Tag: fuel

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India News Politics Telugu Vaartha

KTR slams Centre on fuel price rise

He termed as “pure lies” the reasons cited by the Modi government for not controlling prices…reports Asian Lite News

Telangana Rashtra Samithi (TRS) Working President K.T. Rama Rao on Wednesday wrote an open letter to the Central government, blaming its “inefficient policies” for the steep hike in fuel prices.

“On the one hand, the BJP Government at the Centre is constantly raising prices. But, on the other hand, it is trying to push the blame on state governments. This is blatant lying and totally unacceptable. That is why I am writing this letter to expose the inefficient policies of the Central Government which have inflated petrol rates in an unforeseen manner,” he said.

“When he was in opposition, Narendra Modi shed crocodile tears over the sufferings of the poor and the plight of common people. However, he has been ruling the nation, completely ignoring the welfare of the people since he came to power. From the earliest days of Narendra Modi’s swearing-in as the Prime Minister, the Central government has been making the country’s people suffer with its incompetence and inefficient economic policies. The main reason behind my criticism is that petrol rates are rising daily without any control and the prices of essentials are skyrocketing,” wrote KTR, as the TRS leader is popularly known.

He termed as “pure lies” the reasons cited by the Modi government for not controlling prices.

Modi

“BJP leaders are simply narrating stories, such as the problems in the international crude oil supply, the rise in crude oil prices, and the Russia-Ukraine war. But all this is not true. Union ministers who say prices are rising in the US, Canada, the UK, Germany, and even France are deliberately hiding that the per litre petrol rate there is lower than ours. The petro products are still available at cheaper rates in some of our neighbouring countries, including Sri Lanka, which is reeling under the financial crisis.”

When the BJP government took office in 2014, the international price of crude oil was about $105. After that, due to various reasons, crude oil prices came down to below $40 a barrel at one stage. However, the BJP government has continued to raise petrol prices in the country, pointed out KTR, who is also the state’s Information Technology and Industries Minister.

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India News Travel

Fuel prices hiked again for fourth time in week

Fuel price hike continues for the sixth consecutive day


In New Delhi, the price of petrol and diesel were increased again by 80 paise per litre…reports Asian Lite News

State-owned oil marketing companies (OMC) on Saturday raised petrol and diesel prices for the fourth time this week.

These prices were revised for the very first time on Tuesday, March 22, after a gap of more than four months.

Accordingly, the increase in selling price which includes state levies, central excise and cess amongst others, came days after crude oil prices saw an astronomical rise due to the ongoing Russia-Ukraine war.

In New Delhi, the price of petrol and diesel were increased again by 80 paise per litre.

As per pump prices, petrol now costs Rs 98.61 per litre and diesel Rs 89.87 per litre in the national capital.

On Friday, petrol prices were increased to Rs 97.81 per litre and diesel Rs 89.07 per litre in Delhi.

In the financial capital Mumbai, prices were hiked to Rs 113.35 per litre for petrol and diesel to Rs 97.55 per litre.

Besides, the prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 108.01 and diesel to Rs 93.01 per litre.

In Chennai too, they were increased. Petrol there now costs Rs 104.43 and diesel Rs 94.47 per litre.

Till Tuesday, fuel prices were steady since November 2021 when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.

The OMCs revised the transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and demand of fuel amongst others.

Resultantly, the final price includes excise duty, value-added tax and dealer’s commission.

It was widely expected that the OMCs will revise the current prices due to high crude oil costs.

Lately, crude oil prices have been volatile surging by nearly 35-40 per cent on fear of tight supplies.

Furthermore, it is feared that current sanctions against Russia will curtail more global supplies and stifle growth.

The crude oil price range is a cause of concern for India as it may ultimately add Rs 15-Rs 25 in petrol and diesel selling prices.

At present, India imports nearly 85 per cent of its crude oil requirements.

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-Top News India News

India eyes alternative market for fuel

Puri also said that neither the union government nor the oil companies are going to float oil bonds…reports Asian Lite News

Union Minister for Petroleum Hardeep Singh Puri on Monday informed the Rajya Sabha that the government is looking for an alternate market for fuel purchase amid the ongoing Russia-Ukraine conflict.

Responding to a question during ‘Question Hour’, he said that the government has been exploring all options such as currency to facilitate purchase, supply of oil in markets, insurance and freight.

In response to Congress lawmaker Shakti Singh Gohil’s question whether the government intends to reduce diesel rates, the Minister said that the prices of diesel were deregulated. “Whenever we felt that the common man needed more relief, we went ahead and reduced the price. In November 2021, we brought down the fuel prices by Rs 10,” Puri said in the House.

Congress MP K.C. Venugopal said that petrol prices have increased 63 times and diesel 61 times. He also said that since November, the government has not hiked the price and asked whether the price will remain the same or will be a hike or not.

The Petroleum Minister also informed that Venezuela is a country which was subjected to sanctions by another country. He further said that there was hope and expectation that oil from other sanctioned countries would become available, the Organisation of Oil Exporting Countries (OPEC) countries would increase their oil production and there would be persuasion by the international community in this regard.

Puri also said that neither the union government nor the oil companies are going to float oil bonds.

“All legitimate steps would be taken to maintain prices of oil,” he said.

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Africa News Arab News News

Addis Ababa-Djibouti Rail Line To Fuel Growth

The electrified railway has cut the transportation time for freight goods from more than three days to less than 20 hours and reduced the cost by at least one-third.

The Chinese-built Addis Ababa-Djibouti Standard Gauge Railway has won acclaim for facilitating regional integration and prosperity.

During a railway infrastructure-themed seminar on Monday here, participants, including officials and independent experts, discussed how Africa’s first fully electrified trans-boundary railway contributed to regional integration and the betterment of communities along the way.

The 752-km transnational railway, as a flagship project in the Belt and Road cooperation, demonstrated the aspirations of African countries to spur continental free trade by augmenting intra-Africa infrastructure connectivity, said Dagmawit Moges, Ethiopia’s minister of transport and logistics.

“While building our prosperous Ethiopia, we will engrave in a cornerstone of our friendship and the unreserved support we receive from our sister country China in turning our dream of having a modern standard gauge rail line into reality,” Moges told the high-level seminar.

The Addis Ababa-Djibouti electrified railway, also known as the Ethiopia-Djibouti railway, contracted by China Rail Engineering Corporation (CREC) and China Civil Engineering Construction Corporation (CCECC), is the first trans-boundary railway on the African continent.

Ethiopia’s State Minister of Finance Semereta Sewasew stressed China’s role in supporting African countries’ development aspiration on win-win modalities. The state minister, in particular, emphasized China’s “willingness to engage in areas of cooperation that some development partners are reluctant, mainly in large infrastructure projects.”

Zhao Zhiyuan, Chinese ambassador to Ethiopia, also echoed Moges’ comments, stressing that the Addis Ababa-Djibouti rail line is a lifeline to landlocked Ethiopia.

“The Addis Ababa-Djibouti Railway, as a flagship project of China-Ethiopia cooperation under the Belt and Road Initiative (BRI), has made important strides in all aspects since starting operation more than four years ago,” the Chinese ambassador said.

The electrified railway has cut the transportation time for freight goods from more than three days to less than 20 hours and reduced the cost by at least one third.

Zhao said the railway has been a way of development, driving economic growth and industrialization, and serving as a lifeline of transportation for essential goods such as fertilizers, grain, cement, steel and anti-pandemic materials.

“The Addis Ababa-Djibouti railway is a flagship project, and it is really unique in its kind in Africa, which brought three countries together in one platform to work together — Ethiopia, Djibouti and China,” said Tilahun Sarka, general manager of Ethiopia-Djibouti Standard Gauge Railway Share Company (EDR).

The high-level seminar, themed “Significance of the Addis Ababa-Djibouti Railway for the Horn of Africa,” was co-hosted by the EDR and CREC-CCECC Joint Venture and the Chinese Embassy in Ethiopia.

The CREC-CCECC Joint Venture is a management contractor of the Addis Ababa-Djibouti Railway, which presently provides both passenger and freight services between Ethiopia and Djibouti.

According to figures from the joint venture, in 2021, the railway’s monthly transport revenue exceeded 9 million and 10 million U.S. dollars in October and November respectively, the best result since 2018. The transport revenue in 2021 is 37.4 percent higher than in 2020.

The railway has also created numerous job opportunities for locals, with more than 4,000 locals employed so far, which accounts for over 90 percent of the total staff.

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Participants at the high-level seminar further emphasized the crucial importance of the China-Africa cooperation under the BRI in terms of boosting infrastructure development across the continent.

On the growing list of African countries cooperating with China under the BRI framework, many countries have realized new deep seaports, thousands of kilometers of roads and railways that have transformed logistics across Africa, among other development projects. . (Xinhua)

Dagmawit Moges, Ethiopia’s minister of transport and logistics, speaks during a seminar themed “Significance of the Addis Ababa-Djibouti Railway for the Horn of Africa” in Addis Ababa, Ethiopia, on Feb. 21, 2022. The Chinese-built Addis Ababa-Djibouti Standard Gauge Railway has won acclaim for facilitating regional integration and prosperity. (Xinhua)

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Arab News News World

Israel announce increase in fuel price

Israel announce increase in fuel price

The Israeli Ministry of Energy has announced an increase in fuel prices from March 1…reports Asian Lite News

The maximum price for unleaded 95-octane gasoline, which is supervised by the Israeli government, is set at 7.05 shekels ($2.18) per litre beginning on March 1, up 34 cents from February, according to the Ministry’s monthly fuel pricing bulletin.

According to historical data published by the Ministry, the price has been at its highest level since November 2014, when it was likewise fixed at 7.05 shekels per litre, Xinhua news agency reported.

Gad Lior, a senior analyst for the Yedioth Ahronoth daily newspaper, told Xinhua that the price hike is due to a significant oil price rise in the Mediterranean basin and a two per cent increase in the rate of the US dollar against the shekel in January.

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Another reason, he said, is the Israeli government’s refusal to lower the fuel tax rate, which is currently 67 per cent of the consumer price.

Israel’s fuel tax revenues totaled 21.5 billion shekels in 2021, according to the 2021 state revenues report issued by the Finance Ministry.

Categories
-Top News India News

Petrol, diesel prices fall as Centre cuts duty

In the financial capital Mumbai, petrol prices fell to Rs 109.98 a litre from Rs 115.85, while diesel fell to Rs 94.14 a litre from Rs 106.62, which was also the highest among all metros…reports Asian Lite News.

The Diwali morning has brought an early sparkle for fuel consumers as retail prices of petrol and diesel fell between Rs 5-10 per litre on Thursday in line with the Centre’s announcement to cut excise duty on the two petroleum products to contain surging rates.

Accordingly, the pump price of petrol in Delhi fell to Rs 103.97 a litre at 6 a.m. on Thursday from the previous day’s level of Rs 110.04 a litre. The diesel prices fell by a bigger margin to Rs 86.67 a litre in the city from the earlier level of Rs 98.42, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, petrol prices fell to Rs 109.98 a litre from Rs 115.85, while diesel fell to Rs 94.14 a litre from Rs 106.62, which was also the highest among all metros.

Across the country as well, fuel prices fell between Rs 5-10 per litre after the Centre on Wednesday announced that the excise duty will be reduced by Rs 5 for petrol and Rs 10 for diesel from November 4.

The cut is larger in some states such as Uttar Pradesh and Goa which have also announced VAT cut on petrol and diesel.

The Centre has said that massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season. It would lose revenue to the tune Rs 40,000-45,000 crore in balance period of FY22 due to excise reduction.

Before Thursday’s price fall, there was a pause on fuel price increase on Wednesday but petrol and diesel prices had spiked for seven consecutive days prior to this to take up the retail rate of petrol by Rs 2.45 per litre in Delhi.

Similarly, diesel prices also increased in last week by Rs 2.10 a litre.

Diesel prices have increased on 30 out of the last 41 days taking up its retail price by Rs 9.90 per litre in Delhi before Thursday’s cut.

BJP takes a swipe at Centre

Taking a dig at the Centre after it cut the excise duty in petrol and diesel, the Congress on Thursday said that the government was forced to take the step after the bypoll results where the BJP lost in ruling states like Himachal Pradesh.

In a tweet, Congress Deputy leader in Lok Sabha Gaurav Gogoi said that after months of claiming that rise in duty of petrol and diesel was to “pay for free vaccines”, the BJP had to “swallow their hypocrisy” and partially roll back prices.

“The people of India have got a minor reprieve. This a day after Rahul Gandhi attacked the Govt. over inflation.”

Congress Chief spokesperson Randeep Surjewala tweeted: “Kudos to People for showing the “mirror of truth” to tax-parasitic Modi Govt! But do remember -After losing 14 bye elections & 2 Lok Sabhas, reducing Petrol-Diesel price by Rs5 & Rs 10 is tom-tommed as aDiwali Gift’ of Modi Ji!”

In May 2014, he said, the price of petrol was Rs 71.41 – diesel was Rs 55.49/litre but crude Oil was $105.71/barrel.

“Crude Oil is Rs 82/Barrel,When will the prices equate year 2014?Congress Govt-:Excise on Petrol – Rs9.48/litre Excise on Diesel – Rd3.56/litre,” he added.

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-Top News EU News Europe

EU floats ban on Arctic fossil fuel exploitation

The European Union said Wednesday it would seek an international agreement to ban the exploitation of gas, coal and oil in the Arctic, weeks before a major UN climate conference.

The Arctic is thought to be hugely rich in resources, with major players including Russia, Canada and the United States vying for control.

But climate warming driven by humanity’s exploitation of fossil fuels is already severely affecting the region, with higher temperatures melting vast areas of ice in recent decades.

Dozens of world leaders are due to meet next month for the COP26 climate summit in the UK, where they face huge pressure to agree meaningful action.

“Coal, gas and oil must remain underground in this region,” the EU’s environment commissioner Virginijus Sinkevicius told journalists.

The Commission wants to explore a legal obligation to halt exploitation of reserves in the region and a ban on the sale of such products, he said.

EU foreign policy chief Josep Borrell said global warming, increased competition and geopolitical rivalries were all contributing to rapid changes in the Arctic.

“These developments show that Europe must define its geopolitical interests broadly to promote stability, safety and peaceful cooperation in the Arctic,” he said.

Sinkevicius said the bloc would seek to build on a partial ban already in place in parts of the US, Canada and Greenland.

However, the EU currently imports substantial amounts of Arctic oil and gas, including 87 percent of the liquefied natural gas produced in the Russian Arctic, according to EU figures.

And the bloc may face a tough task to persuade Russia to join any moratorium as Moscow has made exploration of the Arctic a central plank in its energy strategy.

“The Arctic region has enormous potential,” Russian Deputy Prime Minister Alexander Novak said last month.

“In terms of resources, we’re talking about 15 billion tonnes of oil and 100 trillion cubic metres of gas. Enough for tens if not hundreds of years.”

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READ MORE-European Commission unveils ‘Fit for 55’ climate package