Petrol & diesel prices have barely changed since June 2022, even though oil prices have fallen 28% since then. This has boosted profitability of OMCs and dividend payouts to govt.
India has paid Russia nearly $20 billion for oil in just seven months, more than what it paid in the last ten years combined. It has only reaped higher profits of a few Indian companies.
Indian Oil, Bharat Petroleum and Hindustan Petroleum bore revenue loss as rates were held back between November and the first three weeks of March, Moody’s Investors Service noted.
Higher oil prices are likely to add more impetus to India’s push for cleaner sources of energy as the country targets for 40% of its energy needs to come from green sources by 2030.
The slump in diesel demand is forcing refineries to operate below capacity, but gasoline sales are back at pre-virus levels with people resorting to personal vehicles.
Indian Oil, which operates nine refineries, saw more than a 90% dip in profit in the last fiscal, as volatility in oil and product prices led to narrow or negative margins.
Ships hauling everything from coal to iron ore & consumer goods on domestic routes may run out of fuel as India struggles to meet new environmental standards.
Weak governance, corruption and poverty continue to define tribal life in India. The introduction of industrial and mining projects has benefited contractors, politicians and officials more than Adivasis.
Clean energy is “no longer the sideshow, it is the show”, BVR Subrahmanyam told the Odisha summit, warning India to lead the global shift or risk others’ tech dominance.
Dubai airshow crash & pilot death have rekindled concerns over pilot safety, and need for smarter automated systems that can step in when G-forces, temporary loss of consciousness hit the pilot.
None of Pakistan’s PMs has lasted 5 years. That the current PM has given Asim Munir 5 years shows that of all military dictatorships history has seen, Pakistan’s is most creative.
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