World’s largest oil trader says global oil demand could plummet by 20 million barrels per day

A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, oil demand could slump by 15 to 20 million bpd over the next few weeks. On an annual basis, Hardy said, this would contribute to a demand […]

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Fuel demand drops in India as coronavirus strikes; petrol diesel purchases drop

India’s fuel demand has dropped by a steep 10-11 per cent in the first two weeks of March as the outbreak of coronavirus (Covid-19) led to the cancellation of flights and reduction in industrial activity. The country had consumed 19.5 million tonnes of petroleum products in March 2019, official data showed. Assuming consumption in two […]

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Uttar Pradesh ramps up its ethanol producing capacity to 1.4 billion litres per annum; more in the pipeline

Uttar Pradesh sugar mills have increased their ethanol production capacity to more than 1.4 billion litres (BL) per annum. More capacities are in the pipeline, reports Business Standard. According to the state sugar industry and sugarcane development department, at least 25 sugar mills in UP had already started ethanol production from ‘b heavy’ molasses, thus providing the much-needed liquidity […]

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Subsidised LPG price hiked by Rs 35.55 per cylinder in 5 months: Oil Minister Pradhan

The price of subsidised cooking gas (LPG) has been hiked by Rs 35.55 per cylinder in the last five months, Oil Minister Dharmendra Pradhan said. As per government policy, LPG all over the country is available only at market price. However, households are entitled to buying 12 cylinders of 14.2-kg each at a subsidised rate […]

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Coal likely to face challenges in India as renewables look to scale up

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Coal remains central in the power mix of the developing world, with coal plants still being built across Asia in order to meet rising baseload electricity needs. However, a more challenging macroeconomic environment and slowing power demand growth are raising some questions around the growth of coal even in developing economies. Last year may have […]

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Government tables notifications on excise duty, road cess rise on petrol, diesel in the parliament

Minister of State for Finance Anurag Singh Thakur on Monday tabled three notifications relating to increase in excise duty and road cess on petrol and diesel by Rs 3 per per litre, amidst uproar by opposition in Lok Sabha. Thakur placed before the House the notifications dated March 13, 2020 seeking to raise special additional […]

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