State-owned oil companies are considering offering 10-kg lightweight LPG cylinders to commercial users, including migrant workers and small businesses. These composite cylinders, already available for domestic consumers, could be sold at commercial rates, offering a more portable and convenient cooking gas solution.
Oil marketing companies are reluctant to expand E85 fuel stations due to low demand, citing a failed E100 pilot. They want flex-fuel vehicle sales to increase before investing in infrastructure, as higher ethanol blends may damage older engines and offer little price advantage.
OPEC+ approved a 188,000 bpd production increase for August, the fifth since the West Asia war. This aims to boost crude availability, lower prices, and ease pressure on importers like India, with Brent crude nearing pre-conflict levels.
Donald Trump has instructed the US Department of Justice to investigate oil companies for alleged price gouging, accusing them of not adequately lowering gas prices despite a sharp decline in crude oil costs following a US-Iran ceasefire and the reopening of the Strait of Hormuz.
Despite a Rs 5/litre price hike, oil companies still lose Rs 13/litre on petrol and Rs 38/litre on diesel. This pressure mounts on states to reduce their high VAT rates, as consumers bear part of the burden.
UK Chancellor Rachel Reeves unveiled a £300m 'Great British summer savings' plan, cutting VAT on attractions and children's meals, offering free bus travel for under-16s, and postponing fuel duty increases. The scheme aims to ease the impact of the war in Iran on households.
The CFTC is investigating three financial firms for potential insider trading after they made well-timed oil futures trades before President Trump's announcements related to the Iran conflict, netting over $15 million combined.
State-owned oil companies are facing over Rs 1 lakh crore in losses due to soaring global fuel prices, with daily under-recoveries reaching Rs 1,700 crore. Despite this, petrol and diesel prices remain unchanged, impacting the financial health of these crucial energy providers. A fuel price hike now appears inevitable, with the government facing a political decision on timing and extent.
India's state-run oil companies are absorbing nearly Rs 30,000 crore in monthly losses to maintain stable petrol, diesel, and LPG prices amidst soaring global energy costs. This financial burden arises from crude oil price surges and supply disruptions in West Asia, with the government prioritizing consumer protection.
State-run fuel retailers will not receive government financial backing for losses incurred from selling petrol, diesel, and aviation turbine fuel below cost. Despite rising crude oil prices, the government has opted to shield consumers by not revising retail prices for these fuels, focusing instead on price adjustments for bulk diesel and commercial LPG.
