Iran resumed fuel exports to Afghanistan a few days ago following a request from the new Afghan government.

Iran resumes fuel exports to Afghanistan

Lebanon's&nbsp;army&nbsp;Saturday raided gas stations and seized&nbsp;petrol&nbsp;to curb hoarding as the central&nbsp;bank&nbsp;chief&nbsp;stood&nbsp;firm&nbsp;on&nbsp;his decision to halt&nbsp;fuel&nbsp;subsidies.

Lebanon&nbsp;is gripped by one of the world's worst economic crises since the 1850s, according to the&nbsp;World Bank, and is struggling with&nbsp;fuel, bread and medicine shortages.

On&nbsp;Wednesday central&nbsp;bank&nbsp;chief&nbsp;Riad Salameh said he would halt state&nbsp;subsidies&nbsp;on&nbsp;fuel&nbsp;imports to ease pressure&nbsp;on&nbsp;the&nbsp;bank's dwindling foreign reserves, sparking panic across the country.

Also read |&nbsp;<a href="https://www.wionews.com/world/diapers-and-rags-lebanon-crisis-plunges-women-into-period-poverty-395140">Diapers and rags: Lebanon crisis plunges women into period poverty</a>

Saturday Salameh insisted he would not back down from his decision without a parliamentary vote, saying foreign reserves had fallen to $14 billion.

"I will not review the removal of&nbsp;subsidies&nbsp;on&nbsp;fuel&nbsp;unless the use of compulsory reserves is legalised" by a parliamentary vote, he told local radio.

The Lebanese pound has lost more than 90 per cent of its value&nbsp;on&nbsp;the black market, and 78 per cent of the population lives below the poverty line.&nbsp;

Crippling shortages of&nbsp;fuel&nbsp;and power cuts lasting more than 22 hours per day have left many businesses and homes without the&nbsp;diesel&nbsp;needed to power private generators, plunging the country into darkness.&nbsp;

They have also caused giant queues at&nbsp;petrol&nbsp;stations that are rationing gasoline supply, allegedly because of low stock.&nbsp;

Fuel&nbsp;importers blame the crisis&nbsp;on&nbsp;a delay by the central&nbsp;bank&nbsp;in opening credit lines to fund imports.

Salameh denied those charges&nbsp;on&nbsp;Saturday, accusing importers and distributors of holding back&nbsp;fuel&nbsp;to sell it at higher prices in the black market, or across the border in Syria.&nbsp;

"The importers are to blame," Salameh said, accusing them of squandering $820 million the lender had fronted for three months of imports.&nbsp;

Army&nbsp;deploys&nbsp;

To stem hoarding, the&nbsp;army&nbsp;on&nbsp;Saturday said it was raiding closed gas stations to seize gasoline and distribute it "free of charge" to the people.

It shared pictures and video footage&nbsp;on&nbsp;its social media pages, showing soldiers working&nbsp;pumps&nbsp;at gas stations and filling up car tanks.

Also read |&nbsp;<a href="https://www.wionews.com/world/protests-rock-lebanon-ahead-of-fuel-price-hike-394575">Protests rock Lebanon ahead of fuel price hike</a>

An AFP correspondent saw soldiers deployed at several gas stations north of Beirut, where hundreds of vehicles had been queueing for long hours to fill up&nbsp;on&nbsp;petrol.

Video footage posted online showed motorists cheering as the&nbsp;army&nbsp;raided gas stations.

But some Lebanese remained bitter.

"The&nbsp;army's decision is too late," said one motorist who had been waiting for hours in the simmering heat.&nbsp;

After the&nbsp;army's deployment, many&nbsp;petrol&nbsp;stations across the country reopened after closing for several days.&nbsp;

The police also announced Saturday they would dispatch patrols to gas stations believed to be hoarding&nbsp;fuel&nbsp;and confiscate it.

Political crisis&nbsp;

The central&nbsp;bank's funding of&nbsp;fuel&nbsp;and other basic commodity imports has contributed to foreign reserves falling by more than 50 per cent from their pre-crisis level of more than $30 billion.&nbsp;

Salameh blamed&nbsp;Lebanon's ruling class for the crisis.&nbsp;

"Everybody was aware... they were aware in government, parliament and the president's office" that reserves were critically low, Salameh said, accusing them of inaction.&nbsp;

Salameh has headed the central&nbsp;bank&nbsp;since 1993 and is suspected by many Lebanese of helping facilitate large transfers of money abroad by the political elite during mass protests that began in October 2019. &nbsp;

He is under judicial investigation in&nbsp;Lebanon, Switzerland and France over several cases, including the diversion of public funds and illicit enrichment.

At home, many blame him for capital controls in place since 2019 that have trapped dollar savings and denied even the poorest segment of the population free access to their deposits.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/lebanese-govt-central-bank-clash-on-ending-fuel-subsidies-in-lebanon-405169/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

But Salameh has pinned the blame&nbsp;on&nbsp;politicians who have failed to agree&nbsp;on&nbsp;a new government more than one year since caretaker premier Hassan Diab resigned in the wake of a monster explosion at the Beirut port.

International donors who have pledged millions in humanitarian aid to&nbsp;Lebanon&nbsp;have&nbsp;conditioned assistance&nbsp;on&nbsp;the formation of a new government that can spearhead reforms and resume negotiations with the International Monetary Fund.&nbsp;

Lebanon's army Saturday raided gas stations and seized petrol to curb hoarding as the central bank chief stood firm on his decision to halt fuel subsidies. Lebanon is gripped by one of the world's worst economic crises since the 1850s, according to the World Bank, and is struggling with fuel, bread and medicine shortages.

Lebanon's army Saturday raided gas stations and seized petrol to curb hoarding as the central bank chief stood firm on his decision to halt fuel subsidies. Lebanon is gripped by one of the world's worst economic crises since the 1850s, according to the World Bank, and is struggling with fuel, bread and medicine shortages. On Wednesday central bank chief Riad Salameh said he would halt state subsidies on fuel imports to ease pressure on the bank's dwindling foreign reserves, sparking panic across the country. Also read | Diapers and rags: Lebanon crisis plunges women into period poverty Saturday Salameh insisted he would not back down from his decision without a parliamentary vote, saying foreign reserves had fallen to $14 billion. "I will not review the removal of subsidies on fuel unless the use of compulsory reserves is legalised" by a parliamentary vote, he told local radio. The Lebanese pound has lost more than 90 per cent of its value on the black market, and 78 per cent of the population lives below the poverty line. Crippling shortages of fuel and power cuts lasting more than 22 hours per day have left many businesses and homes without the diesel needed to power private generators, plunging the country into darkness. They have also caused giant queues at petrol stations that are rationing gasoline supply, allegedly because of low stock. Fuel importers blame the crisis on a delay by the central bank in opening credit lines to fund imports. Salameh denied those charges on Saturday, accusing importers and distributors of holding back fuel to sell it at higher prices in the black market, or across the border in Syria. "The importers are to blame," Salameh said, accusing them of squandering $820 million the lender had fronted for three months of imports. Army deploys To stem hoarding, the army on Saturday said it was raiding closed gas stations to seize gasoline and distribute it "free of charge" to the people. It shared pictures and video footage on its social media pages, showing soldiers working pumps at gas stations and filling up car tanks. Also read | Protests rock Lebanon ahead of fuel price hike An AFP correspondent saw soldiers deployed at several gas stations north of Beirut, where hundreds of vehicles had been queueing for long hours to fill up on petrol. Video footage posted online showed motorists cheering as the army raided gas stations. But some Lebanese remained bitter. "The army's decision is too late," said one motorist who had been waiting for hours in the simmering heat. After the army's deployment, many petrol stations across the country reopened after closing for several days. The police also announced Saturday they would dispatch patrols to gas stations believed to be hoarding fuel and confiscate it. Political crisis The central bank's funding of fuel and other basic commodity imports has contributed to foreign reserves falling by more than 50 per cent from their pre-crisis level of more than $30 billion. Salameh blamed Lebanon's ruling class for the crisis. "Everybody was aware... they were aware in government, parliament and the president's office" that reserves were critically low, Salameh said, accusing them of inaction. Salameh has headed the central bank since 1993 and is suspected by many Lebanese of helping facilitate large transfers of money abroad by the political elite during mass protests that began in October 2019. He is under judicial investigation in Lebanon, Switzerland and France over several cases, including the diversion of public funds and illicit enrichment. At home, many blame him for capital controls in place since 2019 that have trapped dollar savings and denied even the poorest segment of the population free access to their deposits. But Salameh has pinned the blame on politicians who have failed to agree on a new government more than one year since caretaker premier Hassan Diab resigned in the wake of a monster explosion at the Beirut port. International donors who have pledged millions in humanitarian aid to Lebanon have conditioned assistance on the formation of a new government that can spearhead reforms and resume negotiations with the International Monetary Fund.

Lebanon army deploys at pumps as bank chief firm on lifting fuel subsidies

An agreement signed Saturday in Baghdad will see Iraq provide one million tonnes of fuel oil to Lebanon in exchange for medical services.

Energy shortages are a major issue in both countries, affecting hospitals.

In exchange for "goods and services," the Iraqi government said Lebanon would receive 1 million tonnes of fuel oil.

Also read |&nbsp;<a href="https://www.wionews.com/world/lebanon-cant-handle-next-covid-19-wave-hospital-chief-400337">Lebanon can't handle next COVID-19 wave: hospital chief</a>

Raymond Ghajar, the energy minister of Lebanon, said the agreement would enable the purchase of "one million tonnes of Iraqi state fuel oil by Electricite du Liban (EDL)" over the next year.

However, Iraqi oil can't be used directly at Lebanon's power stations, so Beirut will now buy fuel from other suppliers in exchange for Iraqi oil, which will be delivered to Lebanon, explained Ghajar, adding the mechanism was "a bit complicated".

As a result of this agreement, EDL will receive a third of its fuel needs, he said, expressing the hope that&nbsp;over the next four months&nbsp;the EDL will provide as much as nine or 10 hours of electricity (daily).

Lebanon will provide Iraq with services and assistance in the hospitals' sector in return, he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/lebanons-public-water-system-on-the-verge-of-collapse-warns-unicef-400293">Lebanon's public water system on the verge of collapse, warns UNICEF</a>

Strained by a dire financial and economical crisis, the Lebanese state is having difficulties purchasing fuel for its power plants, which causes up to 22 hours of electricity cuts per day in some areas.

The health care sector is already facing shortages of medicine and an exodus of staff abroad, and now it is also experiencing power outages almost constantly.

OPEC's second-largest producer, Iraq, has been plagued by conflict, poor maintenance, and corruption throughout its energy sector for decades.

Health infrastructure in Iraq is deteriorating, and endemic corruption has also hindered public service investments.

(With inputs from agencies)

An agreement signed Saturday in Baghdad will see Iraq provide one million tonnes of fuel oil to Lebanon in exchange for medical services. Energy shortages are a major issue in both countries, affecting hospitals.

An agreement signed Saturday in Baghdad will see Iraq provide one million tonnes of fuel oil to Lebanon in exchange for medical services. Energy shortages are a major issue in both countries, affecting hospitals. In exchange for "goods and services," the Iraqi government said Lebanon would receive 1 million tonnes of fuel oil. Also read | Lebanon can't handle next COVID-19 wave: hospital chief Raymond Ghajar, the energy minister of Lebanon, said the agreement would enable the purchase of "one million tonnes of Iraqi state fuel oil by Electricite du Liban (EDL)" over the next year. However, Iraqi oil can't be used directly at Lebanon's power stations, so Beirut will now buy fuel from other suppliers in exchange for Iraqi oil, which will be delivered to Lebanon, explained Ghajar, adding the mechanism was "a bit complicated". As a result of this agreement, EDL will receive a third of its fuel needs, he said, expressing the hope that over the next four months the EDL will provide as much as nine or 10 hours of electricity (daily). Lebanon will provide Iraq with services and assistance in the hospitals' sector in return, he said. Also read | Lebanon's public water system on the verge of collapse, warns UNICEF Strained by a dire financial and economical crisis, the Lebanese state is having difficulties purchasing fuel for its power plants, which causes up to 22 hours of electricity cuts per day in some areas. The health care sector is already facing shortages of medicine and an exodus of staff abroad, and now it is also experiencing power outages almost constantly. OPEC's second-largest producer, Iraq, has been plagued by conflict, poor maintenance, and corruption throughout its energy sector for decades. Health infrastructure in Iraq is deteriorating, and endemic corruption has also hindered public service investments. (With inputs from agencies)

Iraq, Lebanon sign deal to swap fuel oil for medical services

Despite spending similar amounts, men's purchases cause 16 per cent more climate-warming emissions than women's, a study has revealed.

The research published in Journal for Industrial Ecology finds that spending on petrol and diesel for cars was the greatest difference between men and women.

Also read |&nbsp;<a href="https://www.wionews.com/world/study-says-eating-french-fries-good-for-health-395381">Study says eating french fries good for health</a>

According to researchers, gender differences in emissions have been remarkably understudied and should be acknowledged when action is taken against climate change.

The study compared the emissions produced by single men and women in Sweden, and found that food and holidays were responsible for more than half of all emissions. It was discovered that men and women, both, accounted for roughly one-third of their annual emissions during the holiday season.

According to the research findings, people's emissions can be reduced by 40 per cent if they chop meat and dairy from their diet and switch to train travel instead of flying or driving.

<a href="https://www.wionews.com/science/scientists-discover-largest-rotating-structures-in-the-universe-391915">Also read |&nbsp;Scientists discover largest rotating structures in the universe</a>

Researchers at Ecoloop in Sweden, who conducted the study, believe it's vital to take men's and women's differences into account in policymaking.

Annika Carlsson Kanyama, of Ecoloop, says that spending habits, in general, are very stereotypical as women spend more on home decorations, health and fashion, and men spend more on fuel for cars, eating out, alcohol and tobacco.

Due to insufficient data for individuals living in families, the research made use of data for individuals living alone.

The study suggests a change in dietary habits and holidaying ways to reduce the number of annual emissions produced by individuals, as these changes do not require any extra spending such as buying an electric car.

Also read |&nbsp;<a href="https://www.wionews.com/science/drinking-coffee-reduces-risk-of-contracting-coronavirus-study-397490">Drinking coffee reduces risk of contracting coronavirus: Study</a>

A previous study from 2017 found that individuals can make the greatest difference in fighting climate change if they have fewer children, don't drive, or avoid flying.

Studies from 2010 and 2012 found that men spent more on energy and consumed more meat than women, which in turn resulted in high emissions.&nbsp;

Carlsson Kanyama, while expressing her surprise at the very limited amount of studies done on the gender differences in environmental impact, says that these differences are evident, and it doesn't seem likely they will disappear anytime soon.

Last week, the EU's green deal was criticised for omitting gender impact on climate.&nbsp;

According to Austria's climate minister, Leonore Gewessler, the climate crisis is one of the biggest challenges of our time, which affects both genders differently.

Women are disproportionately affected by energy poverty, and the road towards developing solutions and creating a transformation that works for everyone must take gender differences into account.

Despite spending similar amounts, men's purchases cause 16 per cent more climate-warming emissions than women's, a study has revealed. The research published in Journal for Industrial Ecology finds that spending on petrol and diesel for cars was the greatest difference between men and women.

Despite spending similar amounts, men's purchases cause 16 per cent more climate-warming emissions than women's, a study has revealed. The research published in Journal for Industrial Ecology finds that spending on petrol and diesel for cars was the greatest difference between men and women. Also read | Study says eating french fries good for health According to researchers, gender differences in emissions have been remarkably understudied and should be acknowledged when action is taken against climate change. The study compared the emissions produced by single men and women in Sweden, and found that food and holidays were responsible for more than half of all emissions. It was discovered that men and women, both, accounted for roughly one-third of their annual emissions during the holiday season. According to the research findings, people's emissions can be reduced by 40 per cent if they chop meat and dairy from their diet and switch to train travel instead of flying or driving. Also read | Scientists discover largest rotating structures in the universe Researchers at Ecoloop in Sweden, who conducted the study, believe it's vital to take men's and women's differences into account in policymaking. Annika Carlsson Kanyama, of Ecoloop, says that spending habits, in general, are very stereotypical as women spend more on home decorations, health and fashion, and men spend more on fuel for cars, eating out, alcohol and tobacco. Due to insufficient data for individuals living in families, the research made use of data for individuals living alone. The study suggests a change in dietary habits and holidaying ways to reduce the number of annual emissions produced by individuals, as these changes do not require any extra spending such as buying an electric car. Also read | Drinking coffee reduces risk of contracting coronavirus: Study A previous study from 2017 found that individuals can make the greatest difference in fighting climate change if they have fewer children, don't drive, or avoid flying. Studies from 2010 and 2012 found that men spent more on energy and consumed more meat than women, which in turn resulted in high emissions. Carlsson Kanyama, while expressing her surprise at the very limited amount of studies done on the gender differences in environmental impact, says that these differences are evident, and it doesn't seem likely they will disappear anytime soon. Last week, the EU's green deal was criticised for omitting gender impact on climate. According to Austria's climate minister, Leonore Gewessler, the climate crisis is one of the biggest challenges of our time, which affects both genders differently. Women are disproportionately affected by energy poverty, and the road towards developing solutions and creating a transformation that works for everyone must take gender differences into account.

'Change spending habits': Study reveals that men are worse for the planet

Sudan will cut its government spending and increase social spending, the cabinet said on Saturday, after completing a raft of rapid economic reforms this month that threaten to compound pressures on the majority of the population. 
 
Earlier this month, Sudan fully removed subsidies on car petrol and diesel, and in February, it devalued its currency and began a policy of a flexible managed float. 
 
Last week, it eliminated its customs exchange rate, used to calculate import duties, as the final step in a devaluation of its local currency. 
 
The country will cut costs of external official trips by 50%, reduce fuel quotas for government vehicles by 20%, sell all surplus government vehicles and cut embassies' budgets by 25% among other measures, the cabinet said on Saturday after three days of closed meetings. 
 
The government will expand the registration of a family support project called Thamarat or Fruits to include three million families or about 15 million people within two months, it added. 
 
Through the programme financed by the World Bank and other donors, Sudan is paying out monthly cash allowances to these families to ease economic pain. 
 
The new measures include increasing the budget of another programme that was meant to provide cheap food commodities from two billion Sudanese pounds ($4.51 million) to 10 billion pounds ($22.54 million). 
 
The government will pay a monthly grant of 10 billion pounds to all state workers, not subject to taxes, starting from July 1. Most of the grant will be allocated to the lowest grades of workers. 
 
It also promised to review the salary structure and to apply a new improved one starting from the fiscal year 2022. 
 
Sudan is emerging from decades of economic sanctions and isolation under ousted former President Omar al-Bashir. 
 
It had built up huge arrears on its debt, but has made rapid progress towards having much of it forgiven under the IMF and World Bank's Highly Indebted Poor Countries (HIPC) scheme, which would reopen access to badly needed cheap international financing. 
 
The IMF said on Tuesday it has secured sufficient financing pledges to allow it to provide comprehensive debt relief to Sudan, clearing a final hurdle towards wider relief on external debt of at least $50 billion. 
 
(With inputs from agencies)

Sudan will cut its government spending and increase social spending, the cabinet said on Saturday, after completing a raft of rapid economic reforms this month that threaten to compound pressures on the majority of the population.

Sudan will cut its government spending and increase social spending, the cabinet said on Saturday, after completing a raft of rapid economic reforms this month that threaten to compound pressures on the majority of the population. Earlier this month, Sudan fully removed subsidies on car petrol and diesel, and in February, it devalued its currency and began a policy of a flexible managed float. Last week, it eliminated its customs exchange rate, used to calculate import duties, as the final step in a devaluation of its local currency. The country will cut costs of external official trips by 50%, reduce fuel quotas for government vehicles by 20%, sell all surplus government vehicles and cut embassies' budgets by 25% among other measures, the cabinet said on Saturday after three days of closed meetings. The government will expand the registration of a family support project called Thamarat or Fruits to include three million families or about 15 million people within two months, it added. Through the programme financed by the World Bank and other donors, Sudan is paying out monthly cash allowances to these families to ease economic pain. The new measures include increasing the budget of another programme that was meant to provide cheap food commodities from two billion Sudanese pounds ($4.51 million) to 10 billion pounds ($22.54 million). The government will pay a monthly grant of 10 billion pounds to all state workers, not subject to taxes, starting from July 1. Most of the grant will be allocated to the lowest grades of workers. It also promised to review the salary structure and to apply a new improved one starting from the fiscal year 2022. Sudan is emerging from decades of economic sanctions and isolation under ousted former President Omar al-Bashir. It had built up huge arrears on its debt, but has made rapid progress towards having much of it forgiven under the IMF and World Bank's Highly Indebted Poor Countries (HIPC) scheme, which would reopen access to badly needed cheap international financing. The IMF said on Tuesday it has secured sufficient financing pledges to allow it to provide comprehensive debt relief to Sudan, clearing a final hurdle towards wider relief on external debt of at least $50 billion. (With inputs from agencies)

Sudan to cut government spending, increase social spending

Saudi Arabia has decided to shift a planned $10 billion oil refinery to Karachi from Gwadar, the epicentre of the country`s flagship China-Pakistan Economic Corridor, further highlighting the infrastructural deficiencies of the project in the port city.

Tabish Gauhar, Special Assistant to Prime Minister Imran Khan on Power and Petroleum earlier this month had said that Saudi Arabia will not install a refinery at Gwadar but has indicated to set up a refinery along with a petrochemical chemical complex elsewhere.

In 2019, Saudia Arabia had signed MoUs of $20 billion in various sectors of the economy and from this amount, announced to invest $10 billion in refinery and petrochemical complex at Gwadar.

The Special Assistant had informed that Aramco conducted a feasibility report according to which it found that setting up the refinery at Gwadar was not feasible, but said another refinery can be established near Karachi in the next five years.

According to Nikkei Asia, the decision to shift the project to Karachi highlights the infrastructural deficiencies in Gwadar and further supporting the impression that the port city is losing its importance as a mega-investment hub.

"Gwadar can only be a feasible location of an oil refinery if a 600-km oil pipeline is built connecting it with Karachi, the centre of oil supply of the country," a Pakistani official in the petroleum sector told Nikkei Asia on condition of anonymity.

According to the Japanese newspaper, there is currently an oil pipeline from Karachi to the north of Pakistan, but not to the east.&nbsp;

"Without a pipeline, the transport of refined oil from Gwadar [via road in oil tankers] to consumption centres in the country will be very expensive," the official said.

The official further said that given the pace of development he did not see Gwadar’s infrastructure issues being resolved in the next 15 years. Earlier this month, Pakistani media had reported that the oil facility was withdrawn amid worsening ties between Saudi Arabia and Pakistan in the recent past.

Saudi Aramco, at that time, is reported to have indicated to Pakistan authorities to ask Imran Khan to contact the top Saudi leadership on the decision about setting up the refinery and petrochemical complex.

However, Pakistan`s Foreign Office had then suggested that it was not the right time to contact Saudi leader Mohammad Bin Salman on the project because of the ties that had turned cold because of the foreign policy of the country.

Saudi Arabia has decided to shift a planned $10 billion oil refinery to Karachi from Gwadar, the epicentre of the country`s flagship China-Pakistan Economic Corridor, further highlighting the infrastructural deficiencies of the project in the port city.

Saudi Arabia has decided to shift a planned $10 billion oil refinery to Karachi from Gwadar, the epicentre of the country`s flagship China-Pakistan Economic Corridor, further highlighting the infrastructural deficiencies of the project in the port city. Tabish Gauhar, Special Assistant to Prime Minister Imran Khan on Power and Petroleum earlier this month had said that Saudi Arabia will not install a refinery at Gwadar but has indicated to set up a refinery along with a petrochemical chemical complex elsewhere. In 2019, Saudia Arabia had signed MoUs of $20 billion in various sectors of the economy and from this amount, announced to invest $10 billion in refinery and petrochemical complex at Gwadar. The Special Assistant had informed that Aramco conducted a feasibility report according to which it found that setting up the refinery at Gwadar was not feasible, but said another refinery can be established near Karachi in the next five years. According to Nikkei Asia, the decision to shift the project to Karachi highlights the infrastructural deficiencies in Gwadar and further supporting the impression that the port city is losing its importance as a mega-investment hub. "Gwadar can only be a feasible location of an oil refinery if a 600-km oil pipeline is built connecting it with Karachi, the centre of oil supply of the country," a Pakistani official in the petroleum sector told Nikkei Asia on condition of anonymity. According to the Japanese newspaper, there is currently an oil pipeline from Karachi to the north of Pakistan, but not to the east. "Without a pipeline, the transport of refined oil from Gwadar [via road in oil tankers] to consumption centres in the country will be very expensive," the official said. The official further said that given the pace of development he did not see Gwadar’s infrastructure issues being resolved in the next 15 years. Earlier this month, Pakistani media had reported that the oil facility was withdrawn amid worsening ties between Saudi Arabia and Pakistan in the recent past. Saudi Aramco, at that time, is reported to have indicated to Pakistan authorities to ask Imran Khan to contact the top Saudi leadership on the decision about setting up the refinery and petrochemical complex. However, Pakistan`s Foreign Office had then suggested that it was not the right time to contact Saudi leader Mohammad Bin Salman on the project because of the ties that had turned cold because of the foreign policy of the country.

Pakistan's Gwadar loses shine as Saudis shift billion-dollar oil refinery to Karachi

Cars in the UAE can now be refuelled where ever they are, all thanks to first-ever fuel delivery app launch by Ford and Dubai based CAFU company. WION tells you more.

Ford and Dubai based fuel company launch new delivery app

The Wholesale price-based inflation (WPI) in February rose to its 27-month high to 4.17 per cent as against 2.03 per cent a month ago in January.

Wholesale prices in February this year raised on the back of rising food prices and manufactured goods.&nbsp;

The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year.

"The rate of inflation, based on monthly WPI, stood at (4.17 per cent) (provisional) for the month of February 2021 (over February 2020, as compared to 2.26 per cent) during the corresponding month of the previous year," a Ministry of Commerce and Industry statement on WPI said.

On a segment basis, prices of primary articles, which constitute 22.62 per cent of the WPI`s total weightage, inflated by 1.82 per cent from (-) 2.24 per cent in January.

Besides, the WPI food index rose to 3.31 per cent from (-) 0.26 per cent reported for January 2020.

The prices of manufactured items remained at elevated levels with a rise of 5.81 per cent from 5.13 per cent reported for January 2020.

On the same note, the prices of fuel and power with a weightage of 13.15 per cent rose 0.58 per cent from (-) 4.78 per cent in January 2020.

"The index for this (fuel and power) major group increased by (4.51 per cent) to 104.2 (provisional) in February 2021 from 99.7 (provisional) for the month of January 2021. Prices of Mineral Oils (8.88 per cent) increased in February 2021 as compared to January 2021," the statement said.

"Prices of Electricity (-0.43 per cent) declined in February 2021 as compared to January 2021. Prices of coal remain unchanged."

(With inputs from agencies)

The Wholesale price-based inflation (WPI) in February rose to its 27-month high to 4.17 per cent as against 2.03 per cent a month ago in January. Wholesale prices in February this year raised on the back of rising food prices and manufactured goods.

The Wholesale price-based inflation (WPI) in February rose to its 27-month high to 4.17 per cent as against 2.03 per cent a month ago in January. Wholesale prices in February this year raised on the back of rising food prices and manufactured goods. The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year. "The rate of inflation, based on monthly WPI, stood at (4.17 per cent) (provisional) for the month of February 2021 (over February 2020, as compared to 2.26 per cent) during the corresponding month of the previous year," a Ministry of Commerce and Industry statement on WPI said. On a segment basis, prices of primary articles, which constitute 22.62 per cent of the WPI`s total weightage, inflated by 1.82 per cent from (-) 2.24 per cent in January. Besides, the WPI food index rose to 3.31 per cent from (-) 0.26 per cent reported for January 2020. The prices of manufactured items remained at elevated levels with a rise of 5.81 per cent from 5.13 per cent reported for January 2020. On the same note, the prices of fuel and power with a weightage of 13.15 per cent rose 0.58 per cent from (-) 4.78 per cent in January 2020. "The index for this (fuel and power) major group increased by (4.51 per cent) to 104.2 (provisional) in February 2021 from 99.7 (provisional) for the month of January 2021. Prices of Mineral Oils (8.88 per cent) increased in February 2021 as compared to January 2021," the statement said. "Prices of Electricity (-0.43 per cent) declined in February 2021 as compared to January 2021. Prices of coal remain unchanged." (With inputs from agencies)

India's February WPI inflation at 27-month high, rises to 4.17%

Despite a jump in prices, oil exporters are losing cash. World's biggest oil economies are still bleeding, while major oil companies are reporting staggering losses. The worst may be yet to come. WION's Palki Sharma tells you why.

Gravitas: Despite a price jump, major oil exporters are losing cash

Oil prices are skyrocketing in India. Global oil prices are touching new highs. Why are Indians paying so much for oil? Will we have to keep paying more? WION's Palki Sharma tells you how a meeting next month could decide what you pay for fuel.

Gravitas: 2 factors are dictating how much you spend on fuel

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight. &nbsp;&nbsp;

At Rs 100, oil in India was reportedly the costliest in South Asia. The Sensex fell by more than 1,000 points today. Oil wasn't the only reason for the falling stocks, but it was a major reason. Investors were spooked by the soaring prices. &nbsp;&nbsp;

There are also reports of fuel smuggling. A tanker carrying more than 1,000 litres of oil was held in Nepal last week. That's when prices in Nepal were around Rs 70 a litre. &nbsp;

The irony is Nepal gets its oil supplies from India. So, the question is why are Indians paying so much for oil? &nbsp;

The short and simple answer is taxes. Our oil taxes are abominably high. The long answer is more complex, it includes global oil prices and international politics. &nbsp; &nbsp;

A year ago, oil prices had hit negative territory less than zero. It was at the height of the pandemic. Now, the demand has increased. &nbsp;

<a href="https://www.wionews.com/videos/gravitas-2-factors-are-dictating-how-much-you-spend-on-fuel-365528">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-2-factors-are-dictating-how-much-you-spend-on-fuel-365528/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Prices have shot up again. Where will they go from here? It depends on what oil producers decide and how the market responds. These two factors will dictate how much you pay for fuel. &nbsp; &nbsp;

Earlier this month, the price of oil recovered and returned to pre-pandemic levels. The lockdowns around the world had killed demand for oil. &nbsp;

Now, the world is out. So, the demand has revived and prices have gone up. &nbsp;

Right now, they are hovering around 60 dollars per barrel. Oil was selling at 20 dollars per barrel in April last year. So, the prices have tripled. &nbsp;

The brent-crude futures is the benchmark of the energy markets. It has risen by more than 50 per cent since October last year. It's proof of recovery. &nbsp;

The global prices are higher. So, a country like India, which imports more than 80 per cent of its fuel needs, must pay more to buy oil in the international market. &nbsp;

So far, so bad. What about the future? It depends on one meeting next month. The meeting of organisation of petroleum exporting countries (OPEC) and Russia. Together, they form a cartel and control the supply of oil into the global markets. &nbsp;

Now, this grouping has a problem as the two leading exporters, Saudi Arabia and Russia are at loggerheads with each other. One wants to increase supply, the other doesn't. &nbsp;

According to reports, Saudi Arabia does not want to increase oil supply and wants the prices to remain high. While Russia wants to increase supply. &nbsp; &nbsp;

It affects us. If Saudi Arabia has its way, supply will be limited but demand is increasing. So, prices will go up. If Russia has its way, supply will increase and there will be more oil in the market. So, prices could come down. &nbsp; &nbsp;

Reports say OPEC and its allies are withholding seven million barrels a day from the market. It's about seven per cent of the global supply. If all of this is released, global prices would fall, dramatically. But that isn't happening at the moment. &nbsp;

In recent months, some events have contributed to the jump in global prices. Saudi Arabia has cut production. In January, Riyadh decided to make an extra cut of one million barrels. It led to a spike in prices. &nbsp;

The winter storm in oil-rich Texas, US is another reason as the big freeze has knocked out 40 per cent of US's oil output. Production has been shut due to the icy weather for days now. Output has dropped by one to four million barrels per day. &nbsp;

The result of the shutdown was hike in oil prices. The global oil markets are nowhere close to a full recovery. But they have got a short-term boost.&nbsp;

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight.

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight. At Rs 100, oil in India was reportedly the costliest in South Asia. The Sensex fell by more than 1,000 points today. Oil wasn't the only reason for the falling stocks, but it was a major reason. Investors were spooked by the soaring prices. There are also reports of fuel smuggling. A tanker carrying more than 1,000 litres of oil was held in Nepal last week. That's when prices in Nepal were around Rs 70 a litre. The irony is Nepal gets its oil supplies from India. So, the question is why are Indians paying so much for oil? The short and simple answer is taxes. Our oil taxes are abominably high. The long answer is more complex, it includes global oil prices and international politics. A year ago, oil prices had hit negative territory less than zero. It was at the height of the pandemic. Now, the demand has increased. WATCH| Prices have shot up again. Where will they go from here? It depends on what oil producers decide and how the market responds. These two factors will dictate how much you pay for fuel. Earlier this month, the price of oil recovered and returned to pre-pandemic levels. The lockdowns around the world had killed demand for oil. Now, the world is out. So, the demand has revived and prices have gone up. Right now, they are hovering around 60 dollars per barrel. Oil was selling at 20 dollars per barrel in April last year. So, the prices have tripled. The brent-crude futures is the benchmark of the energy markets. It has risen by more than 50 per cent since October last year. It's proof of recovery. The global prices are higher. So, a country like India, which imports more than 80 per cent of its fuel needs, must pay more to buy oil in the international market. So far, so bad. What about the future? It depends on one meeting next month. The meeting of organisation of petroleum exporting countries (OPEC) and Russia. Together, they form a cartel and control the supply of oil into the global markets. Now, this grouping has a problem as the two leading exporters, Saudi Arabia and Russia are at loggerheads with each other. One wants to increase supply, the other doesn't. According to reports, Saudi Arabia does not want to increase oil supply and wants the prices to remain high. While Russia wants to increase supply. It affects us. If Saudi Arabia has its way, supply will be limited but demand is increasing. So, prices will go up. If Russia has its way, supply will increase and there will be more oil in the market. So, prices could come down. Reports say OPEC and its allies are withholding seven million barrels a day from the market. It's about seven per cent of the global supply. If all of this is released, global prices would fall, dramatically. But that isn't happening at the moment. In recent months, some events have contributed to the jump in global prices. Saudi Arabia has cut production. In January, Riyadh decided to make an extra cut of one million barrels. It led to a spike in prices. The winter storm in oil-rich Texas, US is another reason as the big freeze has knocked out 40 per cent of US's oil output. Production has been shut due to the icy weather for days now. Output has dropped by one to four million barrels per day. The result of the shutdown was hike in oil prices. The global oil markets are nowhere close to a full recovery. But they have got a short-term boost.

What led to hike in fuel prices?

India: Why oil is so expensive and what could be done 
India is the world's third-largest oil market and depends heavily on crude oil to fuel its dreams and development. India consumes nearly 211.6 million tonnes of oil every year. Out of this, less than 35 million tonnes is produced in India. India does not have enough reserves, and new oil fields have not been explored.

Where does the rest of the oil come from?

Iraq, Saudi Arabia, the United Arab Emirates, the United States and Canada, among other countries are where India gets its oil from.

India imports nearly 85 per cent of its crude, which is the biggest reason for India's high fuel prices. India depends on imports, with some of the blame on OPEC+ - the organisation of petroleum exporting countries and Russia. They have cut supplies, but the demand is rising. Owing to this, prices have gone up. People in India are paying more than 100 rupees a litre for petrol, and this rise in fuel prices is affecting every Indian household.

<a href="https://www.wionews.com/videos/gravitas-whats-indias-oil-strategy-365527">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-whats-indias-oil-strategy-365527/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

What are the government's options?

It's important to understand fuel pricing in India, and the global price is currently around 60 dollars per barrel - roughly 28 rupees per litre.

Indians are paying close to 100 rupees because of taxes. Almost 2/3rd of what a buyer pays is excise duty and taxes. The base price of the fuel, transport charges and dealer commission make up just a portion of the pie. For eg - The price of petrol in Delhi was 89.29 rupees a litre on February 16. Of 89.29 rupees - the base price of petrol is just 31.82 rupees.

Then comes in freight at 0.28 rupees, followed by the price charged to dealers at 32.10 rupees. Excise duty stands at 32.90 rupees, which is levied by the union government.

Also read:&nbsp;<a href="http://13.235.153.162/world/israels-mediterranean-shoreline-drenched-with-tar-after-offshore-oil-spill-365255" hreflang="en">Israel's Mediterranean shoreline drenched with tar after offshore oil spill</a>

Dealer commission stands at 3.68 rupees and can change depending on your location. Next is VAT or value-added tax, at 20.61 rupees, which is levied by the state government. India has the highest tax on fuel - 260 per cent on the base price of petrol, and 256 per cent for diesel, according to CARE ratings. In Germany and Italy, the tax on fuel is 65 per cent of the retail price. In the UK, it is 62 per cent. In Japan, it is 45 per cent, and in the US it is 20 per cent. In India, it is 260 per cent!

State and central governments can make oil cheaper if they want to. Among other things, they could intervene by fixing oil prices. Currently, oil retailers in India can fix prices of petrol and diesel after factoring in their own cost which basically depends on the price of oil in the international market. They also factor in their profits.

Earlier, prices of petrol and diesel were regulated by the government, which paid subsidies to oil marketing companies which&nbsp;shielded consumers against turmoil in the international oil market.

In extreme cases, the government can still intervene. India can begin by diversifying imports. Currently, India relies heavily on West Asia for oil, with the region amounting for about 61 per cent of the oil shipped into the country. Earlier, India had a wider supply base. Now, it depends on OPEC+.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/world/turmoil-in-west-asia-sparks-hike-in-fuel-prices-363895" hreflang="en">Turmoil in West Asia sparks hike in fuel prices</a>

With Joe Biden in office, India could resume buying oil from Iran and Venezuela. Reports say that India is already talking to both these countries. Once upon a time, Iran was among India's major suppliers. But since 2019, there have been zero imports from Iran because of the Trump administration's sanctions on Iran.

In the year 2018-19, India imported 23.5 million tonnes of Iranian oil - almost a 10th of India's requirement. Oil from Iran and Venezuela is cheaper, but both countries have been sanctioned by the United States.

To counter the growing oil prices, India's strategy must be to explore new markets and to find a way to work around US sanctions. India also needs to rethink high taxes, and regulate in extreme circumstances. India also needs to explore new reserves at home, and gradually work towards a future independent of oil. 
&nbsp;

India: Why oil is so expensive and what could be done India is the world's third-largest oil market and depends heavily on crude oil to fuel its dreams and development.

India: Why oil is so expensive and what could be done India is the world's third-largest oil market and depends heavily on crude oil to fuel its dreams and development. India consumes nearly 211.6 million tonnes of oil every year. Out of this, less than 35 million tonnes is produced in India. India does not have enough reserves, and new oil fields have not been explored. Where does the rest of the oil come from? Iraq, Saudi Arabia, the United Arab Emirates, the United States and Canada, among other countries are where India gets its oil from. India imports nearly 85 per cent of its crude, which is the biggest reason for India's high fuel prices. India depends on imports, with some of the blame on OPEC+ - the organisation of petroleum exporting countries and Russia. They have cut supplies, but the demand is rising. Owing to this, prices have gone up. People in India are paying more than 100 rupees a litre for petrol, and this rise in fuel prices is affecting every Indian household. WATCH| What are the government's options? It's important to understand fuel pricing in India, and the global price is currently around 60 dollars per barrel - roughly 28 rupees per litre. Indians are paying close to 100 rupees because of taxes. Almost 2/3rd of what a buyer pays is excise duty and taxes. The base price of the fuel, transport charges and dealer commission make up just a portion of the pie. For eg - The price of petrol in Delhi was 89.29 rupees a litre on February 16. Of 89.29 rupees - the base price of petrol is just 31.82 rupees. Then comes in freight at 0.28 rupees, followed by the price charged to dealers at 32.10 rupees. Excise duty stands at 32.90 rupees, which is levied by the union government. Also read: Israel's Mediterranean shoreline drenched with tar after offshore oil spill Dealer commission stands at 3.68 rupees and can change depending on your location. Next is VAT or value-added tax, at 20.61 rupees, which is levied by the state government. India has the highest tax on fuel - 260 per cent on the base price of petrol, and 256 per cent for diesel, according to CARE ratings. In Germany and Italy, the tax on fuel is 65 per cent of the retail price. In the UK, it is 62 per cent. In Japan, it is 45 per cent, and in the US it is 20 per cent. In India, it is 260 per cent! State and central governments can make oil cheaper if they want to. Among other things, they could intervene by fixing oil prices. Currently, oil retailers in India can fix prices of petrol and diesel after factoring in their own cost which basically depends on the price of oil in the international market. They also factor in their profits. Earlier, prices of petrol and diesel were regulated by the government, which paid subsidies to oil marketing companies which shielded consumers against turmoil in the international oil market. In extreme cases, the government can still intervene. India can begin by diversifying imports. Currently, India relies heavily on West Asia for oil, with the region amounting for about 61 per cent of the oil shipped into the country. Earlier, India had a wider supply base. Now, it depends on OPEC+. Also read: Turmoil in West Asia sparks hike in fuel prices With Joe Biden in office, India could resume buying oil from Iran and Venezuela. Reports say that India is already talking to both these countries. Once upon a time, Iran was among India's major suppliers. But since 2019, there have been zero imports from Iran because of the Trump administration's sanctions on Iran. In the year 2018-19, India imported 23.5 million tonnes of Iranian oil - almost a 10th of India's requirement. Oil from Iran and Venezuela is cheaper, but both countries have been sanctioned by the United States. To counter the growing oil prices, India's strategy must be to explore new markets and to find a way to work around US sanctions. India also needs to rethink high taxes, and regulate in extreme circumstances. India also needs to explore new reserves at home, and gradually work towards a future independent of oil.

Why oil is expensive in India, and what the government could do

Is Saudi Arabia witnessing a "theological" shift? Social changes are slowly sweeping through the kingdom. After opening cinemas, allowing Christmas celebrations, letting women drive, and permitting them to attend concerts - the kingdom will now let women serve in the armed forces.

Saudi women can now join the Royal Army, the Navy, the Air Force, and the Armed Forces Medical Services.

It's a major step in the right direction for a country long curtailed by uncompromising religious police for decades. According to the Saudi Ministry of Defence, men and women can now apply for equal positions in the military through a unified admission portal.

Under this, women will be recruited as soldiers, lance corporals and sergeants. The candidates must be between the age of 21 and 40 and must be 155 centimetres tall. In addition, they must have a high school education and cannot be married to a non-Saudi man.

This move is part of Crown Prince Mohammed Bin Salman's Vision 2030 initiative where women are being allowed to advance in various fields. In the future, the Saudi establishment plans to relax the laws even further by letting women do most jobs that are reserved for men like waiting tables in restaurants and being cashiers at shopping malls.

Also read:&nbsp;<a href="http://13.235.153.162/world/us-reaffirms-defence-partnership-with-saudi-arabia-in-face-of-houthi-attacks-364791" hreflang="en">US reaffirms 'defence partnership' with Saudi Arabia in face of Houthi attacks</a>

But whether Saudi conservatives agree to such reforms is tough to determine. While Saudi Arabia embraces progressive reforms, Iran seems to be heading in a different direction. Ayatollah Khamenei, the Supreme Leader of Iran has issued a fatwa stating that women in cartoons must be depicted wearing a hijab.

Also read:&nbsp;<a href="http://13.235.153.162/opinions-blogs/opinion-what-does-it-take-to-recontextualise-islam-in-saudi-schoolbooks-364712" hreflang="en">Opinion: What does it take to recontextualise Islam in Saudi schoolbooks?</a>

"Although wearing hijab in such a hypothetical situation is not required per sat, observing hijab in animation is required due to the consequences of not wearing the hijab", he recently said.

Since Iran's Islamic Revolution 40 years ago, women have been forced to don the hijab. Even though there are no laws compelling them to do so, government officials have set certain dressing standards for women like forcing them to cover their hair for the sake of modesty. Those who don't are often reprimanded, fined, even arrested.

Is Saudi Arabia witnessing a "theological" shift? Social changes are slowly sweeping through the kingdom. After opening cinemas, allowing Christmas celebrations, letting women drive, and permitting them to attend concerts - the kingdom will now let women serve in the armed forces.

Is Saudi Arabia witnessing a "theological" shift? Social changes are slowly sweeping through the kingdom. After opening cinemas, allowing Christmas celebrations, letting women drive, and permitting them to attend concerts - the kingdom will now let women serve in the armed forces. Saudi women can now join the Royal Army, the Navy, the Air Force, and the Armed Forces Medical Services. It's a major step in the right direction for a country long curtailed by uncompromising religious police for decades. According to the Saudi Ministry of Defence, men and women can now apply for equal positions in the military through a unified admission portal. Under this, women will be recruited as soldiers, lance corporals and sergeants. The candidates must be between the age of 21 and 40 and must be 155 centimetres tall. In addition, they must have a high school education and cannot be married to a non-Saudi man. This move is part of Crown Prince Mohammed Bin Salman's Vision 2030 initiative where women are being allowed to advance in various fields. In the future, the Saudi establishment plans to relax the laws even further by letting women do most jobs that are reserved for men like waiting tables in restaurants and being cashiers at shopping malls. Also read: US reaffirms 'defence partnership' with Saudi Arabia in face of Houthi attacks But whether Saudi conservatives agree to such reforms is tough to determine. While Saudi Arabia embraces progressive reforms, Iran seems to be heading in a different direction. Ayatollah Khamenei, the Supreme Leader of Iran has issued a fatwa stating that women in cartoons must be depicted wearing a hijab. Also read: Opinion: What does it take to recontextualise Islam in Saudi schoolbooks? "Although wearing hijab in such a hypothetical situation is not required per sat, observing hijab in animation is required due to the consequences of not wearing the hijab", he recently said. Since Iran's Islamic Revolution 40 years ago, women have been forced to don the hijab. Even though there are no laws compelling them to do so, government officials have set certain dressing standards for women like forcing them to cover their hair for the sake of modesty. Those who don't are often reprimanded, fined, even arrested.

Saudi Arabian women can now join the armed forces

At least 60 people have been injured after oil and gas tankers got destroyed by multiple blasts causing a massive fire at Afghanistan's biggest trade crossing with Iran, officials said on Sunday.

Fire Truck Explodes: Over 300 fuel vehicled gutted in fire

A new research sheds light on global emissions from consumption of fuel and claims that such emissions most likely peaked last year.

Undertaken by Bloomberg New Energy Finance, the research claims that the demand for power has fallen tremendously in 2020 owing to the slowdown induced by the coronavirus pandemic.

The research was released on Tuesday and is titled ''New Energy Outlook Report''. According to BNEF, emissions from the energy sector have dropped by around 10 per cent in 2020 owing to the ongoing pandemic.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/india-to-drive-global-energy-demand-while-cutting-emissions-modi-says-338127" hreflang="en">India to drive global energy demand while cutting emissions, Modi says</a>

The report also estimates that even if the consumption patterns increase again due to economic recovery, they will never touch 2019 levels.

Following the current trajectory, emissions are expected to fall at a rate of 0.7 per cent year starting 2027 and up to 2050.

This is partly due to the increase in employment of wind and solar power, which has effectively increased the usage of electric vehicles, and has also improved the efficiency of energy across industries.

The report added how wind and solar power would account for 56 per cent of all electricity generated across the world by mid-century.

Coal-based power generation, which is still in usage across the world is expected to peak in China by 2027, and in India by 2030.&nbsp;

Additionaly, oil demand will peak by 2035, and then continue to fall by 0.7 per cent every year, to return to levels in 2018 by 2050.

Also read:&nbsp;<a href="http://13.235.153.162/world/japan-announces-deadline-for-attaining-zero-emissions-carbon-neutral-society-337953" hreflang="en">Japan announces deadline for attaining zero-emissions, carbon neutral society</a>

In terms of fossil fuel-based energy resources, only gas is the one that continues to keep growing, by 0.5 per cent every year.

Even though the transition in terms of energy generation and consumption has continued to progress, the decrease in energy demands triggered by COVID-19 has affected the trajectory.&nbsp;

Even then, the BNEF estimates that the world is set to experience a 3.3 degree Celsius increase in temperature by 2100, which exceeds the agreed limit of below 2 degree Celsius.

"To stay well below two degrees of global temperature rise, we would need to reduce emissions by 6% every year starting now, and to limit the warming to 1.5C, emissions would have to fall by 10% per year," Matthias Kimmel, senior analyst at BNEF told Reuters.

A new research sheds light on global emissions from consumption of fuel and claims that such emissions most likely peaked last year. Undertaken by Bloomberg New Energy Finance, the research claims that the demand for power has fallen tremendously in 2020 owing to the slowdown induced by the coronavirus pandemic.

A new research sheds light on global emissions from consumption of fuel and claims that such emissions most likely peaked last year. Undertaken by Bloomberg New Energy Finance, the research claims that the demand for power has fallen tremendously in 2020 owing to the slowdown induced by the coronavirus pandemic. The research was released on Tuesday and is titled ''New Energy Outlook Report''. According to BNEF, emissions from the energy sector have dropped by around 10 per cent in 2020 owing to the ongoing pandemic. Also read: India to drive global energy demand while cutting emissions, Modi says The report also estimates that even if the consumption patterns increase again due to economic recovery, they will never touch 2019 levels. Following the current trajectory, emissions are expected to fall at a rate of 0.7 per cent year starting 2027 and up to 2050. This is partly due to the increase in employment of wind and solar power, which has effectively increased the usage of electric vehicles, and has also improved the efficiency of energy across industries. The report added how wind and solar power would account for 56 per cent of all electricity generated across the world by mid-century. Coal-based power generation, which is still in usage across the world is expected to peak in China by 2027, and in India by 2030. Additionaly, oil demand will peak by 2035, and then continue to fall by 0.7 per cent every year, to return to levels in 2018 by 2050. Also read: Japan announces deadline for attaining zero-emissions, carbon neutral society In terms of fossil fuel-based energy resources, only gas is the one that continues to keep growing, by 0.5 per cent every year. Even though the transition in terms of energy generation and consumption has continued to progress, the decrease in energy demands triggered by COVID-19 has affected the trajectory. Even then, the BNEF estimates that the world is set to experience a 3.3 degree Celsius increase in temperature by 2100, which exceeds the agreed limit of below 2 degree Celsius. "To stay well below two degrees of global temperature rise, we would need to reduce emissions by 6% every year starting now, and to limit the warming to 1.5C, emissions would have to fall by 10% per year," Matthias Kimmel, senior analyst at BNEF told Reuters.

Did global emissions from fuel consumption peak last year?

India aims for 50% of fuel stations owned by public sector oil companies to be operated by solar power within five years under the government's green energy drive, its oil minister said on Tuesday.

Dharmendra Pradhan said India's three state-backed fuel retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum, which operate about 63,150 fuel station across India, are moving to deploy solar panels across their operations.

They have currently installed a combined 270 megawatts (MW) of solar power capacity and will add 60 MW more capacity in the coming year, Pradhan said.

With government encouragement, Indian oil and gas companies are turning to investing in green energy such as renewables,&nbsp;biofuels&nbsp;and&nbsp;hydrogen to reduce the country's carbon footprint.

"The oil and gas public sector undertakings are increasingly evaluating new opportunities in the solar and renewable energy space for diversification," Pradhan said at the World Solar Technology Summit of the International Solar Alliance.

He did not give any investment figures.

India imports over 80% of its solar cell and module requirements from China, as domestic manufacturers have struggled to compete with cheap Chinese modules. However, Pradhan said companies have expressed interest in setting up new manufacturing capacity in India amounting to 10 GW of solar power equipment.

Prime Minister Narendra Modi wants companies to procure most of their equipment from local industry to boost the Indian economy, which has now been hit by COVID-19.

Asia's third-largest economy has set a target to have a renewable energy capacity of 175 GW by 2022. That would include 100 GW of solar capacity, up from around 35 GW currently.

India aims for 50% of fuel stations owned by public sector oil companies to be operated by solar power within five years under the government's green energy drive, its oil minister said on Tuesday.

India aims for 50% of fuel stations owned by public sector oil companies to be operated by solar power within five years under the government's green energy drive, its oil minister said on Tuesday. Dharmendra Pradhan said India's three state-backed fuel retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum, which operate about 63,150 fuel station across India, are moving to deploy solar panels across their operations. They have currently installed a combined 270 megawatts (MW) of solar power capacity and will add 60 MW more capacity in the coming year, Pradhan said. With government encouragement, Indian oil and gas companies are turning to investing in green energy such as renewables, biofuels and hydrogen to reduce the country's carbon footprint. "The oil and gas public sector undertakings are increasingly evaluating new opportunities in the solar and renewable energy space for diversification," Pradhan said at the World Solar Technology Summit of the International Solar Alliance. He did not give any investment figures. India imports over 80% of its solar cell and module requirements from China, as domestic manufacturers have struggled to compete with cheap Chinese modules. However, Pradhan said companies have expressed interest in setting up new manufacturing capacity in India amounting to 10 GW of solar power equipment. Prime Minister Narendra Modi wants companies to procure most of their equipment from local industry to boost the Indian economy, which has now been hit by COVID-19. Asia's third-largest economy has set a target to have a renewable energy capacity of 175 GW by 2022. That would include 100 GW of solar capacity, up from around 35 GW currently.

India aims for half of state-run fuel stations to be solar-powered in five years

<a href="https://www.cam.ac.uk/research/news/wireless-device-makes-clean-fuel-from-sunlight-co2-and-water">Researchers from the University of Cambridge</a> have developed a first-of-kind device that converts sunlight, carbon dioxide, and water into carbon-neutral fuel. This conversion takes place without requiring any additional components or electricity.

Also read:&nbsp;<a href="https://www.wionews.com/technology/explore-connect-and-create-worlds-first-floating-apple-store-to-open-in-singapore-322956" hreflang="en">'Explore, connect and create': World's first floating Apple store to open in Singapore</a>

This device is a major step towards achieving artificial photosynthesis, which is a process mimicking the ability of plants to convert sunlight into energy.

The device is based on an advanced ‘photosheet’ technology and converts sunlight, carbon dioxide and water into oxygen and formic acid which is a storable fuel that can be either be used directly or be converted into hydrogen.

According to the report in the journal New Energy, the results represent a brand new method to convert CO2 (carbon dioxide) into clean fuels. The production of this device can be scaled up to be used on energy ‘farms’ similar to solar farms, producing clean fuel using sunlight and water.

“It’s been difficult to achieve artificial photosynthesis with a high degree of selectivity, so that you’re converting as much of the sunlight as possible into the fuel you want, rather than be left with a lot of waste,” said first author Dr Qian Wang from Cambridge’s Department of Chemistry.

“In addition, storage of gaseous fuels and separation of by-products can be complicated — we want to get to the point where we can cleanly produce a liquid fuel that can also be easily stored and transported,” said Professor Erwin Reisner, the paper’s senior author.

This new wireless device is sturdy and produces clean fuel that is easier to store and shows potential for producing fuel products at scale. The size of the test unit is 20 square centimetres, however, the researchers believe that it should be relatively straightforward to scale it up to several square meters.

Moreover, the formic acid can be accumulated in solution, and be chemically converted into different types of fuel.

“We were surprised how well it worked in terms of its selectivity — it produced almost no by-products,” said Wang. “Sometimes things don’t work as well as you expected, but this was a rare case where it actually worked better.”

Researchers from the University of Cambridge have developed a first-of-kind device that converts sunlight, carbon dioxide, and water into carbon-neutral fuel. This conversion takes place without requiring any additional components or electricity.

Researchers from the University of Cambridge have developed a first-of-kind device that converts sunlight, carbon dioxide, and water into carbon-neutral fuel. This conversion takes place without requiring any additional components or electricity. Also read: 'Explore, connect and create': World's first floating Apple store to open in Singapore This device is a major step towards achieving artificial photosynthesis, which is a process mimicking the ability of plants to convert sunlight into energy. The device is based on an advanced ‘photosheet’ technology and converts sunlight, carbon dioxide and water into oxygen and formic acid which is a storable fuel that can be either be used directly or be converted into hydrogen. According to the report in the journal New Energy, the results represent a brand new method to convert CO2 (carbon dioxide) into clean fuels. The production of this device can be scaled up to be used on energy ‘farms’ similar to solar farms, producing clean fuel using sunlight and water. “It’s been difficult to achieve artificial photosynthesis with a high degree of selectivity, so that you’re converting as much of the sunlight as possible into the fuel you want, rather than be left with a lot of waste,” said first author Dr Qian Wang from Cambridge’s Department of Chemistry. “In addition, storage of gaseous fuels and separation of by-products can be complicated — we want to get to the point where we can cleanly produce a liquid fuel that can also be easily stored and transported,” said Professor Erwin Reisner, the paper’s senior author. This new wireless device is sturdy and produces clean fuel that is easier to store and shows potential for producing fuel products at scale. The size of the test unit is 20 square centimetres, however, the researchers believe that it should be relatively straightforward to scale it up to several square meters. Moreover, the formic acid can be accumulated in solution, and be chemically converted into different types of fuel. “We were surprised how well it worked in terms of its selectivity — it produced almost no by-products,” said Wang. “Sometimes things don’t work as well as you expected, but this was a rare case where it actually worked better.”

Artificial Photosynthesis: Device that converts sunlight, CO2 and water into clean fuel

The Mexican Army and state security forces on Sunday captured Jose Antonio Yepez, a notorious drug gang leader and fuel thief blamed for fanning a surge in violence that has severely tested the government of President Andres Manuel Lopez Obrador.

Also read:&nbsp;<a href="https://www.wionews.com/world/deaths-due-to-virus-in-latin-america-and-caribbean-exceeds-200000-tally-317647" hreflang="en">Deaths due to virus in Latin America and Caribbean exceeds 200,000: Tally</a>

Widely known as "El Marro" (The Mallet), Yepez was captured early on Sunday morning in Guanajuato state, according to the federal government and authorities in the central region, one of the principal flashpoints of gang violence in Mexico.

"This a tremendously successful blow for the government," said Raul Benitez, a security expert at the National Autonomous University of Mexico (UNAM).

Boss of the Santa Rosa de Lima cartel, a Guanajuato-based gang, Yepez has been engaged in a bloody struggle for criminal control of the state with the Jalisco New Generation Cartel (CJNG), one of the country's most powerful and violent groups.

Yepez, 40, is the most high-profile arrest made yet under Lopez Obrador, who pledged to bring down record levels of violence plaguing Mexico when he took office in December 2018.

Instead, homicides have further increased during the Lopez Obrador presidency and last October his government suffered serious embarrassment when it botched the detention of Ovidio Guzman, a son of jailed kingpin Joaquin "El Chapo" Guzman.

The Guanajuato attorney general's office said soldiers and state security forces captured Yepez with five other people and rescued a kidnapped local businesswoman during the operation. An "arsenal" of weapons was also secured during the raid.

Mexican news network Milenio broadcast a video of the night-time arrest, which it said took place in the tiny village of Franco Tavera, a few miles north of the municipality of Villagran where the Santa Rosa de Lima cartel was born.

Wearing a grey hooded sweatshirt, jeans and sneakers, and flanked by several soldiers, Yepez gives his full name and age before also identifying himself as "Marro."

Security forces have been gradually closing in on Yepez but he had managed to evade capture thanks to a tight network of informers who allowed him to stay one step ahead of his pursuers, according to analysts and media reports.

&nbsp;

LUCRATIVE TRADE

One of Mexico's most-wanted bosses, El Marro has appeared in expletive-laden videos threatening his enemies, and in June a clip of an emotional Yepez lamenting the arrest of his mother and sister was widely broadcast on national media.

The women, who were suspected of aiding his operations, were later released when judges picked apart the case against them.

Initially notorious for fuel theft in a state crisscrossed by pipelines and home to a major oil refinery, the Santa Rosa de Lima cartel has become increasingly embroiled in battles with the CJNG, based in the neighboring state of Jalisco.

Hundreds of millions of dollars' worth of fuel were being stolen every year before Lopez Obrador cracked down a few weeks after taking office.

Abetted by the complicity of corrupt employees within state-run oil company Petroleos Mexicanos (Pemex), the lucrative activity gave the Santa Rosa de Lima outfit outsize financial heft, said security analyst Benitez.

"It's even more money than cocaine," he said.

Lopez Obrador blamed corruption at Pemex for fuel theft and the new management he appointed has vowed to root it out.

Yepez's interrogation could yield rich information on corruption inside Pemex, Benitez said.

His detention also suggested that U.S. and Mexican security services had intensified cooperation to crack down on the trafficking of potent opiate fentanyl, a business of which Yepez was trying to secure a bigger share, he added.

U.S. Ambassador to Mexico Christopher Landau hailed news of the arrest in Guanajuato in a post on Twitter.

A hub of the carmaking industry, Guanajuato was once one of the safer regions of Mexico. But recent violence there has pushed national homicide tallies to record levels.

Once the government dismantles the Santa Rosa de Lima cartel, Benitez said, it can turn up the pressure on the CJNG, which in late June was blamed for a brazen assassination attempt on Mexico City police chief Omar Garcia Harfuch.

El Marro's adversary, CJNG boss Nemesio "El Mencho" Oseguera, is arguably the most wanted crime boss in Mexico now.

"Now 'El Mencho' is next up," Benitez said.

Security Minister Alfonso Durazo said Yepez would be taken to the Altiplano maximum-security prison where "El Chapo" Guzman was housed before he escaped through a tunnel in 2015.

Guzman was recaptured in 2016, extradited in 2017 and convicted of drug trafficking by a U.S. court in 2019.

The Mexican Army and state security forces on Sunday captured Jose Antonio Yepez, a notorious drug gang leader and fuel thief blamed for fanning a surge in violence that has severely tested the government of President Andres Manuel Lopez Obrador.

The Mexican Army and state security forces on Sunday captured Jose Antonio Yepez, a notorious drug gang leader and fuel thief blamed for fanning a surge in violence that has severely tested the government of President Andres Manuel Lopez Obrador. Also read: Deaths due to virus in Latin America and Caribbean exceeds 200,000: Tally Widely known as "El Marro" (The Mallet), Yepez was captured early on Sunday morning in Guanajuato state, according to the federal government and authorities in the central region, one of the principal flashpoints of gang violence in Mexico. "This a tremendously successful blow for the government," said Raul Benitez, a security expert at the National Autonomous University of Mexico (UNAM). Boss of the Santa Rosa de Lima cartel, a Guanajuato-based gang, Yepez has been engaged in a bloody struggle for criminal control of the state with the Jalisco New Generation Cartel (CJNG), one of the country's most powerful and violent groups. Yepez, 40, is the most high-profile arrest made yet under Lopez Obrador, who pledged to bring down record levels of violence plaguing Mexico when he took office in December 2018. Instead, homicides have further increased during the Lopez Obrador presidency and last October his government suffered serious embarrassment when it botched the detention of Ovidio Guzman, a son of jailed kingpin Joaquin "El Chapo" Guzman. The Guanajuato attorney general's office said soldiers and state security forces captured Yepez with five other people and rescued a kidnapped local businesswoman during the operation. An "arsenal" of weapons was also secured during the raid. Mexican news network Milenio broadcast a video of the night-time arrest, which it said took place in the tiny village of Franco Tavera, a few miles north of the municipality of Villagran where the Santa Rosa de Lima cartel was born. Wearing a grey hooded sweatshirt, jeans and sneakers, and flanked by several soldiers, Yepez gives his full name and age before also identifying himself as "Marro." Security forces have been gradually closing in on Yepez but he had managed to evade capture thanks to a tight network of informers who allowed him to stay one step ahead of his pursuers, according to analysts and media reports. LUCRATIVE TRADE One of Mexico's most-wanted bosses, El Marro has appeared in expletive-laden videos threatening his enemies, and in June a clip of an emotional Yepez lamenting the arrest of his mother and sister was widely broadcast on national media. The women, who were suspected of aiding his operations, were later released when judges picked apart the case against them. Initially notorious for fuel theft in a state crisscrossed by pipelines and home to a major oil refinery, the Santa Rosa de Lima cartel has become increasingly embroiled in battles with the CJNG, based in the neighboring state of Jalisco. Hundreds of millions of dollars' worth of fuel were being stolen every year before Lopez Obrador cracked down a few weeks after taking office. Abetted by the complicity of corrupt employees within state-run oil company Petroleos Mexicanos (Pemex), the lucrative activity gave the Santa Rosa de Lima outfit outsize financial heft, said security analyst Benitez. "It's even more money than cocaine," he said. Lopez Obrador blamed corruption at Pemex for fuel theft and the new management he appointed has vowed to root it out. Yepez's interrogation could yield rich information on corruption inside Pemex, Benitez said. His detention also suggested that U.S. and Mexican security services had intensified cooperation to crack down on the trafficking of potent opiate fentanyl, a business of which Yepez was trying to secure a bigger share, he added. U.S. Ambassador to Mexico Christopher Landau hailed news of the arrest in Guanajuato in a post on Twitter. A hub of the carmaking industry, Guanajuato was once one of the safer regions of Mexico. But recent violence there has pushed national homicide tallies to record levels. Once the government dismantles the Santa Rosa de Lima cartel, Benitez said, it can turn up the pressure on the CJNG, which in late June was blamed for a brazen assassination attempt on Mexico City police chief Omar Garcia Harfuch. El Marro's adversary, CJNG boss Nemesio "El Mencho" Oseguera, is arguably the most wanted crime boss in Mexico now. "Now 'El Mencho' is next up," Benitez said. Security Minister Alfonso Durazo said Yepez would be taken to the Altiplano maximum-security prison where "El Chapo" Guzman was housed before he escaped through a tunnel in 2015. Guzman was recaptured in 2016, extradited in 2017 and convicted of drug trafficking by a U.S. court in 2019.

Mexico nabs 'El Marro', fuel theft king blamed for surge in drug violence

Diesel price for the first time in living memory crossing the rate of petrol in the national capital on Wednesday. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.76.So far, both the central and state government have made sure diesel costs less than petrol because it has greater commercial use. 
 
However, diesel has become costlier than petrol&nbsp;in the national capital because the state government had raised local sales tax or VAT on the fuel sharply last month.&nbsp;

Fuel rates differ from state to state depending on the incidence of VAT.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="autoplay; fullscreen" allowfullscreen="" frameborder="0" height="360" mozallowfullscreen="" scrolling="no" src="http://w3.cdn.anvato.net/player/prod/v3/anvload.html?key=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%3D" webkitallowfullscreen="" width="640"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Delhi government had increased VAT on petrol from 27 per cent to 30 per cent and that on diesel from 16.75 per cent to 30 per cent on May 5.

The lockdown halted commercial activity and the demand for fuel fell. Consequently, the government suffered losses. And hence, the Delhi government hiked the tax on diesel to boost revenue.

Another factor impacting fuel rates is the deregulation of fuel prices in India.&nbsp;

In 2014, domestic diesel prices were linked to international benchmarks and since then fuel prices are updated every single day. However, the pandemic put a pause on that practice.

For 83 days, the daily price revisions were stopped. Over the last 18 days, the price of diesel has gone up by Rs 10.48 rupees per litre.

Global oil prices have slipped from 75 dollars per barrel to 40 dollars per barrel. But the government isn't passing on the benefits of lower global oil prices because the taxes have gone up exponentially. 
 
Governments are in desperate need of funds and raising taxes on fuel is a quick way to plug the hole in public finances.

&nbsp;

Diesel price for the first time in living memory crossing the rate of petrol in the national capital on Wednesday. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.

Diesel price for the first time in living memory crossing the rate of petrol in the national capital on Wednesday. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.76.So far, both the central and state government have made sure diesel costs less than petrol because it has greater commercial use. However, diesel has become costlier than petrol in the national capital because the state government had raised local sales tax or VAT on the fuel sharply last month. Fuel rates differ from state to state depending on the incidence of VAT. × The Delhi government had increased VAT on petrol from 27 per cent to 30 per cent and that on diesel from 16.75 per cent to 30 per cent on May 5. The lockdown halted commercial activity and the demand for fuel fell. Consequently, the government suffered losses. And hence, the Delhi government hiked the tax on diesel to boost revenue. Another factor impacting fuel rates is the deregulation of fuel prices in India. In 2014, domestic diesel prices were linked to international benchmarks and since then fuel prices are updated every single day. However, the pandemic put a pause on that practice. For 83 days, the daily price revisions were stopped. Over the last 18 days, the price of diesel has gone up by Rs 10.48 rupees per litre. Global oil prices have slipped from 75 dollars per barrel to 40 dollars per barrel. But the government isn't passing on the benefits of lower global oil prices because the taxes have gone up exponentially. Governments are in desperate need of funds and raising taxes on fuel is a quick way to plug the hole in public finances.

Diesel becomes costlier than petrol in Delhi

Diesel fuel from a major spill in the Russian Arctic has reached the waters of a pristine lake that serves as the basin for a river flowing into the Arctic Ocean, a senior official said on Tuesday (June 9)

Fuel from Russian Arctic spill reaches large lake, says Governor

The first of five Iranian tankers entered the South American country's exclusive economic zone, even though US had warned against it.

The tankers are carrying fuel for&nbsp;gasoline-starved Venezuela, and entered the country's waters on Saturday evening around 7:40pm local time.

The tanker&nbsp;passed north of the neighboring dual-island Caribbean nation of Trinidad and Tobago before entering the country's waters, according to vessel tracking data from Refinitiv Eikon.

<a href="https://www.wionews.com/world/fbi-probes-mexican-european-firms-over-venezuela-oil-trading-299111">Also read:&nbsp;FBI probes Mexican, European firms over Venezuela oil trading</a>

According to government sources, the tanker, named Fortune, is carrying a total of 1.53 million barrels of gasoline and alkylate to Venezuela.

The shipment has caused a diplomatic stir between Venezuela, Iran and the US. Venezuela is facing an acute shortage of oil due to a nearly complete breakdown of&nbsp;OPEC nation's 1.3 million barrel-per-day refining network.

A Washington spokesperson said he was unaware of any operations related to the Iranian cargoes, and the US will be considering measures in response.

However, few days ago Iranian President Hassan Rouhani warned Washington about retaliation&nbsp;any problems were caused for tankers carrying Iranian fuel to Venezuela, a local news agency had reported.

The first of five Iranian tankers entered the South American country's exclusive economic zone, even though US had warned against it. The tankers are carrying fuel for gasoline-starved Venezuela, and entered the country's waters on Saturday evening around 7:40pm local time.

The first of five Iranian tankers entered the South American country's exclusive economic zone, even though US had warned against it. The tankers are carrying fuel for gasoline-starved Venezuela, and entered the country's waters on Saturday evening around 7:40pm local time. The tanker passed north of the neighboring dual-island Caribbean nation of Trinidad and Tobago before entering the country's waters, according to vessel tracking data from Refinitiv Eikon. Also read: FBI probes Mexican, European firms over Venezuela oil trading According to government sources, the tanker, named Fortune, is carrying a total of 1.53 million barrels of gasoline and alkylate to Venezuela. The shipment has caused a diplomatic stir between Venezuela, Iran and the US. Venezuela is facing an acute shortage of oil due to a nearly complete breakdown of OPEC nation's 1.3 million barrel-per-day refining network. A Washington spokesperson said he was unaware of any operations related to the Iranian cargoes, and the US will be considering measures in response. However, few days ago Iranian President Hassan Rouhani warned Washington about retaliation any problems were caused for tankers carrying Iranian fuel to Venezuela, a local news agency had reported.

Iranian tankers carrying 1.53 million barrels fuel enter US waterways despite warnings

Thanks to subsidies under socialist former President Hugo Chavez and his successor and protege, Nicolas Maduro, gasoline sold by state oil company PDVSA - which has a legal monopoly on fuel sales - is essentially free in Venezuela.

Motorists offer pump workers tips of snacks or a few hundred bolivares - under 10 U.S. cents - instead of payment.

<a href="https://www.wionews.com/world/south-korea-to-provide-face-masks-to-foreign-veterans-of-1950-53-korean-war-294419">Also read:&nbsp;South Korea to provide face masks to foreign veterans of 1950-53 Korean War</a>

But the country’s 1.3 million barrel-per-day refining network has all but collapsed, and U.S. sanctions aimed at ousting Maduro have complicated fuel imports, prompting Venezuelans to either wait hours outside gas stations, or turn to the pricey black market.

Octavio Salom, 53, said he and fellow kidney patients in the eastern city of Puerto Ordaz bought 20 liters of gasoline at $2 per liter for the nurses that provide their dialysis treatment to take a taxi to the clinic.

“They told us that if we could not secure transport, they could not give us dialysis,” Salom said.

<a href="https://www.wionews.com/bangladesh/bangladesh-garment-factories-reopen-defying-virus-lockdown-294878">Also read:&nbsp;Bangladesh garment factories reopen, defying virus lockdown</a>

In the western city of Maracaibo, black market dealers are offering to deliver 20 liters of gasoline for $50, according to a Reuters witness. In some areas, Venezuelans have reported paying up to $4 per liter.

That was above pump prices in Hong Kong, which surveys show has the world's most expensive gasoline. Unleaded gasoline at Royal Dutch Shell stations in the city sold for $2.15 per liter as of Thursday, the company's website here showed.

<a href="https://www.wionews.com/india-news/india-briefed-eu-on-methodology-followed-in-combating-spread-of-covid-19-indias-envoy-to-eu-gaitri-issar-kumar-294850">Also read:&nbsp;India briefed EU on methodology followed in combating spread of COVID-19: India's envoy to EU Gaitri Issar Kumar</a>

“Now we need to do sketchy deals to be able to get what is ours, gasoline,” said Maria Ines Urdaneta, a university professor in Maracaibo who always keeps a full tank in case her asthmatic son has an attack.

“As a single mother, I need to go negotiate with some guy who bleeds my wallet dry of dollars just to get gasoline.”

Venezuela’s spike comes as pump prices elsewhere are plunging due to falling demand amid the coronavirus outbreak. In the United States, prices averaged $0.48 per liter ($1.81 per gallon) in the week ended April 20, according to the Energy Information Administration.

PDVSA did not respond to a request for comment.

Venezuela’s government is seeking to repair refineries, and this week received refining material from Iran.

Thanks to subsidies under socialist former President Hugo Chavez and his successor and protege, Nicolas Maduro, gasoline sold by state oil company PDVSA - which has a legal monopoly on fuel sales - is essentially free in Venezuela.

Thanks to subsidies under socialist former President Hugo Chavez and his successor and protege, Nicolas Maduro, gasoline sold by state oil company PDVSA - which has a legal monopoly on fuel sales - is essentially free in Venezuela. Motorists offer pump workers tips of snacks or a few hundred bolivares - under 10 U.S. cents - instead of payment. Also read: South Korea to provide face masks to foreign veterans of 1950-53 Korean War But the country’s 1.3 million barrel-per-day refining network has all but collapsed, and U.S. sanctions aimed at ousting Maduro have complicated fuel imports, prompting Venezuelans to either wait hours outside gas stations, or turn to the pricey black market. Octavio Salom, 53, said he and fellow kidney patients in the eastern city of Puerto Ordaz bought 20 liters of gasoline at $2 per liter for the nurses that provide their dialysis treatment to take a taxi to the clinic. “They told us that if we could not secure transport, they could not give us dialysis,” Salom said. Also read: Bangladesh garment factories reopen, defying virus lockdown In the western city of Maracaibo, black market dealers are offering to deliver 20 liters of gasoline for $50, according to a Reuters witness. In some areas, Venezuelans have reported paying up to $4 per liter. That was above pump prices in Hong Kong, which surveys show has the world's most expensive gasoline. Unleaded gasoline at Royal Dutch Shell stations in the city sold for $2.15 per liter as of Thursday, the company's website here showed. Also read: India briefed EU on methodology followed in combating spread of COVID-19: India's envoy to EU Gaitri Issar Kumar “Now we need to do sketchy deals to be able to get what is ours, gasoline,” said Maria Ines Urdaneta, a university professor in Maracaibo who always keeps a full tank in case her asthmatic son has an attack. “As a single mother, I need to go negotiate with some guy who bleeds my wallet dry of dollars just to get gasoline.” Venezuela’s spike comes as pump prices elsewhere are plunging due to falling demand amid the coronavirus outbreak. In the United States, prices averaged $0.48 per liter ($1.81 per gallon) in the week ended April 20, according to the Energy Information Administration. PDVSA did not respond to a request for comment. Venezuela’s government is seeking to repair refineries, and this week received refining material from Iran.

Venezuela's gasoline goes from world's cheapest to steepest as fuel shortages bite

One cold night in October, Gerel Ganbaatar decided to stay with her parents in one of <a href="https://www.wionews.com/india-news/mongolian-president-arrives-in-india-to-intensify-bilateral-ties-250746">Mongolia's traditional ger</a> communities on the outskirts of the capital -- a decision which would prove fatal.

Within hours of arriving, she and her parents both became breathless and nauseous. They desperately called for help,&nbsp;but by the time medics arrived Gerel, who was four months pregnant, was already dead.

The 29-year-old's parents were using smokeless briquettes to warm their home for the first time that night: A government-issued fuel,&nbsp;made of coking coal from the southern Gobi region and washed coal powder,&nbsp;it has been linked to deaths and ill-health.

Since residents started using the briquettes in October, there have been seven other deaths,&nbsp;mainly children, pregnant women, and the elderly. Nearly one thousand have been hospitalised in Ulaanbaatar's outer slum districts, prompting fears the fuel can cause carbon monoxide poisoning.&nbsp;

Gerel's grieving mother, Jargalsaikhan Mishigdorj, warns the fuel should be used with care.

"I have burned coal all of my life, we have never ever been suffocated," she explains.&nbsp;

The Mongolian government is trying to battle dangerous smog levels in one of the world's most polluted cities by trying to offer replacements for raw coal, which produces a dense, dangerous smoke, but is often&nbsp;used by the poor to warm their homes in a place where temperature can plummet to minus 40C.&nbsp;

Mongolian officials say the briquettes last longer and emit fewer fumes.

Toxic air

One nurse at the National Poison Emergency hospital, who declined to say her name, told AFP she had never seen the numbers of carbon monoxide poisoning patients so high.

"We are working under an enormous amount of pressure," she says.

The city's emergency unit said issues were easing once people were told the "correct ways to burn the briquettes".&nbsp;

They said public service workers were spending time in the ger district to teach people about the new fuel as well as to report if any raw coal was still being used.

Its the latest example of governments in Asia struggling to find a safe, workable solution to replacing coal, in a region that is battling toxic levels of air pollution.

In India, Prime Minister Narendra Modi's promise to provide cooking gas connections to millions of rural residents has been beset by corruption.&nbsp;

In neighbouring China, three million homes near Beijing were ordered to switch from coal to gas or electric heating in 2017, but a difficult transition left many without any heating at all.

Ulaanbaatar is the world's coldest capital and only half of the residents have central heating, and Ulaanbaatar regularly exceeds World Health Organisation recommendations for air quality.

The government has been trying to force low-grade coal out of commission to reduce the thick air pollution that has plagued the city.&nbsp;

And experts say there is evidence that the move is already having a positive impact on the environment.

Sonomdagva, associate professor at the National University of Mongolia, told AFP that PM 2.5 -- tiny particles that get into the lungs and bloodstream -- had decreased by 40 per cent compared with October last year.

"However, an incredibly long and warm autumn, plus the usage of the new refined fuel, and fear of suffocation meaning people use only wood (for fuel) can also be reasons of the 40 per cent decrease," he said.

Fear of suffocation

Byambajargal Losol, a physicist at the <a href="https://www.wionews.com/india-news/first-time-in-a-decade-mongolian-president-to-visit-india-250052">Mongolian Science Academy</a>, told AFP that he believes the smokeless briquettes are the best way to reduce air pollution -- but that more needs to be done to help their safe use.

"People are using briquettes just like the old raw coal and burning it the same way," he said, adding: "The briquettes are thick and compact so they require twice as much oxygen to burn, compared to raw coal."

Carbon monoxide poisoning happens when there is a restricted oxygen supply.

The state-owned factory that produces the briquettes said families should also clean their stoves before burning the new fuel.

It has started providing free stove repair services after issues were highlighted in the local press. The government has also promised to distribute free smoke detectors in ger districts.&nbsp;&nbsp;

While citizens say the briquettes have benefits, some remain wary.

Ger resident Turbold Sainbuyan told AFP that the new briquettes save time and last longer.

"I had to break up the raw coal, (but) the briquettes are ready to use," he says.&nbsp;

"Now we use one bag of briquettes for three days compared to one bag of raw coal for only one day," he adds.

His mother Enkhjargal Chuluun, a nurse at a private dental clinic, said the briquettes are warmer than raw coal.

She says: "But we still have fear of suffocation, so we started opening the window at night."

One cold night in October, Gerel Ganbaatar decided to stay with her parents in one of Mongolia's traditional ger communities on the outskirts of the capital -- a decision which would prove fatal.

One cold night in October, Gerel Ganbaatar decided to stay with her parents in one of Mongolia's traditional ger communities on the outskirts of the capital -- a decision which would prove fatal. Within hours of arriving, she and her parents both became breathless and nauseous. They desperately called for help, but by the time medics arrived Gerel, who was four months pregnant, was already dead. The 29-year-old's parents were using smokeless briquettes to warm their home for the first time that night: A government-issued fuel, made of coking coal from the southern Gobi region and washed coal powder, it has been linked to deaths and ill-health. Since residents started using the briquettes in October, there have been seven other deaths, mainly children, pregnant women, and the elderly. Nearly one thousand have been hospitalised in Ulaanbaatar's outer slum districts, prompting fears the fuel can cause carbon monoxide poisoning. Gerel's grieving mother, Jargalsaikhan Mishigdorj, warns the fuel should be used with care. "I have burned coal all of my life, we have never ever been suffocated," she explains. The Mongolian government is trying to battle dangerous smog levels in one of the world's most polluted cities by trying to offer replacements for raw coal, which produces a dense, dangerous smoke, but is often used by the poor to warm their homes in a place where temperature can plummet to minus 40C. Mongolian officials say the briquettes last longer and emit fewer fumes. Toxic air One nurse at the National Poison Emergency hospital, who declined to say her name, told AFP she had never seen the numbers of carbon monoxide poisoning patients so high. "We are working under an enormous amount of pressure," she says. The city's emergency unit said issues were easing once people were told the "correct ways to burn the briquettes". They said public service workers were spending time in the ger district to teach people about the new fuel as well as to report if any raw coal was still being used. Its the latest example of governments in Asia struggling to find a safe, workable solution to replacing coal, in a region that is battling toxic levels of air pollution. In India, Prime Minister Narendra Modi's promise to provide cooking gas connections to millions of rural residents has been beset by corruption. In neighbouring China, three million homes near Beijing were ordered to switch from coal to gas or electric heating in 2017, but a difficult transition left many without any heating at all. Ulaanbaatar is the world's coldest capital and only half of the residents have central heating, and Ulaanbaatar regularly exceeds World Health Organisation recommendations for air quality. The government has been trying to force low-grade coal out of commission to reduce the thick air pollution that has plagued the city. And experts say there is evidence that the move is already having a positive impact on the environment. Sonomdagva, associate professor at the National University of Mongolia, told AFP that PM 2.5 -- tiny particles that get into the lungs and bloodstream -- had decreased by 40 per cent compared with October last year. "However, an incredibly long and warm autumn, plus the usage of the new refined fuel, and fear of suffocation meaning people use only wood (for fuel) can also be reasons of the 40 per cent decrease," he said. Fear of suffocation Byambajargal Losol, a physicist at the Mongolian Science Academy, told AFP that he believes the smokeless briquettes are the best way to reduce air pollution -- but that more needs to be done to help their safe use. "People are using briquettes just like the old raw coal and burning it the same way," he said, adding: "The briquettes are thick and compact so they require twice as much oxygen to burn, compared to raw coal." Carbon monoxide poisoning happens when there is a restricted oxygen supply. The state-owned factory that produces the briquettes said families should also clean their stoves before burning the new fuel. It has started providing free stove repair services after issues were highlighted in the local press. The government has also promised to distribute free smoke detectors in ger districts. While citizens say the briquettes have benefits, some remain wary. Ger resident Turbold Sainbuyan told AFP that the new briquettes save time and last longer. "I had to break up the raw coal, (but) the briquettes are ready to use," he says. "Now we use one bag of briquettes for three days compared to one bag of raw coal for only one day," he adds. His mother Enkhjargal Chuluun, a nurse at a private dental clinic, said the briquettes are warmer than raw coal. She says: "But we still have fear of suffocation, so we started opening the window at night."

Mongolia's new 'cleaner' fuel linked to deaths, illness

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed.

Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes,&nbsp;its lowest since July 2017, down about 0.3 per cent&nbsp;compared with the same month last year.

Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 per cent&nbsp;year-over-year to 5.83 million tonnes, its lowest since January 2017.

Sales of gasoline, or petrol, were 6.3 per cent&nbsp;higher from a year earlier at 2.37 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased by nearly 6 per cent&nbsp;to 2.18 million tonnes, while naphtha sales slumped 26 per cent&nbsp;to 0.84 million tonnes.

Sales of bitumen, used for making roads, were 7.3 per cent&nbsp;lower, while fuel oil use edged lower 3.8 per cent&nbsp;in September.

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes, its lowest since July 2017, down about 0.3 per cent compared with the same month last year. Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 per cent year-over-year to 5.83 million tonnes, its lowest since January 2017. Sales of gasoline, or petrol, were 6.3 per cent higher from a year earlier at 2.37 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased by nearly 6 per cent to 2.18 million tonnes, while naphtha sales slumped 26 per cent to 0.84 million tonnes. Sales of bitumen, used for making roads, were 7.3 per cent lower, while fuel oil use edged lower 3.8 per cent in September.

India's September fuel demand slips to its lowest in over two years

The all-India general Consumer Price Index (CPI) inflation was steady at 3.21% in August 2019, compared to 3.15% in July 2019. Core CPI inflation eased to 4.20 per cent in August 2019 compared with 4.25 per cent in July 2019. 
Advertisement

Also, cumulative CPI inflation declined to 3.11 per cent in April-August of 2019-20 compared with 4.44 per cent in April-August 2018-19.

The war on inflation has been won decisively by the Narendra Modi led government, thanks to proactive management of the current account balance. The current account deficit (CAD) for 2018-19 stood at 2.1 per cent of GDP, just a tad higher than the 1.8 per cent for 2017-18.&nbsp;

India’s trade deficit increased to $180.3 billion in 2018-19 from $160 billion in 2017-18, largely due to higher oil import bill. Needless to add, global crude and local fuel prices will, therefore, be the fulcrum around which both CAD and domestic inflation will revolve.

The recent drone attacks on Saudi Arabia for instance, led to a 19.5% spike in global crude prices in barely 24 hours, shaving off 5 per cent from global supplies, showcasing how volatile global oil prices can be. Every dollar increase in the price of oil raises India’s import bill by about Rs. 10,700 crore on an annualised basis. India spent $111.9 billion on oil imports in 2018-19.

Also, a 10 per cent spike in crude prices can result in roughly a 0.2-0.40 per cent widening of the CAD, other things remaining constant. This, in turn, can play out into a 2-4 per cent depreciation in the rupee and also push up inflation by 0.1-0.2 per cent.

India’s crude imports averaged 4.5 million barrels per day over the first seven months of this year, of which close to 20 per cent was from Saudi Arabia. While prima facie India may therefore seem vulnerable, the truth is we have enough strategic petroleum reserves (SPRs) and commercial crude stocks as cushion.

Again, India has oil reserves equivalent to at least 75 days of net imports. This will increase further to 87 days once the second phase of Indian Strategic Petroleum Reserves (ISPRs), which aims to add 12 days’ of crude storage, is fully operational. This includes the refineries’ inbuilt capacity of 65 days.

Concerns have been voiced about India stopping oil imports from Iran since May 2019. Iran used to meet a tenth of our crude demand, making India the third largest customer for the Persian country. The challenge to find alternate suppliers who will be able to deliver at competitive prices is, however, not a problem in the new oil polity that has taken shape in the past few years.

During the Iranian Revolution of 1979 and Iraq’s invasion of Kuwait in 1990, India suffered. In the case of the Gulf War, there was added impact of Indian workers returning home, straining India’s balance of payments. However India in 2019, under the powerful leadership of Narendra Modi, commands and negotiates from a position of strength.

For instance, the CAD for the June 2019 quarter contracted on a Y-o-y basis on account of higher invisible receipts at $ 31.9 billion as compared with $ 29.9 billion a year ago.

Net services receipts increased by 7.3 per cent on a Y-o-y basis, mainly on the back of a rise in net earnings from travel, financial services and telecommunications, computer and information services. Private transfer receipts, mainly representing remittances by Indians employed overseas, rose to $ 19.9 billion, increasing by 6.2 per cent from their level a year ago in the same quarter.

Lower oil prices in the past few years have significantly improved India’s terms of trade, giving it ample leeway. The cost of the Indian basket of crude, which averaged $47.56 and $56.43 a barrel in 2016-17 and 2017-18, was $59.35 in August 2019, according to data from the Petroleum Planning and Analysis Cell.&nbsp;

The average price inched up marginally to $59.35 a barrel on September 13, 2019, &nbsp;and this despite heightened global tensions between US and China, Saudi Arabia and Iran, Yemen and Houthi rebels and of course the standoff between UK and Iran, amidst the festering Brexit crisis. It is worth noting that the Indian basket of crude represents the average of Oman, Dubai and Brent Crude.

Despite Russia, China and Turkey continuing their oil-related engagements with Iran, much to the consternation of the US, India engineered a diplomatic coup of sorts by stopping imports from Iran and earning a strong ally in the Trump administration.

By the end of 2019, the United States will become a net energy exporter, shipping out 1.1 million barrels more than it imports. US had been a net energy importer since 1953. But oil production there will now rise until 2027 when it levels off at around 30 million barrels per day. With the US pumping crude at record levels, any deficit by Iran will be filled in suitably.&nbsp;

The oil industry has changed fundamentally as sell. Global oil demand only increased by 1.6% in 2017 and 1.3% in 2018, according to the International Energy Administration.

Most of the increase came from China, which now consumes 13% of global oil production but that number is slated to fall sharply due to the country’s slowing growth. &nbsp;Again, to the Modi government’s credit, it executed a $75 billion bilateral currency swap agreement with Japan in October 2018, for payments to be settled in Yen and Rupees, eliminating the need to use Dollars as a medium of exchange, with another one executed with UAE, to trade in Rupees and Dirham.&nbsp;

These measures to maintain a comfortable forex kitty hit a high of $434.6 billion in October 2019 and will ensure India is no longer subjected to the whims and fancies of a rapidly changing global dynamic that is no longer greased by the oil wells in Ghawar, but by the bountiful wells in the Gulf of Mexico

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-mexican-gulf-not-ghawar-wells-2795440">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp;

 
&nbsp;

The all-India general Consumer Price Index (CPI) inflation was steady at 3.21% in August 2019, compared to 3.15% in July 2019. Core CPI inflation eased to 4.20 per cent in August 2019 compared with 4.

The all-India general Consumer Price Index (CPI) inflation was steady at 3.21% in August 2019, compared to 3.15% in July 2019. Core CPI inflation eased to 4.20 per cent in August 2019 compared with 4.25 per cent in July 2019. Advertisement Also, cumulative CPI inflation declined to 3.11 per cent in April-August of 2019-20 compared with 4.44 per cent in April-August 2018-19. The war on inflation has been won decisively by the Narendra Modi led government, thanks to proactive management of the current account balance. The current account deficit (CAD) for 2018-19 stood at 2.1 per cent of GDP, just a tad higher than the 1.8 per cent for 2017-18. India’s trade deficit increased to $180.3 billion in 2018-19 from $160 billion in 2017-18, largely due to higher oil import bill. Needless to add, global crude and local fuel prices will, therefore, be the fulcrum around which both CAD and domestic inflation will revolve. The recent drone attacks on Saudi Arabia for instance, led to a 19.5% spike in global crude prices in barely 24 hours, shaving off 5 per cent from global supplies, showcasing how volatile global oil prices can be. Every dollar increase in the price of oil raises India’s import bill by about Rs. 10,700 crore on an annualised basis. India spent $111.9 billion on oil imports in 2018-19. Also, a 10 per cent spike in crude prices can result in roughly a 0.2-0.40 per cent widening of the CAD, other things remaining constant. This, in turn, can play out into a 2-4 per cent depreciation in the rupee and also push up inflation by 0.1-0.2 per cent. India’s crude imports averaged 4.5 million barrels per day over the first seven months of this year, of which close to 20 per cent was from Saudi Arabia. While prima facie India may therefore seem vulnerable, the truth is we have enough strategic petroleum reserves (SPRs) and commercial crude stocks as cushion. Again, India has oil reserves equivalent to at least 75 days of net imports. This will increase further to 87 days once the second phase of Indian Strategic Petroleum Reserves (ISPRs), which aims to add 12 days’ of crude storage, is fully operational. This includes the refineries’ inbuilt capacity of 65 days. Concerns have been voiced about India stopping oil imports from Iran since May 2019. Iran used to meet a tenth of our crude demand, making India the third largest customer for the Persian country. The challenge to find alternate suppliers who will be able to deliver at competitive prices is, however, not a problem in the new oil polity that has taken shape in the past few years. During the Iranian Revolution of 1979 and Iraq’s invasion of Kuwait in 1990, India suffered. In the case of the Gulf War, there was added impact of Indian workers returning home, straining India’s balance of payments. However India in 2019, under the powerful leadership of Narendra Modi, commands and negotiates from a position of strength. For instance, the CAD for the June 2019 quarter contracted on a Y-o-y basis on account of higher invisible receipts at $ 31.9 billion as compared with $ 29.9 billion a year ago. Net services receipts increased by 7.3 per cent on a Y-o-y basis, mainly on the back of a rise in net earnings from travel, financial services and telecommunications, computer and information services. Private transfer receipts, mainly representing remittances by Indians employed overseas, rose to $ 19.9 billion, increasing by 6.2 per cent from their level a year ago in the same quarter. Lower oil prices in the past few years have significantly improved India’s terms of trade, giving it ample leeway. The cost of the Indian basket of crude, which averaged $47.56 and $56.43 a barrel in 2016-17 and 2017-18, was $59.35 in August 2019, according to data from the Petroleum Planning and Analysis Cell. The average price inched up marginally to $59.35 a barrel on September 13, 2019, and this despite heightened global tensions between US and China, Saudi Arabia and Iran, Yemen and Houthi rebels and of course the standoff between UK and Iran, amidst the festering Brexit crisis. It is worth noting that the Indian basket of crude represents the average of Oman, Dubai and Brent Crude. Despite Russia, China and Turkey continuing their oil-related engagements with Iran, much to the consternation of the US, India engineered a diplomatic coup of sorts by stopping imports from Iran and earning a strong ally in the Trump administration. By the end of 2019, the United States will become a net energy exporter, shipping out 1.1 million barrels more than it imports. US had been a net energy importer since 1953. But oil production there will now rise until 2027 when it levels off at around 30 million barrels per day. With the US pumping crude at record levels, any deficit by Iran will be filled in suitably. The oil industry has changed fundamentally as sell. Global oil demand only increased by 1.6% in 2017 and 1.3% in 2018, according to the International Energy Administration. Most of the increase came from China, which now consumes 13% of global oil production but that number is slated to fall sharply due to the country’s slowing growth. Again, to the Modi government’s credit, it executed a $75 billion bilateral currency swap agreement with Japan in October 2018, for payments to be settled in Yen and Rupees, eliminating the need to use Dollars as a medium of exchange, with another one executed with UAE, to trade in Rupees and Dirham. These measures to maintain a comfortable forex kitty hit a high of $434.6 billion in October 2019 and will ensure India is no longer subjected to the whims and fancies of a rapidly changing global dynamic that is no longer greased by the oil wells in Ghawar, but by the bountiful wells in the Gulf of Mexico (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Dexterous management of India’s fuel reserves is one of the success stories of government

Why Asia's biggest economies are backing hydrogen fuel cell cars

India's overall fuel demand will rise by more than 4% a year to 2030 as the country's improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday.

Chief executive B&nbsp;Anand said he expects India's fuel demand to grow 4.7% a year to 5.5 million barrels per day (bpd) through fiscal year 2025, and then 4% per year to 6.6 million bpd through 2030.

Demand for gas oil will rise by an average 5.3% per year through the 2025 fiscal year and by an average 4.5% through 2030, he told the Asia Pacific Petroleum Conference in Singapore.

India would continue to rely mainly on road transport to move freight around the country, while the number of passenger cars would steadily increase in coming years with rising vehicle ownership, Anand said.

Gasoline and gas oil will continue to benefit from rising car sales and stronger manufacturing industry, but faster than expected penetration of electric vehicles could pose a risk to demand growth, he added.

While the share of renewables, including solar, wind and natural gas, was likely to increase in the next 10 years, absolute oil demand would still rise strongly over the next decade, he said.

Nayara, which operates a 400,000-bpd refinery in western India, is capable of producing new low-sulphur specifications for marine fuels starting in 2020, Anand said.

The refiner, which procures 85% of its crude requirement from international markets, usually looks for so-called heavy crude oil grades from Europe, West Africa, Latin America and also Canada.

Nayara, however, hasn't yet sourced any of its crude oil from the United States, Anand said, "For us, it has to be the economics that has to be right."

India's overall fuel demand will rise by more than 4% a year to 2030 as the country's improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday.

India's overall fuel demand will rise by more than 4% a year to 2030 as the country's improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday. Chief executive B Anand said he expects India's fuel demand to grow 4.7% a year to 5.5 million barrels per day (bpd) through fiscal year 2025, and then 4% per year to 6.6 million bpd through 2030. Demand for gas oil will rise by an average 5.3% per year through the 2025 fiscal year and by an average 4.5% through 2030, he told the Asia Pacific Petroleum Conference in Singapore. India would continue to rely mainly on road transport to move freight around the country, while the number of passenger cars would steadily increase in coming years with rising vehicle ownership, Anand said. Gasoline and gas oil will continue to benefit from rising car sales and stronger manufacturing industry, but faster than expected penetration of electric vehicles could pose a risk to demand growth, he added. While the share of renewables, including solar, wind and natural gas, was likely to increase in the next 10 years, absolute oil demand would still rise strongly over the next decade, he said. Nayara, which operates a 400,000-bpd refinery in western India, is capable of producing new low-sulphur specifications for marine fuels starting in 2020, Anand said. The refiner, which procures 85% of its crude requirement from international markets, usually looks for so-called heavy crude oil grades from Europe, West Africa, Latin America and also Canada. Nayara, however, hasn't yet sourced any of its crude oil from the United States, Anand said, "For us, it has to be the economics that has to be right."

India's fuel demand to grow at over 4% through 2030: Report

<a href="https://www.wionews.com/world/benjamin-netanyahu-hints-israel-behind-attacks-on-iran-backed-militia-depots-in-iraq-244973">Israel&nbsp;</a>said on Monday it was cutting by half the amount of&nbsp;fuel&nbsp;it supplies to&nbsp;Gaza's only power plant, in response to&nbsp;rocket&nbsp;attacks from the Palestinian territory.

Three&nbsp;rockets were fired from the Hamas Islamist-run enclave at southern&nbsp;Israel&nbsp;on Sunday and two were intercepted by the Iron Dome anti-missile system, the military said.&nbsp;

There was no claim of responsibility. After&nbsp;the&nbsp;attack,&nbsp;<a href="https://www.wionews.com/world/israel-says-air-strike-in-syria-sent-no-immunity-message-to-iran-245618">Israel&nbsp;launched an airstrike</a> against what the military described as a Hamas military compound.

No casualties were reported on either side of the volatile border.

In a statement, COGAT, a unit in the Defence Ministry that coordinates civilian issues with Palestinians in the occupied West Bank and the&nbsp;Gaza&nbsp;Strip, said "cutting the amount of diesel in half will significantly reduce" the plant's output.

It said the measure, "following the firing of&nbsp;rockets ... and the continued violation of stability and security" will be in effect until further notice. 
Gaza&nbsp;has long suffered from a shortage of electricity and chronic blackouts.

&nbsp;A new power line from&nbsp;Israel&nbsp;has been proposed to alleviate the situation.

Mohammad Thabet, the spokesman for the&nbsp;Gaza&nbsp;power company, described the&nbsp;Israeli decision as collective punishment.

"We already are in a crisis and now the&nbsp;Israeli decision will make it worse. It will have a grave impact on the lives of 2 million people and vital services such as hospitals," Thabet told Reuters.

Currently, residents get six hours of electricity followed by 12 hours of blackout.

Thabet said the&nbsp;fuel&nbsp;cuts would decrease power time to only four-hour periods.

In a series of border confrontations in recent weeks,&nbsp;Israel&nbsp;said it killed at least eight Palestinian militants who tried to infiltrate its territory.

Israeli and Egyptian blockades have brought the&nbsp;Gazan economy to the brink of collapse.

Recent foreign aid cuts and sanctions by the Palestinian Authority, Hamas’s rival in the West Bank, have worsened the situation. 
&nbsp;

Israel said on Monday it was cutting by half the amount of fuel it supplies to Gaza's only power plant, in response to rocket attacks from the Palestinian territory.

Israel said on Monday it was cutting by half the amount of fuel it supplies to Gaza's only power plant, in response to rocket attacks from the Palestinian territory. Three rockets were fired from the Hamas Islamist-run enclave at southern Israel on Sunday and two were intercepted by the Iron Dome anti-missile system, the military said. There was no claim of responsibility. After the attack, Israel launched an airstrike against what the military described as a Hamas military compound. No casualties were reported on either side of the volatile border. In a statement, COGAT, a unit in the Defence Ministry that coordinates civilian issues with Palestinians in the occupied West Bank and the Gaza Strip, said "cutting the amount of diesel in half will significantly reduce" the plant's output. It said the measure, "following the firing of rockets ... and the continued violation of stability and security" will be in effect until further notice. Gaza has long suffered from a shortage of electricity and chronic blackouts. A new power line from Israel has been proposed to alleviate the situation. Mohammad Thabet, the spokesman for the Gaza power company, described the Israeli decision as collective punishment. "We already are in a crisis and now the Israeli decision will make it worse. It will have a grave impact on the lives of 2 million people and vital services such as hospitals," Thabet told Reuters. Currently, residents get six hours of electricity followed by 12 hours of blackout. Thabet said the fuel cuts would decrease power time to only four-hour periods. In a series of border confrontations in recent weeks, Israel said it killed at least eight Palestinian militants who tried to infiltrate its territory. Israeli and Egyptian blockades have brought the Gazan economy to the brink of collapse. Recent foreign aid cuts and sanctions by the Palestinian Authority, Hamas’s rival in the West Bank, have worsened the situation.

Israel reduces Gaza fuel supply after rocket attack

<a href="https://www.wionews.com/business-economy/indias-diesel-demand-set-for-detour-as-drivers-switch-to-gasoline-235246">India's&nbsp;fuel&nbsp;demand&nbsp;rose</a>&nbsp;3.3 per cent in&nbsp;July&nbsp;compared with the same month last year.

Consumption of&nbsp;fuel, a proxy for oil&nbsp;demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 8.8 per cent higher than a year earlier at 2.52 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased by 9.0 per cent to 2.22 million tonnes, while naphtha sales fell 5.2 per cent to 1.22 million tonnes.

Sales of bitumen, used for making roads, were 36.4 per cent up, while fuel oil use edged up 8.3 per cent in July.

India's fuel demand rose 3.3 per cent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

India's fuel demand rose 3.3 per cent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 8.8 per cent higher than a year earlier at 2.52 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased by 9.0 per cent to 2.22 million tonnes, while naphtha sales fell 5.2 per cent to 1.22 million tonnes. Sales of bitumen, used for making roads, were 36.4 per cent up, while fuel oil use edged up 8.3 per cent in July.

India's fuel demand rose 3.3% in July

Iranian naval forces have seized a "<a href="https://www.wionews.com/world/rouhani-says-childish-of-us-to-sanction-iran-foreign-minister-zarif-239925">foreign vessel</a>" in the Gulf, state news agency IRNA reported Sunday, in the country's third such seizure in a month.

According to Fars news agency, which is considered close to the <a href="https://www.wionews.com/world/iran-will-take-third-step-to-reduce-commitments-to-2015-nuclear-deal-iran-foreign-minister-240373">elite Revolutionary Guards,</a> seven foreign crew members were arrested during the operation which it said was carried out Wednesday.

The Guards' "naval forces have seized a foreign vessel carrying 700,000 litres of smuggled fuel around Farsi island", IRNA reported, quoting a statement from the Guards.

Guards boats were patrolling the Gulf to control traffic and detect illicit trade, it said, without identifying the seized vessel.

"The ship was transferred to Bushehr and its smuggled fuel was handed over" to the authorities in coordination with judicial authorities, it added.

Fars quoted Brigadier General Ramezan Zirahi, commander of the Guards who carried out the seizure, as saying the vessel had been en route to deliver fuel to Gulf Arab states.

The seizure of the latest vessel is the third by Iran in less than a month in Gulf waters, a conduit for much of the world's crude oil. 
On July 18, the Guards said they detained the Panama-flagged MT Riah for alleged fuel smuggling.

And a day later, they announced they had impounded British-flagged tanker Stena Impero in the Strait of Hormuz for breaking "international maritime rules".

The seizure of the Stena Impero came two weeks after British authorities detained an Iranian tanker off its overseas territory Gibraltar on allegations it was breaching EU sanctions on Syria.

Iran vowed to retaliate.

Iranian naval forces have seized a "foreign vessel" in the Gulf, state news agency IRNA reported Sunday, in the country's third such seizure in a month. According to Fars news agency, which is considered close to the elite Revolutionary Guards, seven foreign crew members were arrested during the operation which it said was carried out Wednesday.

Iranian naval forces have seized a "foreign vessel" in the Gulf, state news agency IRNA reported Sunday, in the country's third such seizure in a month. According to Fars news agency, which is considered close to the elite Revolutionary Guards, seven foreign crew members were arrested during the operation which it said was carried out Wednesday. The Guards' "naval forces have seized a foreign vessel carrying 700,000 litres of smuggled fuel around Farsi island", IRNA reported, quoting a statement from the Guards. Guards boats were patrolling the Gulf to control traffic and detect illicit trade, it said, without identifying the seized vessel. "The ship was transferred to Bushehr and its smuggled fuel was handed over" to the authorities in coordination with judicial authorities, it added. Fars quoted Brigadier General Ramezan Zirahi, commander of the Guards who carried out the seizure, as saying the vessel had been en route to deliver fuel to Gulf Arab states. The seizure of the latest vessel is the third by Iran in less than a month in Gulf waters, a conduit for much of the world's crude oil. On July 18, the Guards said they detained the Panama-flagged MT Riah for alleged fuel smuggling. And a day later, they announced they had impounded British-flagged tanker Stena Impero in the Strait of Hormuz for breaking "international maritime rules". The seizure of the Stena Impero came two weeks after British authorities detained an Iranian tanker off its overseas territory Gibraltar on allegations it was breaching EU sanctions on Syria. Iran vowed to retaliate.

Iran seizes third foreign tanker, says it was carrying ‘smuggled fuel’

Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed.

The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018.

Inflation in food articles hardened with a steep rise in prices of vegetables during March 2019.

Vegetable inflation was at 28.13 per cent in March, up from 6.82 per cent in the previous month. However, inflation in potato cooled substantially to 1.30 per cent, from 23.40 per cent in February.

Inflation in food articles basket was 5.68 per cent during March. 
Inflation in the 'Fuel and power' category also spiked to 5.41 per cent, from 2.23 per cent in February.

The Reserve Bank, which mainly factors in retail inflation for a monetary policy decision, had earlier this month cut interest rates by 0.25 per cent. 
Retail inflation accelerated to 2.86 per cent in March from 2.57 per cent a month ago, data released last week showed.

For the April-September period, the RBI has projected retail inflation at 2.9-3 per cent, mainly due to lower food and fuel prices as well as the expectation of a normal monsoon.

Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed.

Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed. The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018. Inflation in food articles hardened with a steep rise in prices of vegetables during March 2019. Vegetable inflation was at 28.13 per cent in March, up from 6.82 per cent in the previous month. However, inflation in potato cooled substantially to 1.30 per cent, from 23.40 per cent in February. Inflation in food articles basket was 5.68 per cent during March. Inflation in the 'Fuel and power' category also spiked to 5.41 per cent, from 2.23 per cent in February. The Reserve Bank, which mainly factors in retail inflation for a monetary policy decision, had earlier this month cut interest rates by 0.25 per cent. Retail inflation accelerated to 2.86 per cent in March from 2.57 per cent a month ago, data released last week showed. For the April-September period, the RBI has projected retail inflation at 2.9-3 per cent, mainly due to lower food and fuel prices as well as the expectation of a normal monsoon.

WPI inflation spikes to 3.18 pc in March on costlier food, fuel

fuel

Fuel, News on Fuel, stories on Fuel, articles on Fuel, Fuel stories at Wion, Fuel news, Fuel latest news