Indian diesel imports intensify, could slow during monsoons
The Dollar Business Bureau Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...
Electric vehicles to save $60 bn in fuel costs by 2030: Niti
The Dollar Business Bureau Niti Aayog CEO Amitabh Kant is taking no chance in promoting the adoption of electric vehicles (EVs). With oil prices perennially increasing, awareness about ecology and atmosphere being discussed and steps being taken to implement clean energy drive, he says India faces the challenge of not wasting anymore time in adopting measures that would reduce the dependence on diesel and petrol. In its annual report, India Leaps Ahead: Transformative Mobility Solution, NITI Aayog and Rock Mountain Institute specify that, “Accelerated adoption of electric and shared vehicles could save $60 billion in diesel and petrol costs while cutting down as much as 1 gigatonne (GT) of carbon emissions for India by 2030.” It estimates that the country could save ...
India to build pipelines for supply of diesel and gas to Bangladesh
The Dollar Business Bureau As part of the Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh, India is going to build two pipelines for diesel and natural gas between the two countries. The FoU was approved by the Cabinet soon after the recent visit of Bangladeshi Prime Minister Sheikh Hasina. The said FoU is non-binding in nature and expires after five years. With an objective of strengthening energy ties with its neighbours to enhance regional energy security, India will build a 131 km pipeline for diesel transportation from Siliguri in West Bengal to Parbatipur in Bangladesh. Another pipeline for natural gas will be laid from Dattapulia in West Bengal to Khulna in Bangladesh. The 'Friendship pipeline' which will offer a logistical alternative to rail transportation of diesel, will be entirely financed by India. The ...
Mahindra's auto exports increase 41% in June
The Dollar Business Bureau Mahindra and Mahindra Ltd (M&M) has exported 4020 vehicles in June 2016 registering a healthy growth of 41% against the auto exports of 2852 units in the same month last year. The company has seen 25% growth in exports at 10569 units in the first quarter of this financial year when compared to 8449 vehicles exported during the corresponding period previous fiscal. The SUV manufacturer has sold 39011 vehicles in June 2016 against 36134 units in the same month previous year, representing 8% growth in overall sales including exports. During the first quarter of this fiscal, the company’s total sales rose 11% at 121530 units when compared to 109567 units sold in the corresponding period last financial year. Pravin ...
Indias April Diesel Import breaks five-year record
The Dollar Business Bureau The extremely hot weather has boosted the demand for diesel at the power generators in South Asia. In April, India has imported 510,000 tonnes of diesel, which is the biggest volume of import in the last five years. The imports ramped up after the refiners found the supplies from private companies very expensive in the absence of discount on shipping and taxes. Due to summer demand and the disruption in the supply caused due to the recent strike at Kuwait Petroleum Corp, Pakistan imported 215,000 tonnes for the month of May. Petrolimex, Vietnamese trading company doubled the purchase of gas oil in April to 140,000 tonnes and has maintained the same value in May. These purchases have cut down Asia’s surplus ...
Ban on large diesel vehicles a transient phase: Jaitley
PTI Finance minister Arun Jaitley, who is in Japan, has played down the ban on new large diesel vehicles in Delhi, saying it is a “transient” phase and India is a market large enough not to adversely affect auto companies. Jaitley, who arrived in Tokyo on Sunday for a six-day tour to woo investors, is to meet Suzuki Motor chairman Osamu Suzuki on Tuesday. In Delhi, the heavy industries ministry on Monday requested the national green tribunal not to extend the diesel vehicle ban to other cities, news agency ANI reported. Reports said the country’s only green court was looking at broadening the bar to 11 more cities, worrying auto makers. A week ago, the NGT ordered light and heavy diesel vehicles older than ...
Additional Duty of Customs levied on High Speed Diesel Oil
Dated March 1, 2015 | Notification No.7/2015-Customs | G.S.R. (E).- In exercise of the powers conferred by section 116 of the Finance Act, 1999 (27 of 1999), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts high speed diesel oil, falling under heading 2710 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from so much of the additional duty of customs leviable thereon under section 116 read with the Second Schedule to the said Finance Act, 1999, as is in excess of the amount calculated at the ...
GE Brilliant Factory unit at Pune to boost Indian exports
Sai Nikesh | The Dollar Business The Indian Prime Minister Narendra Modi on Saturday called on the global manufacturers to make better use of Make in India initiative. Inaugurating US-giant General Electrical’s Greenfield multi-modal manufacturing facility at Chakan, Pune, Narendra Modi stressed on immense manufacturing opportunities available in India. Hailing upon GE for its manufacturing facility unit, the PM urged the company to further its investments in ship-building, among various other sectors of India. The PM also highlighted the need for investments in defence manufacturing sector, while stating that Pune has immense potential to emerge as a defence production hub. He also emphasized on the Railway sector stating that the sector could become an engine of economic growth, and ...
