Minister further said that we&nbsp;have to think about viable alternatives to imports and alternative fuels for the growth of the country.Dr. Anita Gupta, Adviser and Head Nation Science and Technology Entrepreneurship Development Board, Dept. Of Science and Technology, Govt. of India said, “Inducting entrepreneurship in start-ups is one of the main objectives of DST and we are working closely with aspiring innovators to help them see their projects become reality”.Mr. Dilip Band, President of the Board of Science and Technology Park; Mr. Pratap Pawar, Chairman Sakal Media Group and Vice President of the Board of Science and Technology Park, Dr. Rajendra Jagdale, Director General and CEO of STP (Pune) and other dignitaries were also present.&nbsp;Scitech Park, established in 1986, is promoted by the Ministry of Science and Technology, Government of India. It acts as a bridge between Industry – Research – Academia; to promote S&amp;T innovations and entrepreneurship.<img src="https://static.pib.gov.in/WriteReadData/userfiles/image/IMG-20220506-WA0010651R.jpg">STP (Pune) provides all support and services needed by entrepreneurs and start-ups including (i) coaching and mentoring in IPR, technology management, strategic planning, business development, financial modeling, accounting, HR etc. and (ii) physical infrastructure like prototyping facility, small manufacturing setups, shared R&amp;D facilities, co-working spaces etc.STP also conducts training programmes in entrepreneurships, provides sustenance grants to early innovators, prototyping grants and seed funds to startups; mainly extended by DST and recently received from DPIIT. So far, 168 start-ups are supported by Scitech Park; and 81 start-ups are funded with nearly Rs. 13 Cr (Approx. 1.75 M USD) in sectors such as electric mobility, waste processing, renewable energy, pollution control, health &amp; diagnostics, education, energy efficient devices, green building materials etc.START-UP Products displayed at the event:<ul><li class="ql-align-justify">Fuel from Agri Industrial Waste by Greenjoules Pvt Ltd and Manufacturing Plant</li><li class="ql-align-justify">Plastic &amp; Thermocol to Fuel &amp; Paint by G D Environmental Pvt Ltd</li><li class="ql-align-justify">Electric Gypsy Retrofit Kit by Pixy Electric Cars Pvt Ltd</li><li class="ql-align-justify">Electric Scooter for Last Mile Delivery by Ashnni Motors Pvt Ltd</li><li class="ql-align-justify">Electric Sowing Implement by RowbotixAgtech Pvt Ltd</li></ul>

Union Minister for Road Transport and Highways Shri Nitin Gadkari today said with the help of proven technology, economic viability, availability of raw material and marketing there is wide scope for the start ups in the automobile industry.

Gadkari inspects start-up products related to commuting and transport under STP

New Delhi: Amid the worst economic crisis in Sri Lanka, India took another initiative to extend support and supplied 12 shipments and over 400,000 Metric Tones (MT) of fuel to the island nation. The High Commission of India in Sri Lanka took to its Twitter handle to make the announcement of the consignment. "12 shipments and more than 400,000 MT of fuel!! Latest consignment of #Diesel from #India under the credit line for fuel was delivered in #Colombo by Torm Helvig today," the High Commission of India in Colombo tweeted.Earlier, on Thursday, India extended its support by supplying 65,000 metric tons of urea to the island nation. The Sri Lankan High Commissioner to India, Milinda Moragoda, held a meeting with the Secretary in the Department of Fertilizers of India Rajesh Kumar Chaturvedi where the issue was discussed, reported Daily Mirror."High Commissioner Milinda Moragoda met with the Secretary to the Department of Fertilizers of India Rajesh Kumar Chaturvedi and thanked him for India's decision to supply 65,000 MT of urea required for the current Yala cultivation season in Sri Lanka," said the High Commission of Sri Lanka in a message.In the meeting, both Moragoda and Kumar Chaturvedi discussed possible ways and measures to ensure that chemical fertilizers from India to Sri Lanka are supplied continuously under the existing USD 1 billion Indian lines of credit and beyond, reported Daily Mirror.Moreover, India has promised to provide over USD 3 billion to the debt-ridden island country in loans, credit swaps, and also credit lines since the beginning of the year. India has also expressed its desire to work with the new Sri Lankan government. Currently, Sri Lanka is facing its worst economic crisis since independence with food and fuel shortages, soaring prices, and power cuts affecting a large number of the citizens.—ANI

Amid the worst economic crisis in Sri Lanka, India took another initiative to extend support and supplied 12 shipments and over 400,000 Metric Tones (MT) of fuel to the island nation.

India delivers over 400,000 MT of fuel to Sri Lanka

New Delhi: Jet fuel prices on Monday were hiked by a steep 5.3 per cent - the tenth straight increase this year -- to an all-time high, in line with a surge in global energy prices. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- was hiked by Rs 6,188.25 per kilolitre, or 5.29 per cent, to Rs 1,23,039.71 per kl (Rs 123 per litre) in the national capital, according to a price notification of state-owned fuel retailers. This is the 10th straight increase in jet fuel prices this year.Meanwhile, petrol and diesel prices remained unchanged for the 41st straight day after rising by a record Rs 10 per litre each.Jet fuel prices are revised on the 1st and 16th of every month, while petrol and diesel rates are revised daily, based on equivalent rates in the international market. Petrol and diesel prices were hiked by Rs 10 a litre between March 22 and April 6 and have remained on freeze thereafter. State-owned oil firms have offered no reason for keeping petrol and diesel prices on freeze while raising ATF rates. Petrol costs Rs 105.41 a litre in the national capital and diesel is priced at Rs 96.67 per litre. The increase in ATF price comes on the back of the steepest ever hike of 18.3 per cent (Rs 17,135.63 per kl) effected on March 16 and a 2 per cent (Rs 2,258.54 per kl) increase on April 1. Prices were increased by a marginal 0.2 per cent on April 16, followed by a Rs 3,649.13 per kl (3.2 per cent) hike on May 1.ATF in Mumbai now costs Rs 1,21,847.11 per kl, while it is priced at Rs 1,27,854.60 in Kolkata and Rs 1,27,286.13 in Chennai.Rates differ from state to state, depending on the incidence of local taxation.Fuel rates have been increased in India because energy prices globally have risen on the back of supply concerns following Russia's invasion of Ukraine and demand returning after being hit by the pandemic. India is 85 per cent dependent on imports to meet its oil needs. While oil prices have eased from a near 14-year high of USD 140 per barrel, it continues to trade above USD 100. On Monday, Brent - the world's most used benchmark - was trading at USD 109.76 per barrel.To compound things, the rupee has depreciated against the US dollar, making imports costlier. It closed at an all-time low of 77.55 to a US dollar on Friday. Forex markets were closed on Monday on the account of Buddha Purnima. Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs. ATF prices have increased every fortnight since the start of 2022. In the nine hikes beginning January 1, ATF prices have been increased by Rs 49,017.8 per kl (Rs 49 per litre) or nearly 55 per cent.—PTI

Jet fuel prices on Monday were hiked by a steep 5.3 per cent - the tenth straight increase this year -- to an all-time high, in line with a surge in global energy prices.

ATF price hiked by 5.3 pc, 10th increase this year

Seuol: South Korean airlines are set to impose record fuel surcharges on international routes in June in the wake of soaring jet fuel prices, industry sources said Monday. Starting June 1, the surcharge for one-way tickets on international routes will range from 37,700 won ($29.4) to 293,800 won, depending on the routes, Yonhap News Agency quoted an official from Korean Air Lines as saying.The planned increase will raise the surcharges to the highest Level 19 from the current Level 17. In April 2021, rising jet fuel prices forced local carriers to begin imposing fuel surcharges after a one-year hiatus. Fuel surcharges on international routes had stayed at zero since April 2020 due to the fallout from the coronavirus pandemic. If the average jet fuel price on the Singapore spot market rises over $1.50 per gallon during the past month, South Korean airlines are allowed to impose fuel surcharges starting one month later. If jet fuel prices drop below the threshold, no surcharge is collected. Jet fuel prices averaged $3.36 per gallon on the Singaporean market for the one month from April 16 to May 15. Meanwhile, fuel surcharges on domestic routes will rise to 17,600 won in the coming month from 14,300 won in May.—IANS

South Korean airlines are set to impose record fuel surcharges on international routes in June in the wake of soaring jet fuel prices, industry sources said Monday.

S.Korean airlines to impose record fuel surcharges on int’l routes

Since early-2020, governments around the world have been in the throes of the COVID-19 pandemic, struggling to adapt to an evolving world order which is not of their making.

The hypocrisy of the Opposition narrative on fuel prices

New Delhi (The Hawk): The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Amendments to the National Policy on Biofuels -2018.The “National Policy on Biofuels - 2018” was notified by Ministry of Petroleum and Natural Gas on 04.06.2018 in supersession of National Policy on Biofuels, promulgated through the Ministry of New &amp; Renewable Energy, in 2009.Due to advancements in the field of Biofuels, various decisions taken in the National Biofuel Coordination Committee (NBCC) meetings to increase biofuel production, recommendation of the Standing Committee and the decision to advance to introduce Ethanol Blended Petrol with up to twenty per cent ethanol throughout the country from 01.04.2023, amendments are done to the National Policy on Biofuels.&nbsp;&nbsp;The following are the main amendments approved to the National Policy on Biofuels:<ol><li class="ql-align-justify">to allow more feedstocks for production of biofuels,</li><li class="ql-align-justify">to advance the ethanol blending target of 20% blending of ethanol in petrol to ESY 2025-26 from 2030,</li><li class="ql-align-justify">to promote the production of biofuels in the country, under the Make in India program, by units located in Special Economic Zones (SEZ)/ Export Oriented Units (EoUs),</li><li class="ql-align-justify">to add new members to the NBCC.</li><li class="ql-align-justify">to grant permission for export of biofuels in specific cases, and</li><li class="ql-align-justify">to delete/amend certain phrases in the Policy in line with decisions taken during the meetings of National Biofuel Coordination Committee.</li></ol>&nbsp;This proposal will also attract and foster developments of indigenous technologies which will pave the way for Make in India drive and thereby generate more employment.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The existing National Policy on Biofuels came up during year 2018. This amendment proposal will pave the way for Make in India drive thereby leading to reduction in import of petroleum products by generation of more and more biofuels. Since many more feedstocks are being allowed for production of biofuels, this will promote the Atmanirbhar Bharat and give an impetus to Prime Minister’s vision of India becoming 'energy independent' by 2047.

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Amendments to the National Policy on Biofuels -2018.

Cabinet approves Amendments to the National Policy on Biofuels -2018

Colombo: Police in Sri Lanka on Sunday started a nationwide raid on those hoarding diesel or petrol for resale amid the ongoing economic crisis. Police spokesman Nihal Thalduwa said they had received information that a large number of those queuing at gas stations are buying fuel to resell at higher prices, reports Xinhua news agency. This was causing great inconvenience for the people as long queues persist despite availability of fuel, said Thalduwa.Meanwhile, Minister of Power and Energy Kanchana Wijesekera said that a ship carrying petrol started unloading in Colombo on Saturday night. Another ship carrying petrol will arrive on May 25, the Minister said. The island nation's economy has been hit hard by the Covid-19 pandemic, rising energy prices, and populist tax cuts. A chronic shortage of foreign currency and soaring inflation had led to a severe shortage of medicines, fuel and other essentials. In recent weeks, there have been large, violent, protests against President Gotabaya Rajapaksa and his family.—IANS

Police in Sri Lanka on Sunday started a nationwide raid on those hoarding diesel or petrol for resale amid the ongoing economic crisis.

Sri Lanka starts nationwide raid on those hoarding fuel

New Delhi: RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old."They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters. While RBML is scaling down its retail operations to cut some of the Rs 700 crore loss it is incurring every month, Russia's Rosneft-backed Nayara Energy has raised prices of petrol and diesel by up to Rs 3 a litre over and above the PSU rates, to cover for some losses. The government over the weekend cut excise duty on petrol by Rs 8 per litre and by Rs 6 a litre on diesel.This reduction was passed on to the consumers and not adjusted against the under-recovery or losses oil firms make on selling petrol and diesel. Two sources aware of the matter said RBML contends that PSU oil marketing companies control over 90 per cent of the market and are the price-setters, leaving no room for private fuel retailers in fixation of the retail selling price of petrol and diesel. PSUs have not increased fuel prices in line with escalating international crude prices eventually leading to huge under-recoveries (losses) for all fuel retailers since February 2022.As of May 16, 2022, net under-recoveries in the industry were Rs 13.08 per litre for petrol and Rs 24.09 per litre for diesel. The top source, quoted in the first instance, said the ministry is going to reply to RBML, but refused to say what it is going to say. A top ministry official said petrol and diesel prices are decided by the PSU oil companies after considering not just the international oil prices but also gains from other businesses such as petrochemicals and oil refining. "Reliance is exporting diesel to Europe and other countries at highly lucrative prices but rationing supplies for its petrol pumps," the official said. An industry official however said the inference ministry is drawing is incorrect. Reliance owns and operates two refineries, including one only meant for exports, at Jamnagar in Gujarat. BP has no equity shareholding in them. RBML is an equal joint venture of Reliance and BP with separate legal identity and separate financial books. RBML buys fuel at market price from Reliance as well as other oil companies to supply to its 1,459 petrol pumps. "It is like saying that windfall profits that oil producer ONGC is making on spurt in oil and gas prices should be used to help its subsidiary HPCL sell petrol and diesel at highly subsidised rates," he said. The petroleum ministry spokesperson did not reply to an e-mail sent for comments even after three days.An e-mail sent to RBML too remained unanswered. A spokesperson of Nayara Energy, which has 6,568 petrol pumps in the country, acknowledged having raised fuel prices. "In recent times, several factors beyond our control have led to an unprecedented increase in crude oil and product prices. "The domestic price situation caused an additional shift of volume from institutional business to retail, aggravating the impact of the currently unfavourable retail business environment. "Nayara Energy, since the beginning of the year has been absorbing a significant part of the substantial drop in margins," the spokesperson said. To reduce the impact in the long run and provide a sustainable solution, "there is a nominal price increase across our retail fuel stations," the spokesperson added. IOC, BPCL and HPCL own 74,647 out of 83,027 petrol pumps in the country. Industry sources said the market practices of PSU OMCs are contrary to the objective of promoting healthy competition and creating the right climate for investments in the fuel retailing sector when petrol pricing was deregulated in 2010 and diesel in 2014.Private fuel retailers including Jio-bp -- the brand under which RBML retails fuel&nbsp;-- that are making investments in the fuel retailing sector are staring at a difficult investment environment.Under-recoveries will not only limit their ability to make further investments but also continue to cause severe hardship and financial duress, they said.Seven new private retailers have taken marketing authorization for fuel retailing after a relaxed fuel retailing policy was announced in 2019. They are facing severe hardship and financial duress due to the impact of unprecedented under-recoveries on sales of petrol and diesel, they said. Private retailers want PSU oil marketing companies to adopt the free market-determined pricing principles, facilitating daily revision until under-recoveries are nullified. Alongside the reduction in central excise, the state government should also cut VAT and shift from ad valorem taxation to specific taxation, they said adding without these steps the private sector will be driven out of the fuel retailing business just like in 2008 when they shut shop after being unable to match highly subsidised petrol and diesel of PSU oil firms.—PTI

RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said.

'Fuel retailing for the pvt sector in India is unsustainable'

Colombo: Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves. With the second fuel price hike since April 19, now the most-used Octane 92 petrol would cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) a litre, an all-time high.The decision to raise the Octane 92 petrol price by 24.3 per cent or 82 rupees and diesel by 38.4 per cent or 111 rupees per litre was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC). “Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter. “Price revision includes all costs incurred in importing, unloading, distribution to the stations and taxes. “The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,” he said.The hike came as the public continues to suffer in long queues at fuel stations hit by shortages. Lanka IOC, the Sri Lankan subsidiary of India’s oil major Indian Oil Corporation, has also raised the retail prices of fuel. “We have raised our prices to match the CPC,” Manoj Gupta, the CEO of LIOC, told PTI.Meanwhile, the auto-rickshaw operators said they would raise the tariff to be 90 rupees per first kilometre and 80 rupees for the second onwards. As a measure to mitigate the costs, the government announced that the heads of institutions would be given the discretion over which employees would be essential to report physically. The rest be allowed to work from home. Lanka IOC has been in operation in Sri Lanka since 2002. Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces a severe foreign exchange crisis to pay for its imports. The island nation is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people. The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa. The crisis has already forced prime minister Mahinda Rajapaksa, the elder brother of the president, to resign on May 9. An inflation rate spiralling towards 40 per cent, shortages of food, fuel and medicines and rolling power blackouts have led to nationwide protests and a plunging currency, with the government short of the foreign currency reserves it needed to pay for imports.—PTI

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves.

Sri Lanka hikes fuel prices; petrol at all-time high of Rs 420

Karachi: Trade and industry leaders of Pakistan have slammed the Shehbaz Sharif government for increasing the petrol and diesel prices by PKR 30 per litre causing a surge in the cost of production in the country. Zubair Motiwalla, from the Chairman Businessmen Group of Pakistan (BMG), has anticipated a surge in production cost by 5-7 per cent due to the increase in petroleum price, reported Dawn newspaper. He added that the rise in petroleum rates will heavily impact the retail prices of goods, making the lives of the common man more miserable owing to the rising cost of living. "The jump of Rs 30 per litre in petrol and diesel will be difficult for the people and the industry to absorb," Dawn newspaper quoted Motiwalla saying.In addition, he mentioned that the Pakistan government should have increased the rates of petroleum in phases. "The government should have increased the petroleum prices in phases rather than giving a straight jerk to the consumers as well as to the industrial sector... I predict more tough days when the government will meet the other IMF conditions like increasing power and gas tariff, reducing circular debt and removing subsidies," he said. However, the government's decision to raise fuel prices will remove a major obstacle in the way of concluding a staff-level agreement with the International Monetary Fund, reported Dawn newspaper. This price hike came after talks between the Pakistan government and IMF in Doha. These discussions were aimed at reaching an agreement on policies at the conclusion of the IMF's seventh review of its USD 6 billion programmes for Pakistan, which has been stalled since early April.The IMF had refused to revive the USD 6 billion programme if Pakistan fails to remove the fiscally unsustainable fuel and electricity subsidies. It had given Islamabad two days to lift the cap for the continuation of talks Although the increase in fuel prices would cause a surge in inflation, it will pave the way for Pakistan to achieve an IMF loan tranche of about USD 1 billion. It would further unblock assistance from other multilateral and bilateral lenders, shore up foreign exchange reserves, improve the exchange rate and energise the stock market, reported Dawn newspaper. Meanwhile, former Prime Minister Imran Khan has also slammed Shehbaz Sharif for his decision of the petroleum price hike. Pakistan on Thursday raised the prices of petroleum products by PKR 30 per litre, stating that the decision was taken to ensure the revival of the International Monetary Fund (IMF) programme.—ANI

Trade and industry leaders of Pakistan have slammed the Shehbaz Sharif government for increasing the petrol and diesel prices by PKR 30 per litre causing a surge in the cost of production in the country.

Traders, industry leaders slam Pak govt for fuel prices hike

Guwahati:&nbsp;PSU major Indian Oil Corporation (IOC) on Sunday said it is looking to transport fuel to Tripura through Bangladesh as the rail network has been totally snapped due to massive landslides in Assam.After the only rail link connecting Assam's Dima Hasao district and Barak Valley, Mizoram, Manipur and Tripura with the rest of the country was washed away earlier this month, the company started moving all its supplies by road via Meghalaya, bearing more than double the cost."After the Dima Hasao landslides, the only way to reach Manipur, Mizoram, Tripura and southern Assam was the road connectivity via Meghalaya. This route is also landslide prone," Indian Oil Corporation Executive Director (IndianOil-AOD) G Ramesh told PTI.The situation forced the IOC, state governments and the Centre to scout for alternative ways to supply fuel to the southern region of the Northeast, he added.Ramesh said that the IndianOil-AOD, the company's North East division, had in 2016 sent a few consignments to Tripura via Bangladesh when the supply was badly hit due to pathetic road conditions in Barak Valley in Assam."We are trying to revive that six-year-old network as an alternative route. Currently, we are talking to the Bangladesh government through the Centre. We are hopeful that positive news will come soon," he added.The company is planning to send its convoys of fuel through Dawki in Meghalaya to Bangladesh. It will then re-enter India at Kailashahar in Tripura.Once the discussion is finalised and an agreement is signed, the IndianOil-AOD will move its products from primarily Betkuchi depot in Guwahati to Dharmanagar depot in Tripura through the neighbouring nation."In the first place, we may not send a full convoy. We are looking to send a pilot convoy carrying petrol, diesel and LPG. The pilot consignment may carry 80-120 KL of fuel only," Ramesh said.Another senior official of the company, who wished not to be named, told PTI that IOC was initially planning to move 1,400 KL of fuel via Bangladesh at a total transportation cost of Rs 57.78 lakh against Rs 34.22 lakh on the rail route.The distance for transporting different types of fuel from IOC's Betkuchi depot to Dharmanagar depot via Bangladesh will be 376 km, including 137 km inside the neighbouring country, against 579 km in the normal route through the Meghalaya-Barak Valley. On September 9, 2016, IOC had flagged off seven tankers carrying 84,000 litres of kerosene and diesel from its Guwahati depot to Tripura through Bangladesh for the first time, to avoid the dilapidated national highway in Assam.After the destruction of the rail link, the IOC is supplying all its fuel through the road via Meghalaya. This has added a huge amount to the company's balance sheet, an IndianOil-AOD spokesperson said."The monthly transportation cost for Barak Valley, Mizoram and Tripura was Rs 4.71 crore via rail. But now, our cost has gone up to Rs 10.56 crore a month when the products are delivered by road," IndianOil-AOD Manager (Corporate Communication) Shekhar Jyoti Dutta said.For Manipur, the products were being taken through roads earlier and it is continuing without any disruption, he added.Massive land and mudslides, coupled with incessant rains for days, wreaked havoc in nature's paradise Dima Hasao and all the means of communication were thrown out of gear.While the road links are mostly restored, the train services connecting Dima Hasao, Barak Valley, Tripura, Mizoram and Manipur with the rest of the country are expected to resume in July.—PTI

PSU major Indian Oil Corporation (IOC) on Sunday said it is looking to transport fuel to Tripura through Bangladesh as the rail network has been totally snapped due to massive landslides in Assam.

IOC plans to transport fuel to Tripura via Bangladesh

Karachi: After Prime Minister Shehbaz Sharif-led government increased the prices of petroleum products in Pakistan, protests have erupted with citizens attacking a petrol pump near Purani Sabzi Mandi in Karachi's Central District, reported local media outlet. Not just this, the infuriated Pakistanis pelted stones and vandalized the pump. There was already anger among the protestors over the increased fuel prices and this was further elevated after the petrol pump stopped supplying the fuel. The protest was also being held on Nagan Chowrangi.Citizens in Larkana were also demonstrating against the increase in petrol price. The situation escalated when the angry citizens set fire to tires at Jinnah Bagh Chowk in Larkana, reported ARY News. Notably, the Prime Minister Shehbaz-led government ceded to the demands of the International Monetary Fund (IMF) and removed fuel subsidies, and increased the price of petrol by Rs 30.Later, citing measures to mitigate the impact of the fuel price hike, PM Shehbaz Sharif launched a new relief package of Rs 28 billion per month. Like all other times, the Shehbaz government took a dig at the former Prime Minister Imran Khan-led government and said that because of them he had to take the "difficult decision" to increase fuel prices with a "heavy heart".This comes in the context of the February 28, 2022, announcement by the Imran Khan government of relief measures to reduce prices of petrol and electricity are on account of Opposition pressure and public anger. The measures include a reduction in the prices of petroleum products and electricity tariffs by Rs 10 and Rs 5 respectively along with a number of new schemes including one on tax amnesty. Imran Khan's subsidies are perceived to have destroyed Pakistan's economy for the Shehbaz administration. Now, in this latest relief package announced by the Shehbaz government, the PM said that 14 million poor families, comprising 85 million people, would be given Rs 2000 per family.He said this was in addition to the monetary assistance being given to them under the Benazir Income Support Programme. "This relief package will be added in the next budget," Shehbaz said.Moreover, in a veiled attack, Shehbaz also slammed Imran Khan for his allegations against the US for conspiracy to oust him from power. "A most trusted friendly country -- the one that supported us in all difficult circumstances -- was made upset. But we have started the rebuilding process," the premier said in an apparent reference to the United States.—ANI

After Prime Minister Shehbaz Sharif-led government increased the prices of petroleum products in Pakistan, protests have erupted with citizens attacking a petrol pump near Purani Sabzi Mandi in Karachi's Central District, reported local media outlet.

Pakistanis angry over fuel price hike, vandalize petrol pump

Colombo: The next three weeks for Sri Lanka would be tough as the nation is facing a severe economic crisis, said Sri Lankan Prime Minister Ranil Wickremesinghe on Tuesday while urging citizens to use fuel and gas sparingly. Speaking at the Sir Lankan parliament, the prime minister said that his government's main priority was economic stability and this could be achieved only by implementing intelligently thought-out projects through hard work and dedication.He said Sri Lanka spends 500 million US dollars per month on fuel and also requires 40 million US dollars a month to import gas. "The next three weeks will be a tough time for us in regards to fuel.It is time we all must use fuel and gas carefully...Unessential travel should be limited as much as possible. Therefore, I urge all citizens to refrain from thinking about hoarding fuel and gas during this period," Xinhua quoted Wickremesinghe as saying. "After those difficult three weeks, we will try to provide fuel and food without further disruptions.Negotiations are underway with various parties to ensure this happens," he added. He further said that Sri Lanka also needs to pay close attention to its foreign relations to rally more international support as the country was becoming marginalized in the world due to its poor foreign policies. Sri Lanka is in the middle of its worst-ever economic crisis due to a foreign exchange shortage which has led to a shortage of essentials such as medicines, fuel and food. Due to economic and political turmoil, large-scale protests have been taking place for months, leading to the ouster of former Prime Minister Mahinda Rajapaksa.—ANI

The next three weeks for Sri Lanka would be tough as the nation is facing a severe economic crisis, said Sri Lankan Prime Minister Ranil Wickremesinghe on Tuesday while urging citizens to use fuel and gas sparingly.

Wickremesinghe urges citizens to use gas, fuel sparingly amid crisis

New Delhi (The Hawk): The Government of India had relaxed the criteria for grant of authorization for marketing of transportation fuel by issuing Resolution dated 8.11.2019, with an objective to ensure greater participation of private sector in the fuel retail business. Simultaneously, it also ensured setting up Retail outlets (ROs) in Remote Areas by these entities.It has been an endeavor of the Government that for Remote area ROs the authorized entities provide quality and uninterrupted fuel supply services to the consumers by way of Universal Service Obligation (USO).These USO include: -&nbsp;maintaining supplies of MS and HSD throughout the specified working hours and of specified quality and quantity; making available minimum facilities as specified by the Central Government; maintaining minimum inventory levels of MS and HSD as specified by the Central Government from time to time; providing services to any person on demand within a reasonable period of time and on non-discriminatory basis and&nbsp;ensuring availability of fuel to the customers at reasonable prices.The Government has now expanded the horizon of USO by including all ROs including Remote Area ROs under their ambit. Now the Authorized entities have been obligated to extend the USO to all the retail consumers at all the retail Outlets. This has been done with an objective to ensure higher level of customer services in the market and to ensure that adherence to the USO forms a part of the market discipline.

The Government of India had relaxed the criteria for grant of authorization for marketing of transportation fuel by issuing Resolution dated 8.11.2019, with an objective to ensure greater participation of private sector in the fuel retail business. Simultaneously, it also ensured setting up Retail outlets (ROs) in Remote Areas by these entities.

Govt Expands Horizon Of Universal Service Obligation By Including All Retail Outlets Including Remote Area Ros

New Delhi (The Hawk): After a record-breaking coal production of 777 Million Ton (MT) in&nbsp;2021-22, the domestic coal production continues to witness an increasing trend in the current financial year as well. The total domestic coal production in 2022-23, as on 31st May, 2022 is 137.85 MT, which is 28.6% more as compared to the production of 104.83 MT in the same period of last year. This trend is being maintained in June, 2022 also. The coal production by Coal India Ltd (CIL) is 28% more than the production in the same period of the previous year (as on16th June, 2022). Domestic coal production target for the current financial year is 911 MT which is 17.2% more than the previous year.The coal imports for blending by the Domestic Coal Based (DCB) power plants have dropped to 8.11MT in the year 2021-22 which has been the lowest coal import in the last eight years. This was possible solely due to the robust coal supply from domestic sources and increased domestic coal production.The Imported Coal Based (ICB) power plants had imported coal of more than 45 MT per year from 2016-17 to 2019-20. However,&nbsp;coal import by the ICB power plants dropped to the lowest level of 18.89 MT in 2021-22 and the generation from these plants also dropped to 39.82 BU in the year 2021-22 as compared to the 100+ BU which these plants have been generating since quite some time. This year too their generation remains very low due to high price of imported coal.In the last five years, the coal-based power generation has grown at a CAGR of 1.82% whereas the domestic coal supply to power sector had grown at a CAGR of 3.26%. Thus, coal supply to power sector has outpaced the growth in coal-based power generation and continues to do so in the present year too.n the year 2021-22, coal supply from CIL to the DCB power plants has been more than the supply required to be made under Fuel Supply Agreement (FSA). CIL had supplied 540 MT coal, out of which 483 MT coal was supplied against FSA. This coal was sufficient for the power plants to run at 69% PLF whereas the DCB power plants operated at a PLF of only 61.3% in the year 2021-22.&nbsp;In the year 2022-23, as per FSA, CIL was supposed to supply 120.67 MT coal to its linked power plants (at 85% PLF) whereas CIL had supplied 129.58 MT coal (till 16.06.22). This supply is 7.4% more than the supply required by the plants if they operate at 85% PLF. The plants have operated at about 70% PLF and the CIL coal supply to its FSA linked plants is 30.4% more than their requirement.With increased production, the rake supply from CIL to power sector has also been at all-time high. The rake loading to power sector increased from 215.8 rakes per day in 2020-21 to 271.9 rakes per day in 2021-22, registering a growth of 26%. In the current year also (till 16th June, 2022), the rake supply from CIL to power sector has increased by 25% as compared to same period of last year. At the same time, coal stocks at pit head power plants are much higher than distant plants.The DCB power plants have generated a record high power of 3.3 BU per day in the month of June 2022 (till 16th June, 2022). The coal stock at the DCB power plants during this period, however have not depleted, rather the same has increased from 21.85 MT (as on 01.06.22) to 22.64 MT ( as on 16.06.22). This reflects the robust coal production and sufficient supply to keep up with the increasing demand. The coal stock is sufficient for more than 10 days’ requirement.As on 16th June 22, coal stock at different domestic coal mines is more than 52 MT, which is sufficient for about 24 days requirement of power plants. In addition to it, about 4.5 MT coal stock is available at various Goodshed sidings, Private Washeries and ports and is awaiting to be transported to the power plants.During the monsoons, despite having high coal stock at mine ends, the coal companies face problems in transporting coal to the sidings due to flooding of mines and the wet coal jamming the Coal Handling Plants conveyor systems. Even by end of second quarter, coal stocks remain high at CIL mines when stocks are low at thermal plant end. There domestic coal production is not an issue. The coal supplies from CIL are more than the FSA requirements. However, CIL has agreed to import coal for the interested power sector consumers (State Gencos and IPPs) and have floated a short-term tender for 2.4 MT imported coal for supply within three months and two long term imported coal supply tenders of 6 MT each for supply over a period of one year. The ICB power plants and the Gas based power plants have been operating at very low capacities due to constraints in easy availability of required fuel and issues related to PPAs. However,&nbsp;coal supplies from CIL and other domestic sources is sufficient to ensure that there is adequate coal at the power plants during the monsoon season.SIC will now engage the required professionals.—PTI

After a record-breaking coal production of 777 Million Ton (MT) in 2021-22, the domestic coal production continues to witness an increasing trend in the current financial year as well.

Domestic Coal Production Goes Up By 28% As Of June 16

New Delhi (The Hawk): The Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav represented India at the virtual meeting of the Major Economies Forum on Energy and Climate (MEF), hosted by U.S. President Joseph Biden, the meeting was held yesterday. The MEF meeting was aimed at galvanising actions that are to strengthen energy security and tackle the climate crisis thereby building momentum for COP27. The meeting was attended by twenty three major economies across the world and the Secretary General of United Nations.The MEF leaders shared the initiatives being taken by them to deliver on their respective climate change commitments.Shri Bhupender Yadav spoke about India’s continued commitment to contributing toward global collective action to combat climate change. He emphasised that India’s initiatives go beyond its borders, including the International Solar Alliance, and the Coalition for Disaster Resilience Infrastructure.He mentioned that India has already installed 159 GW of non-fossil fuel based electricity generation capacity. And during the last 7.5 years, India’s installed solar energy capacity has increased over 18 times.Shri Yadav highlighted that India’s annual per capita emissions are only a third of the global average and its cumulative GHG emissions are less than 4 percent, but India’s climate targets are ambitious and reflect its commitment to the global good.&nbsp;&nbsp;He further underscored that without cumulative emissions in check, success with other environmental challenges, even if they are achieved, will not carry lasting value.Global warming warns us that equity and international cooperation, leaving no one behind, hold the key to success, where those most fortunate must lead the way. In the same context, he further highlighted that no nation can undertake this journey alone. Right understanding, right thought and co-operative action need to set our path for the next decisive half a century. All nations must adhere to their fair share of the global carbon budget.He mentioned how the Panchamrit goals are being fructified through one of the largest clean energy development plans in the world. India is on track to meet its commitments, through adoption of low carbon policies across key sectors of our economy ranging from green hydrogen mission to e-mobility.The Union Minister called upon the members of MEF to launch a global movement on LIFE i.e. Lifestyle for Environment as espoused by the Prime Minister Shri Narendra Modi at the COP26 in Glasgow.

The Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav represented India at the virtual meeting of the Major Economies Forum on Energy and Climate (MEF), hosted by U.S. President Joseph Biden, the meeting was held yesterday. The MEF meeting was aimed at galvanising actions that are to strengthen energy security and tackle the climate crisis thereby building momentum for COP27. 

Major Economies Forum On Climate And Energy Meets	

New Delhi(The Hawk): NTPC Ltd signed a Statement of Intent (SoI) with NITI Aayog yesterday to develop the Net Zero GHG emissions Roadmap for NTPC. Paving the pathway towards greening the power sector of the country, the SoI seeks to formalize a framework of cooperation between the parties to facilitate NTPC to strategies on diversification of its generation mix to eventually reduce its carbon footprint and support India's endeavor towards achieving net zero by 2070.<img src="https://static.pib.gov.in/WriteReadData/userfiles/image/image002S42A.jpg"> As the Government of India has announced the ‘Panchamrit’ goals during CoP 26, NITI Aayog is working on the development of different scenarios/ pathways for achieving Net Zero by 2070. With 17% of the installed generation capacity of the country, NTPC meets around 24% of the country’s power requirement. With this collaboration, NTPC would be able to utilize the expertise of NITI Aayog’s energy team for:• Development of Net Zero GHG emissions Roadmap for NTPC to align with Government of India’s ‘Panchamrit’ goals• Emissions and energy (portfolio mix) modeling including development of scenarios for 2030, 2037, 2047 and 2070• Assistance in the establishment of the Carbon Management Unit (CMU) in NTPC to integrate all GHG reduction initiatives under one umbrella

NTPC Ltd signed a Statement of Intent (SoI) with NITI Aayog yesterday to develop the Net Zero GHG emissions Roadmap for NTPC. Paving the pathway towards greening the power sector of the country, the SoI seeks to formalize a framework of cooperation between the parties to facilitate NTPC to strategies on diversification of its generation mix to eventually reduce its carbon footprint and support India's endeavor towards achieving net zero by 2070.

Govt  implementing  Ethanol Blended Petrol Prog & Sustainable Alternative Towards Affordable Transportation to Promote Bio-fuels PIB NTPC inks Statement of Intent with NITI Aayog to develop Net Zero GHG emissions Roadmap for NTPC 

NTPC inks Statement of Intent with NITI Aayog to develop Net Zero GHG emissions Roadmap for NTPC 

New Delhi, Jul 23 (IANS):&nbsp;The IATA chief recently warned that the prices of airline tickets will go up "without doubt" as fuel costs rise. Oil prices have jumped as economies recover from the Covid pandemic and also due to the war in Ukraine.These costs will be passed on to consumers, Willie Walsh, director general of the International Air Transport Association (IATA), said, reports BBC. "Flying will be more expensive for consumers, without doubt", he said, adding that the "high price of oil" will be "reflected in higher ticket prices".Due to the rise in fuel prices, domestic and international air fares in India have witnessed a surge by up to 50% in the last few months.Air fares at American Airlines, Delta Air Lines and United Airlines - the three largest US domestic carriers - shot up nearly 50 per cent for the week ending May 23 compared to a year ago, according to an analysis by Cowen, a financial services firm. Cowen tracked nearly 300 routes across four different fare categories for the carriers using data from New York-based Harrell Associates, which tracks airline pricing trends, CBS reported.A 0.3% MoM decrease was registered in India in May, in YoY terms traffic increased by 405.7% in this domestic market, as per IATA.Oil prices were already rising as demand picked up again in economies that had started recovering from the Covid pandemic.The fallout from the war in Ukraine has pushed prices up further. The US has announced a complete ban on oil imports from Russia, while the UK is to phase out Russian supplies by the end of the year, BBC reported.European Union leaders have said they will block most Russian oil imports by the end of 2022.This means demand for oil from other producers has increased, leading to higher prices.Walsh said fuel prices were at record highs, and that "oil is the single biggest element of an airline's cost base", BBC reported."It's inevitable that ultimately the high oil prices will be passed through to consumers in higher ticket prices."International revenue passenger kilometres (RPKs) continued to drive the global industry's recovery in May while the global domestic market trended sideways, IATA said. Several major international route areas overperformed 2019 levels while many others likely reached pre-pandemic RPK levels in June.The global industry's recovery accelerated and global international RPKs are now at 64.1% of pre-crisis levels. Global domestic RPKs reached 76.7% of the 2019 level in May. Compared to April 2022, global RPKs grew 10.7% month-on-month (MoM).The rebound continues despite inflation, high jet fuel prices and low consumer confidence. International bookings briefly exceeded domestic bookings in May, confirming that a high willingness to travel abroad persists, IATA said.—IANS

The IATA chief recently warned that the prices of airline tickets will go up "without doubt" as fuel costs rise.

 Bad news for air travellers: Ticket prices to soar as fuel prices rise

Dhaka [Bangladesh]: Bangladesh has increased fuel prices by around 50 per cent, the highest hike since the country’s independence in 1971, local media reported on Saturday.The sharp rise came up as a shock to the people who thronged filling stations on Friday night after the government announced the new prices, Dhaka Tribune reported.In numerous videos shared on social media platforms, thousands were seen crowding the filling stations and jostling to get their vehicle tanks filled.Meanwhile, several filling stations in Dhaka’s Mohammadpur, Agargaon, Malibagh, and other areas reportedly suspended their operations after the news broke, declaring their sales would resume after midnight when the new prices would come into effect, Dhaka Tribune reported.The Bangladeshi government Friday night hiked the fuel prices by up to 51.7 per cent with effect from Saturday.According to a price notification from the Ministry of Power, Energy and Mineral Resources, a litre of octane now costs 135 taka (1.43 U.S. dollars), which is 51.7 per cent higher than the previous rate of 89 taka (0.94 dollars), as per a report.Bangladesh Petroleum Corporation (BPC) in a statement had counted a loss of Tk 8,014.51 from February to July by selling fuel at low prices, The Daily Star reported.The Russia-Ukraine war and the COVID-19 pandemic have impacted fuel prices globally. Russia is the largest exporter of oil and gas to global markets, and the retaliatory sanctions that followed have caused gas and oil prices to gallop with astounding ferocity.The spike in energy prices was a major reason the World Bank revised its economic forecast in June, estimating that global growth will slow even more than expected, to 2.9 per cent this year.—ANI

Bangladesh has increased fuel prices by around 50 per cent, the highest hike since the country’s independence in 1971, local media reported on Saturday.  The sharp rise came up as a shock to the people who thronged filling stations on Friday night after the government announced the new prices.

Bangladesh hikes fuel prices by 50 pc, highest in history

Bangladesh has increased fuel prices by around 50 per cent, the highest hike since the country’s independence in 1971, local media reported on Saturday.

The sharp rise came up as a shock to the people who thronged filling stations on Friday night after the government announced the new prices.

The Hawk

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