In the backdrop of impending elections, truck fleet operators across India are seeing storm clouds on the horizon with expected fuel rationing and a steep rise in diesel prices. The flare-up in the Middle East is sending shockwaves through global oil supplies, forcing state refiners to reconsider their strategies amid rising inflation.
Indian state-owned oil refiners are scaling back Russian crude purchases amid increased pressure from Washington, including tariffs on Indian exports to the US. Companies like IOC, BPCL, and HPCL plan to skip spot purchases until further government guidance. This shift could lead to increased demand for US, Middle Eastern, and African crude as alternatives.
In a significant win for regulatory bodies, the Supreme Court has upheld the Delhi High Court’s decision, exempting the fees collected by the CERC and DERC from GST. This ruling dismisses demands for an 18% tax on regulatory fees, affirming that these bodies perform quasi-judicial functions, not support services.
Nayara Energy, backed by Rosneft, has appointed Teymur Abasguliyev as its new CEO, replacing Alessandro Des Dorides, who resigned due to EU sanctions. Several other top officials also stepped down following the sanctions. Rosneft and Nayara have criticized the EU sanctions, deeming them unjust and harmful to India’s energy security.
In March, household LPG sales experienced a notable 8 percent decline, largely attributed to state oil companies adjusting their supplies amid diminished imports due to the ongoing Iran conflict. Meanwhile, commercial LPG usage plummeted dramatically by 48 percent, and bulk LPG distribution to industries faced an alarming drop of 75.5 percent.
India’s power demand surged to 255.8 GW on Monday. This record was set due to intense heatwaves across the country. Delhi’s power demand also crossed 7,000 MW for the first time in April. Tata Power Delhi Distribution met its highest demand of 2,030 MW this summer. The power ministry anticipates further increases in demand.
The world’s largest container shipping company, MSC Mediterranean Shipping Company, is launching a new Europe–Middle East service that avoids the Strait of Hormuz by combining sea, road, and feeder ship routes.
India’s power sector is set for massive growth. An investment of $450 billion is projected by 2032. The nation has moved beyond power shortages to a surplus regime. This transition will boost electricity generation, transmission, distribution, and energy storage. The focus is on long-term growth, grid resilience, and clean energy integration. This marks a significant…
Tata Power has signed commercial agreements with Druk Green Power Corporation to acquire a 40% stake in a special purpose vehicle for the 1,125 MW Dorjilung hydropower project in Bhutan. The investment commitment is about ₹1,572 crore, to be infused in phases.
The United States has granted a 30-day extension for sanctions relief on Russian seaborne oil. This decision offers crucial support to India and other nations facing oil supply disruptions. The move follows requests from several countries concerned about rising energy prices. This extension aims to stabilize global oil markets amidst ongoing geopolitical tensions.