Fuel Economy

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

Natural gas and electricity prices in Europe have plunged from summer peaks thanks to mild weather and a monthslong scramble to fill gas storage ahead of winter and replace Russian supplies during the war in Ukraine. It's a welcome respite after Russia slashed natural gas flows, triggering an energy crisis that has fuelled record inflation and a looming recession. Yet experts warn it's too soon to exhale, even as European governments roll out relief packages for people struggling with high utility bills and work on longer-term ways to contain volatile gas and electricity prices that have shrunk household budgets and forced some businesses to shut down. Uncertainties include not only the weather but how responsive people will be to appeals to turn down their heating and how much demand there will be from Asian economies for scarce energy supplies. And the war a few hours east is a cauldron of possible unpleasant surprises that could cut energy supplies needed for electricity, heating

The govt slashed the windfall tax on domestically-produced crude oil three weeks after imposing it. What may have prompted the govt to do this turnabout, and who all will benefit from it?

West Asia is also India's biggest supplier of LPG, the fuel that is used in kitchens. India imported 48 million tonnes, or 58 per cent of the fuel used in the last three fiscals

GAIL will by May 2023 complete a 700-km pipeline from Mumbai to Nagpur, enabling the flow of gas to central India

The moves are big steps toward President Joe Biden's pledge to cut emissions

IOC mostly stays away from participating in term tenders for fuel exports as the refiner sells most of its fuel in the local market, besides supplying its retail outlets in Nepal and Bhutan

Shutdown of factories, hotels and restaurants, and a sharp decline in crude prices have all contributed to demand destruction.

Transparent pricing regime should be the next step

He added despite low prices globally, India at present is incurring Rs 4.5 lakh crore on crude imports which was earlier Rs 7.5 lakh crore