Fuel Crisis

Spike in winter demand for diesel in Europe offers huge scope for India

State-owned refiners are in a strong position to gain from the surging demand for diesel from Europe as winter sets in and natural gas supplies from Russia are set to dwindle on fresh sanctions

World's most-crucial fuel diesel heads for shortage touching everything

Within the next few months, almost every region on the planet will face the danger of a diesel shortage

World is in its 'first truly global energy crisis': IEA chief Fatih Birol

The head of the International Energy Agency said its members have oil reserves available to conduct another round of releases if needed

FinMin opposed extension of PMGKAY a day ahead of Cabinet approval

Office memorandum flagged fiscal concerns due to impact of Ukraine war on fuel prices. With Covid-19 having largely subsided, reasons for which earlier extensions were given no more seem to hold

UK leader Truss rules out windfall tax for oil companies amid energy crisis

British Prime Minister Liz Truss on Wednesday ruled out a windfall tax on oil companies to pay for her plans to tackle the energy crisis. Speaking during her first session of prime minister's questions in the House of Commons, Truss rebuffed opposition calls for a new windfall tax, even as she refrained from explaining how she would fund a plan meant to help the public pay energy bills skyrocketing because of Russia's invasion of Ukraine. The plan is expected to be delivered on Thursday. "I am against a windfall tax," she said. "I believe it is the wrong thing to be putting companies off, investing in the United Kingdom just when we need to be growing the economy." Truss, 47, was appointed prime minister by Queen Elizabeth II on Tuesday after winning an internal election to lead the governing Conservative Party. In her first speech as prime minister on Tuesday, Truss said she would cut taxes to spur economic growth, bolster the NHS and deal hands on with the energy crisis, though s

UK PM Liz Truss inherits an economic storm, pledges to rebuild economy

Britain's new prime minister has pledged to rebuild the economy and ride out the storm gathering over the country, but Liz Truss faces a daunting job. She inherits an ailing economy on the brink of a potentially long recession, with record inflation that's forecast to worsen in coming months and millions crying out for government help to cope with soaring energy bills. Here's a look at the scale of the economic challenges that Truss faces and how she is expected to tackle them: HIGH ENERGY COSTS At the top of Truss' agenda is a cost-of-living crisis driven by spiralling natural gas and electricity costs. Starting in October, millions of households will see their average yearly energy bill jump to about 3,500 pounds (USD 4,000) almost triple what they paid a year ago. The bills are expected to continue to climb and could exceed 4,000 pounds in January. The sharp increases began last year, as economies worldwide recovered from the coronavirus pandemic and global demand for natural

NATO chief warns of civil unrest in Europe sparked by energy crisis

Stoltenberg warned that Putin could carry out further aggression against Russia's neighbours and even attack NATO allies if he is emboldened by success in Ukraine

European Commissioner for Energy to visit India from September 7-8

In her first visit to India, European Commissioner for Energy Kadri Simson will be in the country from September 7-8 to explore means to boost two-way energy cooperation. The European Union said Simson's visit to Delhi signals the grouping's strong engagement with India in the area of energy. The 27-nation EU and India have robust cooperation in the fight against climate change and biodiversity loss. Simson said as the world faces an energy crisis and climate change challenge, India, with its vast renewable resources, has a strategic role to play in the clean energy transition. The EU and India established a 'Clean Energy and Climate Partnership' in 2016 and have been working closely together on clean energy transition, speeding up the deployment of renewable energy, promoting energy efficiency, collaborating on smart grid and storage technology and modernising the electricity market. Commissioner Simson will hold bilateral meetings with relevant Indian ministers, officials of the

Macron urges French to save energy, seeks 10% drop in use amid crisis

French President Emmanuel Macron is calling for a sharp 10% reduction in the country's energy use in coming weeks and months to avoid the risk of rationing and cuts this winter, amid tensions with supplier Russia over the war in Ukraine. Macron warned Monday that forced energy savings might have to be considered in coming months if voluntary efforts aren't sufficient. He said energy rationing plans are being prepared in case' and that cuts will happen as a last resort. The best energy is that which we don't consume, the French leader said at a news conference, where he urged French businesses and households to save energy, including by turning down heating and air conditioning.

Fuel crisis prompts Bangladesh to cut govt office hours to save energy

Bangladeshi government offices will cut back office hours in a bid to save energy, as the country struggles with a fuel crisis, an official said

Poorer nations face unrest as wealthy nations snap up fuel: Report

Shops in Bangladesh are closing at 8 pm as part of energy austerity measures, while Mexico's government has bolstered subsidies to cushion residential electricity costs

Raging fire consumes four of the eight tanks at Cuba oil storage facility

The raging fire consumes critical fuel supplies on an island grappling with a growing energy crisis

Lack of fuel forces Gaza Strip's sole power plant to shut down: Officials

The sole power plant in the Gaza Strip has been knocked offline due to a lack of fuel, electricity officials said

Railways freight transport up 8% in July as it carries coal nationwide

The transporter has recorded 11 per cent increase in cumulative freight loading this financial year

Global gas crunch leaves Bangladesh facing blackouts until 2026

Bangladesh is seeking support from creditors, including the International Monetary Fund

Sri Lanka introduces fuel pass for orderly distribution: Energy minister

This will guarantee a weekly quota for each vehicle, Power and Energy minister Kanchana Wijesekara said after the initiative was launched on Saturday

Sri Lankans turn to bicycles amid fuel shortage, skyrocketing prices

The economic crisis which is the worst in Sri Lanka's history has prompted an acute shortage of essential items like fuel

Sri Lanka announces holiday week, shuts schools amid fuel crisis

Amid the unprecedented fuel crisis, the Sri Lankan Education Ministry declared the next week, starting from July 4, a holiday week for all the govt and state-approved private schools

Amid severe fuel crisis, Sri Lanka declares week-long holiday for schools

With no fuel for transportation, Sri Lanka on Sunday declared a week-long holiday for schools from Monday.

Argentine economy minister resigns amid peso's fall, diesel shortage

Martin Guzman announced on Twitter that he had sent a multi-page resignation letter to President Alberto Fernandez