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<ul><li>Petrol and diesel prices hiked for the 12th time in two weeks by 40 paise per litre.</li><li>The prices of both petrol and diesel have so far increased by ₹8.40 per litre in the last two weeks.</li><li>Price of both petrol and diesel are expected to rise further due to the sharp increase in crude oil prices.</li></ul>Petrol and diesel prices, which have been spiralling upwards for the past two weeks, have gone up again for the 12th time today, April 4, by 40 paise per litre. The price of both petrol and diesel have so far increased by ₹8.40 per litre in the last two weeks. The fuel prices have seen a significant rise across the entire country, but the rate varies from state to state depending on the local tax rates. These are the revised petrol and diesel prices in metro cities — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New petrol price (per litre) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New diesel price (per litre) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.81 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹95.07 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹118.83 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.07 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹109.34 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹99.42 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹113.45 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹98.22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹109.41 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹93.23 </td></tr></tbody><tbody></tbody></table>Source: Indian Oil In Delhi, petrol is now ₹103.81 per litre and diesel is ₹95.07 per litre. While, in Mumbai, both petrol and diesel prices have shot up by 42 paise and 43 paise per litre, now will cost ₹118.83 and ₹103.07 per litre respectively. Whereas in Chennai, the petrol and diesel prices are now ₹109.34 and ₹99.42 per litre respectively. There had been a long hiatus of 137 days since November 4 last year, which was broken last week on March 22, as the crude oil prices are at an all-time high in the international market. Prices of both petrol and diesel are set to rise further due to the sharp rising of crude oil prices, reportedly. Indian Oil, Bharat Petroleum, and Hindustan Petroleum have lost over 2 billion or ₹19,000 crore for holding up the new pumped prices for a straight four and a half months or 137 days since November due to a steep rise in oil prices in the international market, according to Moody’s Investor services. According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. “The pass-through of rising crude oil prices to domestic fuel prices is, therefore, inevitable, and further hikes can also be expected," rating firm CRISIL had said in a statement. India’s 85% of oil demand is dependent on imports, according to wire agency PTI. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/article/nfts-may-finally-leverage-indias-fandom-for-korean-drama-and-music-which-indian-brands-have-failed-to-cash-in-on/articleshow/90628193.cms">NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/sri-lanka-declares-state-of-emergency-due-to-violent-protests-over-economic-crisis/articleshow/90605235.cms">Sri Lanka declares state of emergency due to violent protests over economic crisis</a>

Petrol and diesel prices hiked for the 12th time in two weeks

<ul><li><keyword id="1042120" type="General" weightage="100" keywordseo="uber" source="Orion">Uber</keyword> has announced a 12% price hike for cab rides in Delhi.</li><li>The company had earlier announced a 15% price hike in Mumbai.</li><li>The price hike has been done keeping in mind the rising fuel prices.</li></ul>Uber India has today announced a price hike in Delhi, keeping in mind the rising fuel prices. The company has raised the prices of cab rides by 12% in the capital. This is not the first price hike by the company in India. Earlier this month, Uber had <a href="https://www.hindustantimes.com/cities/mumbai-news/uber-hikes-fares-by-15-citing-surge-in-fuel-prices-101648833014231.html">announced</a> a 15% price hike in Mumbai, citing the rising prices of fuel as the reason for the hike. The price hike comes amid protests by cab drivers and unions. Several drivers had staged a protest at the Jantar Mantar earlier this month. "We listen to feedback from drivers and understand that the current rise in fuel prices is causing concern. To help cushion drivers from the impact of the spike in fuel prices, Uber has raised trip fares in Delhi NCR by 12%,” Nitish Bhushan, Head of Central Operations, Uber India said in a statement. “Over the coming weeks, we will continue to track fuel price movements and will take further steps as needed,” Bhushan added. Currently, the petrol and diesel prices in Delhi are ₹105.41 and ₹96.67 respectively. On the other hand, the prices in Mumbai are ₹120.51 and ₹104.77 respectively. In addition to protesting against Uber, drivers in several parts of the country have started a “No AC” <a href="https://telanganatoday.com/cab-drivers-in-hyderabad-to-charge-extra-for-ac-amid-rising-fuel-prices">campaign</a>, wherein they will not turn on the air conditioner in the car and inform the rider about the reason. Further, riders will be given an option to pay an additional amount to turn on the air conditioner. “As AC runs on fuel and it is so expensive right now, it is difficult for us to run the air conditioner at this price. That is why we decided to charge an additional fee for using the air conditioner in the taxis,” a member of the Telangana Gig and Platform Workers Union said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-surge-over-5-times-in-2021-22/articleshow/90775731.cms">Electric two-wheeler sales surge over 5 times – Hero Electric, Okinawa corner half the market, Ather’s market share declines</a> <a href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-hiked-for-the-13th-time-in-15-days/articleshow/90655551.cms">Petrol and diesel prices hiked for the 13th time in 15 days</a> <a href="https://www.businessinsider.in/tech/news/uber-drivers-are-slamming-the-companys-new-fuel-surcharge-as-woefully-inadequate/articleshow/90278187.cms">Uber drivers are slamming the company's new fuel surcharge as 'woefully inadequate'</a>

Uber announces a 12% price hike for cab rides in Delhi as petrol, diesel prices skyrocket

New Delhi [India], September 16 (ANI): In a bid to maintain equilibrium in the domestic and international fuel markets, the <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">Central Government</keyword> announced changes in the taxation structure for crude oil and petroleum product exports, effective from today. As per the <keyword id="1222399" type="General" weightage="80" keywordseo="gazette-of-india" source="Orion">Gazette of India</keyword>, the <keyword id="156153" type="General" weightage="80" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword>, <keyword id="208415" type="General" weightage="80" keywordseo="department-of-revenue" source="Orion">Department of Revenue</keyword>, issued two notifications, amending previous taxation rates. According to the notifications, the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestic crude oil production has been increased significantly, while levies on the export of aviation turbine fuel (ATF) and diesel have been reduced. A tax levied on an unforeseen or unexpectedly large profit is called windfall tax. The windfall tax on domestic crude oil production has been raised from Rs 6,700 per ton to Rs 10,000 per ton. This move aims to capture a larger portion of profits from the surging crude oil prices, providing additional revenue for the government. The windfall tax on the export of aviation turbine fuel (ATF) has been decreased from Rs 4 per liter to Rs 3.50 per liter. This reduction is expected to make Indian ATF exports more competitive in the international market. The tax on the export of diesel has been reduced from Rs 6 per liter to Rs 5.50 per liter. This adjustment is aimed at boosting the export of diesel, potentially increasing revenue from international sales. These changes come as India navigates the complexities of fluctuating global oil prices and aims to strike a balance between reaping benefits from high crude oil prices and ensuring competitiveness in the international fuel market. The notifications, No. 30/2023-Central Excise and No. 31/2023-Central Excise, issued by the Ministry of Finance, will come into effect on September 16, 2023. The government expects these tax adjustments to have a positive impact on the nation's fiscal health and its position in the global fuel market. These amendments follow a series of recent changes in the taxation structure for petroleum products and are part of the government's efforts to adapt to the evolving economic landscape and maintain stability in the energy sector. (ANI)

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

Jio-bp, the fuel retailing joint venture of Reliance Industries Ltd and UK's bp Plc, on Tuesday launched an additive-laced premium <keyword id="6356109" type="General" weightage="100" keywordseo="diesel" source="Orion">diesel</keyword> that the company said gives improved mileage and gives a saving of up to Rs 1.1 lakh per truck. The premium diesel is priced at rates lower than normal or additive-free diesel sold by public sector (PSU) competition. "Jio-bp today announced the launch of its diesel with ACTIVE technology, set to elevate diesel standards for Indian consumers. "The newly launched additivised diesel, available across the company's network will yield annual savings of up to Rs 1.1 lakh per vehicle to truckers owing to (up to) 4.3 per cent improved fuel economy," it said in a statement. The new diesel is being sold at the Jio-bp outlet in Navi Mumbai for Rs 91.30 per litre, while the normal diesel at PSU petrol pumps in the area cost Rs 92.28 a litre. This new high performance diesel offering will be available at all Jio-bp outlets and "will be offered at regular prices with no additional cost for the first time ever in the Indian market," it said. Diesel with ACTIVE technology helps reduce the risk of unscheduled maintenance caused by dirt build up and removes existing dirt from critical engine parts and protects against its build up with ongoing use. It is designed to work across a range of commercial vehicles, and with ongoing use it offers a variety of benefits to drivers and fleet owners. It helps restore and maintain the power of the engine with ongoing use while also reducing the risk of unscheduled vehicle maintenance, it added. Reliance BP Mobility Ltd (RBML) operates under the name 'Jio-bp'. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/the-changing-contours-of-cinema-goers-underperforming-hindi-movies-weigh-down-pvr-inox/articleshow/100271622.cms">The changing contours of cinema-goers &amp; underperforming Hindi movies weigh down PVR Inox</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-in-top-gear-jlr-to-drive-growth-in-fy24/articleshow/100252339.cms">Tata Motors in top gear, JLR to drive growth in FY24</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

Jio-bp joint venture launches additive-laced premium diesel

<ul class="summary-list"><li>US <keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">gas prices</keyword> hit a record high on Monday, at $4.865, according to AAA.</li><li>Now, 10 states are paying at or above $5 a gallon for gas, up from seven states last week.</li></ul>The national average for gas prices in the US hit a record $4.865 Monday, and one Northern California station showed a sticker price near $10.The average gallon of gas today is up 59% compared to one year ago, according to <a href="https://gasprices.aaa.com/">AAA</a> data.Prices at the pump have hit record after record in recent weeks, and now there are 10 states — including Connecticut, New York, California, among others — paying more than $5 per gallon on average. One week ago, there were <a href="https://markets.businessinsider.com/news/commodities/gas-prices-new-record-states-pay-over-5-dollars-gallon-2022-5">seven</a> states at that mark.The numbers are consistent with weekly data from the US <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">Energy</keyword> Information Administration, which showed the US average at $4.62 per gallon for the week ending May 30. Notably, a <keyword id="12174023" type="UNKNOWN" weightage="60" keywordseo="gas-station" source="Orion">gas station</keyword> in Mendocino, California is charging <a href="https://abc7news.com/california-gas-mendocino-prices-schlafers-auto-repair-gasbuddy/11924002/">$9.60 for a gallon of gas</a>, and the average price across the state surpassed $6 for the first time ever last weekend. Similarly, another station in Los Angeles <a href="https://nypost.com/2022/06/03/los-angeles-drivers-bemoan-gas-prices-that-topped-8-at-one-station-report/">just topped $8</a>. Crude prices have jumped since the <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-brent-wti-eu-ban-embargo-russian-imports-2022-5?utm_medium=ingest&amp;utm_source=markets">European Union announced last Tuesday</a> a partial ban on Russian crude, all while China is showing signs of easing its COVID lockdowns. Meanwhile, summer driving season is officially underway as of Memorial Day, and <a href="https://markets.businessinsider.com/news/commodities/gas-prices-outlook-6-gallon-fuel-demand-summer-driving-season-2022-5?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">JPMorgan</a> previously predicted that a gallon of gas could rise above $6. There's little sign of relief ahead, and there are few maneuvers that the Biden Administration would be able to make to lower prices at the pump, according to Matt Smith, lead oil analyst at Kpler. "There are very few tools the US administration has because the biggest drivers for gasoline prices are driven by global fundamentals," Smith told <a href="https://markets.businessinsider.com/news/commodities/gas-prices-new-record-states-pay-over-5-dollars-gallon-2022-5">Insider</a>. "You can make decisions on domestic supply, but if it doesn't have an impact on the global picture, it won't have an impact at the pump."

US gas prices hit a record high as 10 states pay $5 or more per gallon

<ul class="summary-list"><li>President <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword> may visit Saudi Arabia, but it wouldn't bring lasting solutions to <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> prices, says <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword>' energy research head.</li><li>"And bringing extra barrels today, sure, it helps in the short run, but it's not sustainable," Damien Courvalin told CNBC Friday.</li></ul>President Joe Biden reportedly plans to visit Saudi Arabia soon, but don't expect a long-term fix to the energy crunch, according to Goldman Sachs' head of energy research. Biden has decided to travel to the oil-rich country sometime this month to improve relations as he looks for ways to lower energy prices, <a href="https://www.nytimes.com/2022/06/02/us/politics/biden-saudi-arabia.html">sources told the New York Times</a>. The latest AAA data shows the average gallon of gas in the US hit $4.761 — a fresh record and up 56% from a year ago. "It will perhaps prevent a spike in prices and shortages this summer, but you have to remember we are faced with structural shortages and deficits in oil. This is years in the making," Damien Courvalin told <a href="https://www.youtube.com/watch?v=FyPyDtOU4F4&amp;ab_channel=CNBCTelevision">CNBC</a> Friday. "And bringing extra barrels today, sure, it helps in the short run, but it's not sustainable. In particular it comes at the sacrifice of any remaining spare capacity."The energy <keyword id="14109061" type="UNKNOWN" weightage="60" keywordseo="analyst" source="Orion">analyst</keyword> added that <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> all over the world are signaling downside risk to production, pointing to the European Union's ban on Russian oil and decreased production in Libya. There is also little Biden could do to boost domestic supplies of energy. Even if the administration could incentivize US producers to ramp up output, they would still fall short of the high demand for summer driving and travel season. "The headwind we face is on services," Courvalin said. "You can drill a lot of holes to produce oil…you're short on refining and that's something we shouldn't overlook. The challenges we face, especially this summer, I think go beyond what policy can help."

President Biden visiting Saudi Arabia wouldn't be a long-term solution to the energy crisis because the US faces structural shortages, says Goldman Sachs head of energy research

The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">Central</keyword> government has slashed the <keyword id="6934085" type="General" weightage="20" keywordseo="windfall" source="Orion">windfall</keyword> <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> production to zero from Rs 3,500 rupees per tonne, which became effective today, according to an official notification. The windfall tax on diesel has been slashed to Rs 0.5 per litre from Rs 1 per litre earlier. There is no windfall tax on petroleum, jet fuel, or aviation turbine fuel (ATF). Windfall tax is levied by the government on unexpectedly high profits companies earn. It was levied in July 2022 as high energy prices had led to high profits for oil producers. Since then, windfall taxes for crude oil have declined from Rs 23,250 per tonne in July 2022 to Rs 3,500 per tonne as of March 21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/brahmastras-ayan-mukherjee-to-direct-war-2-hrithik-roshan-confirmed-for-lead-role/articleshow/99236228.cms">Brahmastra's Ayan Mukherjee to direct War 2, Hrithik Roshan confirmed for lead role</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/world-bank-cuts-indias-gdp-growth-to-6-3-for-2023-24/articleshow/99236772.cms">World Bank cuts India's GDP growth to 6.3% for 2023-24</a>

Govt removes windfall tax on crude oil production, cuts for diesel

<ul><li>The <keyword id="2792997" type="General" weightage="20" keywordseo="Mercedes-Benz-GLE" source="Orion">Mercedes-Benz GLE</keyword> facelift SUV has been launched in India.</li><li>The luxury SUV is priced starting at ₹96.4 lakh ex-showroom.</li><li>Here’s everything you need to know about the latest SUVs from the German automaker.</li></ul> German automaker Mercedes-Benz has today launched the 2023 Mercedes-Benz <keyword id="2916467" type="General" weightage="80" keywordseo="gle" source="Orion">GLE</keyword> in India. It is the company’s latest luxury SUV in the Indian market and has been launched in three variants. The Mercedes-Benz GLE facelift comes with a slightly revamped design and improved technology. Not much has been changed in terms of design, apart from some minor changes to the bumper, grille and the LED headlamp. <cmsannotation type="cmsannotation" annotationid="Mercedes-Benz GLE price in India" comment="subhead" text="Mercedes-Benz GLE price in India"><keyword id="19359486" type="General" weightage="100" keywordseo="Mercedes-Benz-GLE-price-in-india" source="Orion">Mercedes-Benz GLE price in India</keyword></cmsannotation> The Mercedes-Benz GLE has been priced starting at ₹96.4 lakh ex-showroom and goes up to ₹1.15 crore. The bookings for the luxury SUV are now open and the deliveries will begin later this month. <cmsannotation type="cmsannotation" annotationid="Mercedes-Benz GLE features" comment="subhead" text="Mercedes-Benz GLE features">Mercedes-Benz GLE features</cmsannotation> The Mercedes-Benz GLE features a single-slat grille with updated LED headlights at the front. Apart from this, the bumper’s design has also been refreshed to give it a more modern look. The luxury SUV comes with 20-inch alloy wheels as a standard, which can be further upgraded to 22-inch alloy wheels. Apart from this, the rear bumper has also been revamped. Coming to the interiors, not much has changed when compared to the car’s outgoing variant. The GLE now features a revamped steering wheel with touch-haptic controls. The infotainment display has also been upgraded to run on the company’s new MBUX system. The Mercedes-Benz GLE is available in three options – the GLE 300 d, GLE 450 d and the GLE 450. You can pick from two diesel engine options and a single petrol variant. All three powertrain variants are equipped with mild-hybrid technology to give it a mileage and performance boost on the road. Starting with the GLE 300 d, it comes with a 2-litre 4-cylinder diesel engine that delivers 269 PS of power and 550 Nm of peak torque. The GLE 450 d on the other hand is equipped with a 3-litre 6-cylinder diesel engine that delivers 367 PS of maximum power and 750 Nm of peak torque. Finally, the GLE 450 is powered by a 3-litre 6-cylinder petrol engine that develops 381 PS of maximum power output and 500 Nm of peak torque. The luxury SUV offers four-zone climate control, a panoramic sunroof, 590W 13-speaker Burmester 3D sound system, electrically adjustable front and rear seats with memory function, air purifier, electronic tailgate and more. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-q3-smartphone-shipments-apple-gains-34-pc-market-share-in-india/articleshow/104907807.cms">Smartphone shipments: Apple gains 34% market share in India as Samsung, Xiaomi decline</a> <a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheelers-up-and-running-after-reduced-fame-subsidy-bump/articleshow/104912419.cms">India’s electric two-wheelers up and running after reduced FAME subsidy bump</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-new-mobile-phones-in-india-in-november-2023/slidelist/104756836.cms">Xiaomi 14 Pro to OnePlus 12R – Upcoming smartphones launching in November</a>

Mercedes-Benz GLE Facelift – Here’s what the luxury SUV packs at ₹96.4 lakh

Welcome to the weekend. I'm Phil Rosen. Today we're talking energy — and I'm sharing a conversation with a <a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">leading expert on Russian diesel flows</a>.As always, if you have any suggestions for who I should interview next, let me know on Twitter <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>, or email me <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4"></a>Matt Smith is lead oil analyst, Americas for Kpler. This conversation has been lightly edited for length and clarity. Phil Rosen: You shared some data on how Brazil is seeing a dramatic uptick in Russian diesel imports, and a decrease in diesel imports from other sources, including the US. What's going on here?Matt Smith: Everything comes back to economics. We could try and read between the lines, but <a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">ultimately it comes down to price</a> — it is seemingly cheaper for Brazil to pull in Russian diesel in recent months than it is to import barrels from the US. If it was just the odd cargo, it could be suggested that Brazil is the destination of last resort when Russia is unable to sell its diesel to anyone else, but the volumes delivered in the last three months <a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">suggest something more of a trend</a>. It really does appear that Russian diesel is <a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">muscling in on US market share in Brazil</a>. How does this data on Brazil's diesel imports fit into the broader picture with China and India? MS: Different groups of countries have different agendas. While some countries such as India and China have ramped up imports of Russian crude, only to refine it and <a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">send it back in the form of refined products</a> to countries that have applied sanctions on Russia, there are other countries such as Libya, Tunisia and Brazil that are making decisions based on economics. Russian diesel is displacing traditional suppliers to these countries, while trade flows are changing to <a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">backfill the loss of Russian diesel into Europe</a>. It's a game of musical chairs, and one we've seen play out already with other Russian products such as fuel oil.<a href="https://markets.businessinsider.com/news/commodities/russian-diesel-exports-war-ukraine-moscow-kpler-sanctions-fuel-markets-2023-4">Read the full story from our conversation. </a>What do you think of Smith's insights on the global energy landscape? <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">Let me know</a>.And here are the top stories from markets this week: <a href="https://www.businessinsider.com/buy-stocks-now-investing-strategy-market-rally-election-midterms-nationwide-2023-4"></a><div type="image" title="trader nyse look up" height="512" width="1024" msid="99692036" hostid="261" sizebytes="36420"></div>1. Morgan Stanley's chief investment officer said a credit crunch has already started. The repercussions of March's bank crisis are already making their way through the economy — <a href="https://markets.businessinsider.com/news/stocks/credit-crunch-us-bank-crisis-stock-corporate-earnings-recession-svb-2023-4">and that's going to weigh on the stock market for the rest of the year</a>.2. The anti-dollar drive spearheaded by Asia is spreading to Europe. France joins Russia and Iran as another country souring on the greenback and questioning the dollar's supremacy. <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1">Here are six rising challenges to the US currency on the world stage</a>.3. Credit Suisse said this batch of stocks will matter the most to corporate profits during a quarter where earnings drop again. There are several silver linings still for investors who play their cards right, according to the bank. <a href="https://www.businessinsider.com/investing-stocks-to-buy-earnings-market-outlook-prediction-credit-suisse-2023-4">See the 15 names strategists are eyeing now</a>.4. Top economist Mohamed El-Erian is warning of a recession, Fed-triggered accidents, and a "moment of truth" for commercial real estate. In an interview with Insider, <a href="https://markets.businessinsider.com/news/stocks/mohamed-el-erian-credit-crunch-recession-fed-commercial-real-estate-2023-4">the Allianz chief economic advisor broke down his outlook for 2023 and how the economy could shift next</a>. 5. Alphabet lost $55 billion in market value in one day after reports that Samsung is weighing swapping out Google for Bing on its phones. Such a move would put about $3 billion in revenue at risk for Alphabet, which has long faced little competition. <a href="https://markets.businessinsider.com/news/stocks/alphabet-stock-price-samsung-considers-replacing-google-microsoft-bing-search-2023-4">Read more</a>.6. A single order from Elon Musk's Tesla boosted a family's fortune to over $800 million. Bloomberg reported that Cathode company L&amp;F won a $2.9 billion order from the EV maker, which sent its stock soaring. <a href="https://markets.businessinsider.com/news/stocks/tesla-single-order-boosts-family-fortune-over-800-million-2023-4">That generated a massive kickback for the Jae-hong family</a>.7. China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine. The two nations account for roughly 90% of Russia's seaborne crude exports now, Kpler data shows. With Europe mostly out of the picture, China and India are buying 1.5 million barrels a day — <a href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">each</a>.8. The rest of 2023 is the "best period" for stocks in a 12-month span. That's what Nationwide's Mark Hackett said — <a href="https://www.businessinsider.com/buy-stocks-now-investing-strategy-market-rally-election-midterms-nationwide-2023-4">and he shared exactly what to buy to capitalize on the coming boom</a>.9. A real-estate investor with a 311-unit portfolio shared her strategy. This approach is "recession-proof" in Anne Curry's view. <a href="https://www.businessinsider.com/real-estate-investing-strategy-recession-proof-cash-flow-section-8-2023-4">She broke down how she all but guarantees that she gets market-value rent payments</a>.10. Ray Dalio expects the financial system to undergo "big restructurings." Rising debt burdens aren't sustainable, the billionaire hedge fund founder said this week. The cycle we're in now is when <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-financial-system-restructurings-debt-principles-bridgewater-hedge-fund-2023-4?_gl=1*1anut1i*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY4MjA4MDQyOS43OTAuMS4xNjgyMDg1NTg2LjYwLjAuMA..">"the tightening to fight inflation is causing a cracking in the financial markets." </a>Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams" target="_blank" rel="noopener">@maxradams</a>) in New York.

Russia is landing new buyers for its sanctioned diesel all over the world and Brazil's taking advantage of the steep discounts.

Good morning markets people, I'm senior reporter Phil Rosen. If you're like me, breakfast this morning consists of the Halloween candy you "forgot" to leave out for trick-or-treaters last night. (Don't worry, I won't tell anyone.)Or maybe, you loaded up ahead of time so you could meet the rush and have leftovers.Econ 101, really — when demand overruns supply, there's trouble (i.e. no spare candy). And when stockpiles can handle a seasonal surge (i.e. trick-or-treaters), there's more wiggle room and less urgency. This is what we're covering today, albeit with slightly higher stakes. America's in the midst of one of its worst diesel shortages ever thanks to lopsided supply and demand. Hold on to your M&amp;Ms because today we're diving into the crisis. And two items to keep on your radar: Job openings data for September comes out this morning, and the Federal Reserve kicks off its two-day policy meeting today, which many expect will culminate with another 75-basis-point rate hike.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10"></a>1. The diesel shortage has been building since the start of the pandemic, and fuel inventories have dropped well below <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">emergency levels</a>. The Energy Information Administration has said the US has only <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">25 days left</a> of diesel reserves — and that was two weeks ago. Stockpiles are hovering below marks not seen since 2008.So how did we get here? That's what I asked Matt Smith, lead oil analyst at Kpler. He told me it comes down to basic supply and demand. <ul><li>The pandemic abruptly halted gas demand, since people were forced to stay home.</li><li>With demand crashing, refiners stopped refining. </li><li>But trucks continued to deliver goods around the country, so <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">diesel demand</a> stayed elevated. </li></ul>In effect, <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">diesel consumption continued</a> but refiners largely slowed down production. The crisis has since gotten worse because of two additional factors at play. "The double whammy is that, as demand has picked up post-pandemic, the US is exporting more, well over a million barrels a day," Smith explained. "And the triple whammy is the sanctions coming onto Russia's diesel exports early next year, so the global backdrop is <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">tight supply</a>."With European nations weaning off Russian energy, competition has increased in the diesel market due to the influx of buyers. Notably, Smith said, it's unlikely inventories actually bottom out at zero. Markets are panicking, so diesel prices will climb higher and higher, which will spark behavioral changes in consumers and producers. "Higher prices make the profitability of refining diesel go much higher," he said. In other words, refiners have more incentive to <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">ramp up production</a>. At the same time, <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">expensive diesel</a> will mean fewer customers can afford to keep buying fuel. "So prices rise, which crimps demand, and that also crimps export demand and encourages import demand," Smith said. "The market is having to adjust very quickly to avoid inventories running dry. The mechanism to do that is simply through diesel prices rising."Will the US's worsening fuel shortage impact the outcome of the midterm elections? Let me know on Twitter (<a href="https://twitter.com/philrosenn">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com">prosen@insider.com</a>).<a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-crude-energy-crisis-us-midterm-elections-2022-10"></a><div type="image" title="putin" height="1750" width="3500" msid="95229805" hostid="261" sizebytes="145218"></div>2. European stocks and US futures rise early Tuesday. Meanwhile, oil is also up, as BP reported a quarterly profit of $8.2 billion while giant Saudi Aramco's quarterly profit surged 39%. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves. </a>3. On the docket: Airbnb, Pfizer Inc., Toyota Motor Corp., all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>4. Bank of America listed its top stock picks with the best chance at delivering positive surprises to investors. Some of the biggest names in the market keep disappointing traders and getting destroyed. <a href="https://www.businessinsider.com/stock-picks-to-buy-how-to-invest-meta-amzn-googl-2022-10">Analysts said these 14 smaller names are most likely to beat expectations in the days and weeks ahead.</a>5. The US is reportedly prodding European allies to impose trade sanctions on China. They would come in the form of export controls, similar to those currently being used against Russia, according to Bloomberg. <a href="https://markets.businessinsider.com/news/stocks/china-sanctions-tech-competition-russia-alliance-us-eu-rival-military-2022-10">Some EU officials have expressed openness to sanctioning goods to limit China's military, as well as to bolster other trade-protective measures. </a>6. A planned price cap on Russian oil could be delayed, according to a Wall Street Journal report. Policymakers could postpone the move to try and smooth market volatility ahead of midterm elections, sources told the Journal. <a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-crude-energy-crisis-us-midterm-elections-2022-10">Here's what you want to know.</a>7. Lloyd Blankfein reminded investors that plenty could still go right to send the stock market higher. "Positives may be lurking," he tweeted. Those include a potential Fed pause, Ukraine-Russia truce, and the end to China's COVID-19 lockdowns. <a href="https://markets.businessinsider.com/news/stocks/stock-market-could-surge-on-any-good-news-lloyd-blankfein-2022-10">His reasons for optimism come amid overwhelmingly negative sentiment.</a>8. Wall Street's biggest banks said Amazon is still a screaming "buy" despite its ugly earnings results. Amazon's chief financial officer said the company was taking action to "tighten our belt" the day before slashing 150 roles. Here's why experts are still betting on the retail giant — <a href="https://www.businessinsider.com/amazon-earnings-q3-wall-street-analysts-not-bearish-stock-growth-2022-10">and where they see future growth coming from</a>.9. The founder of a real-estate investing platform highlights the most attractive cities in the southeast right now. The exec told Insider that these three locations are all business-friendly, affordable, and seeing significant population growth. <a href="https://www.businessinsider.com/3-best-cities-the-southeast-real-estate-investing-head-says-2022-10">He shared his top predictions in the sector for the coming months.</a><a href="https://markets.businessinsider.com/news/commodities/food-price-outlook-wheat-corn-soybean-oil-russia-ukraine-deal-2022-10"></a><div type="image" title="wheat prices" height="957" width="1128" msid="95229807" hostid="261" sizebytes="23932"></div>10. The price of wheat futures soared Monday after Russia's withdrawal from a deal to export Ukrainian grain via the Black Sea. The move threatened food supplies across the world, as Moscow said it would nix the agreement for an "indefinite term." Deutsche Bank's managing director wrote in a research note that the decision <a href="https://markets.businessinsider.com/news/commodities/food-price-outlook-wheat-corn-soybean-oil-russia-ukraine-deal-2022-10">"undermines efforts to ease a global food crisis."</a> Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn">@philrosenn</a> or email <a href="mailto:prosen@insider.com">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

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