Much of India’s cargo moves by road — trucks account for nearly 70% of freight — making diesel the lifeblood of the economy in the world’s third-largest oil importer.
The jump in jet fuel—had it been implemented in full—would have been a heavy burden for local airlines, which are already grappling with thin margins, and domestic passengers.
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.
‘Security situation demands capabilities. The hum of machinery must become a roar,’ NATO chief Mark Rutte said as he announced 5 new military contracts. Drones and ISR take the lead.
The Congress party’s abandonment of nationalism is the most intriguing aspect of its post-2014 politics. The real Congress was never a party of bleeding heart pacifists.
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