Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, India's consumption of <keyword id="118558" type="General" weightage="20" keywordseo="petroleum-products" source="Orion">petroleum products</keyword> rose to a seven-month high in December to about 20.05 million metric tons, according to data compiled by the Petroleum Ministry. Total consumption rose by 6.2 per cent from 18.89 million tons in November and was 2.6 per cent higher than the corresponding figure for December last year. Sales of diesel, mainly used in the transport and farm sectors increased by 0.9 per cent month-on-month to 7.6 million tons. However, <keyword id="3146552" type="General" weightage="20" keywordseo="petrol-sales" source="Orion">petrol sales</keyword> fell by 4.5 per cent in December to 2.99 million tons compared to the previous month. LPG sales rose by 5.6 per cent to 2.63 million tons as more households are shifting to the clean gas from firewood nationwide. Sales of bitumen, used for making roads, jumped by 12.9 per cent from November reflecting the increase in construction in big highway projects that has gathered momentum. Naphtha sales jumped by 27.9 per cent to 1.33 million tons while fuel oil recorded a 9.6 per cent increase in December.

India's petroleum product sales hit seven-month high in December

<ul><li>The <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">auto industry</keyword>’s expectations from the Budget 2024 include FAME 3 scheme, incentives for hybrids and more.</li><li>Here are the key expectations from the auto industry for the Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian auto industry also has set a lot of expectations from the Narendra Modi-led government’s first budget of its third term. From a boost to electric vehicles to infrastructure development, the auto sector has a series of expectations that it hopes will be addressed in the upcoming budget. This article delves into the key budget expectations of the auto industry in India <h2>FAME 3 scheme</h2>The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) has been integral for the electric vehicle (EV) makers as it has helped keep EVs affordable for the common man. With the government<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> reworking</a> the FAME 2 scheme and then<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> ending the scheme</a>, the prices of EVs have increased. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> With Budget 2024, EV makers will look towards the government for the FAME 3 scheme. The government is expected to announce the FAME 3 scheme with an outlay of ₹10,000 crore. While the exact details of the scheme will only be known once the budget is announced, it will be aimed at boosting demand by subsiding the cost, while also promoting local manufacturing of key components. “In the upcoming budget, we advocate for initiatives and subsidy structures without segment caps which will in turn foster innovation and growth across multiple segments. Recent discussions surrounding the implementation of FAME 3 present a notable opportunity to enhance EV adoption in India,” said Niraj Rajmohan, CTO and Co-Founder, Ultraviolette. "Proposed measures to promote e-buses and enhance payment security are crucial for accelerating sustainable transportation. Comprehensive support for the entire EV ecosystem is essential. Anticipated policy reforms like FAME-III and increased funding for critical EV segments will foster holistic industry growth," said Kartikey Hariyani, Founder and CEO, Charge Zone. <h2>Petrol and diesel under GST</h2>One of the frequent demands recently has been to bring petrol and diesel under goods and services tax (GST) to bring the fuel prices under control. Oil Minister Hardeep Singh Puri has said that the government will try to bring petrol and diesel under GST. At present, the central government levies excise duty on petrol and diesel, while the state government imposes value-added tax (VAT) and sales tax. <h2>Incentives for hybrids</h2>While electric vehicles have long been subsidised by both state and central governments, hybrids have not received the same love. Union Minister Nitin Gadkari had earlier this year<a href="https://www.businessinsider.in/business/auto/news/gadkari-vows-to-eliminate-petrol-diesel-vehicles-in-india-bats-for-lower-tax-for-hybrid-cars/articleshow/108936085.cms"> pitched</a> for lower GST on hybrid vehicles. “The proposal to reduce GST on hybrid vehicles to 5% and to 12% for flex engines has been sent to the Finance ministry which is considering the requisition,” Gadkari said. Companies like Maruti Suzuki have a strong presence in hybrids and have a lot to gain from incentives, while companies like Tata Motors who do not have hybrid technology may take a hit on EV sales. With the government looking to reduce dependence on petrol and diesel cars, hybrids may finally get some incentives in the upcoming budget. The UP government has already started offering incentives to select hybrid cars. <h2><keyword id="22433272" type="General" weightage="20" keywordseo="vehicle-scrapping" source="keywords">Vehicle scrapping</keyword></h2>Industry bodies such as the Society of Indian Automobile Manufacturers (SIAM) have sought incentives for vehicle scrapping. These are vehicles that have crossed a certain age and are being scrapped keeping in mind the pollution. While a policy is already in place, the stakeholders are looking for increased incentives, especially for commercial vehicles such as trucks and buses, which account for most of the emissions. <h2>PLI scheme</h2>Automakers are also looking for increased incentives under the Production Linked Incentive (PLI) scheme, for both ICE and EVs. Companies want the scheme to be expanded to more components, including tyres, which have seen a lot of changes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-biggest-ipos-in-indias-history-lic-to-paytm-companies-that-have-raised-the-most-funds/articleshow/111690863.cms">The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds</a> <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a>

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

It can be gruelling to choose between a gourmet meal and your mom’s homemade biryani — more often than not, the familiar wins out. Despite the buzz around electric vehicles, a growing number of drivers in India and the world are hitting the brakes on their electric vehicle (EV) journey and revving up their old petrol and diesel cars. But why are we witnessing this unexpected switch, and what does it spell for the future of driving? <h2>Waning EV enthusiasm</h2>A recent Park+ survey reported that 51% of Indian EV car owners expressed a desire to return to internal combustion engine (ICE) vehicles. This statistic — despite the study’s limited sample size of just 500 EV owners — is certainly surprising, given the evident success of India's push toward electrification with the attractive FAME and EMPS schemes. This isn’t even a special case; a similar survey revealed that 29% of EV-owners shared the same sentiment internationally — perhaps not that large of a number, but certainly not an unnoticeable one either. The number is even higher when you look at just the United States. According to McKinsey &amp; Co., 46% of US <keyword id="22369438" type="General" weightage="100" keywordseo="electric-vehicle-owners" source="keywords">electric vehicle owners</keyword> are “very” likely to purchase a gas-powered vehicle the next time. <h2><keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> remains a major roadblock</h2>While the world has seen massive leaps in EV tech over the past few years, many still complain that the primary concerns still prevail. For instance, several cite the persisting inadequacy of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> as a primary reason for the shift back to ICE vehicles. While urban areas in developed countries may boast a fair number of charging stations, the time taken to charge and faulty stations remain significant problems for a daily EV long-distance commuter. For instance, one user sparked up a conversation on Reddit after explaining that they had begun to consider moving back to a hybrid of regular gas vehicles since they wanted to explore the countryside. This is a sentiment that reflects broader consumer concerns that influence purchasing decisions. “Once I was in Big Bear there was only two DC chargers in town, one of which was out of order. There was a line to use them. It was overall an unpleasant experience and took up a lot of time we could have spent actually enjoying Big Bear,” another responded, noting that this was just one of many unpleasant experiences they’ve experienced with the charging infrastructure. “Most of the time at least one or two chargers are out of order and it's just a pain to charge. I love EV's but the infrastructure isn't adequate and reliable enough for me to ditch an ICE car completely.” <div type="Article" hostid="261" msid="111341259" title="EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds" mstype="2" mssubtype="0"></div>Further, you have to reconcile with the fact that these are still concerns for the urban rich, and that rural and less developed regions are still lagging significantly behind in this matter. Take India, for instance, where the charging infrastructure is still in its nascent stages, despite years-long government efforts. Long queues at charging stations, inconsistent availability, and longer charging times compared to refuelling <keyword id="21283001" type="General" weightage="20" keywordseo="ICE-cars" source="keywords">ICE cars</keyword> are major deterrents for the average Indian EV consumer. Further, range anxiety continues to be a significant barrier, especially in countries like India that value long-distance trips. Despite advancements in <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword>, two-wheeler EVs boast a maximum range of only 200-300 kilometres, while cars have a 300-400 kilometre range. <h2>Cost and practicality concerns</h2>The initial cost of EVs also remains higher than that of their ICE counterparts, despite decreasing battery prices. For many consumers, especially in price-sensitive markets like India, this cost difference is substantial. Additionally, the practical concerns of battery life and replacement costs add to the apprehension. “While consumers still have plenty of concerns surrounding an EV’s battery range, price remains the higher priority when purchasing an EV,” reported Julia Martinez, a US energy and auto expert. <div type="Article" hostid="261" msid="112062360" title="Government extends EV subsidy scheme till September 30, increases outlay" mstype="2" mssubtype="0"></div>While EVs are often touted for their lower maintenance costs, the reality can be different. Many lament that specialised service centres, the availability of parts, and skilled technicians are not as widespread for EVs as they are for ICE vehicles. This disparity in service infrastructure makes EV ownership less appealing to some consumers, both in India where mechanics are still grappling with learning about the new tech, and globally. <h2>Car-makers are rethinking their approach</h2>This “rejection”, along with the fact the global and US <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> has been stagnating for a while now, has already begun to bleed into real-life corporate decision-making as automakers reevaluate their EV strategies. For instance, Ford and General Motors have recently announced a downscaling of their EV production plans due to slower-than-expected market uptake. Even <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> — the very company that arguably made EVs “cool” in the first place — has found itself in an awkward position having to fan some flames away. Not only is the Musk-led company struggling to entice more people into buying their cars, studies have also shown that car buyers are connecting better with EVs built by more traditional automakers than Tesla owners. These developments suggest a broader hesitancy and a rebalancing towards consumer choice, including the retention of ICE options. <div type="Article" hostid="261" msid="112145967" title="Tesla is having trouble wooing new EV shoppers" mstype="2" mssubtype="0"></div>The transition from ICE to EVs is not as straightforward as initially anticipated. While EVs offer significant benefits, various factors such as infrastructure, cost, range anxiety, and consumer sentiment are causing some to reconsider their choices. In India, the journey toward widespread <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword> is marked by impressive sales growth but also significant challenges that need to be addressed. The automotive industry's future may lie in striking a balance between advancing <keyword id="19945562" type="General" weightage="20" keywordseo="EV-technology" source="keywords">EV technology</keyword> and maintaining the reliability of ICE vehicles to meet diverse consumer demands.

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

Diesel sales in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> jumped up sharply in the first half of April as agricultural activity pick-up and trucking increased to meet industrial <keyword id="15308237" type="TOPIC" weightage="60" keywordseo="Demand" source="TOPIC" sourcekeytype="economy,investopedia" meta.keywordsubtype="null" meta.msid="92562122" meta.seopath="d/demand" meta.entityname="Demand" meta.hostid="153" meta.entityid="demand">demand</keyword>, preliminary industry data showed on Monday. Demand for diesel, the most consumed fuel in the country <keyword id="15377301" type="TOPIC" weightage="60" keywordseo="Accounting" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92547403" meta.seopath="a/accounting" meta.entityname="Accounting" meta.hostid="153" meta.entityid="accounting">accounting</keyword> for about two-fifths of the demand, soared over 15 per cent to 3.45 million tonnes in the first half of April when compared to a year ago. Month-on-month sales rose 8.4 per cent when compared with 3.19 million tonnes of diesel consumed in the first half of March that had witnessed seasonal slowdown. Petrol sales rose about 2 per cent to 1.14 million tonnes during April 1 to 15 when compared with the same period of last year. Sales however fell 6.6 per cent month-on-month, the data showed. In the first half of March, petrol sales had fallen 1.4 per cent and diesel 10.2 per cent year-on-year. Consumption of petrol in April first half was 14.6 per cent more than COVID-marred April 1-15, 2021 and almost 128 per cent more than in the same period of 2020. Diesel consumption was up 24.3 per cent over April 1-15, 2021 and 127 per cent higher than in the same month of 2020. With the continued opening of the aviation sector, India's overall passenger traffic at airports inched closer to pre-COVID levels. Reflecting the trend, jet fuel (ATF) demand jumped 14 per cent to 2,84,600 tonnes during the first half of April when compared to the same period last year. It was 35 per cent higher than April 1-15, 2021 and 467.6 per cent more than the same period in 2020. Month-on-month sales however fell 3.8 per cent. India is enjoying steady growth, with support from the services sector as well as the industrial side of the economy. The country's oil demand was supported by strong industrial activity, industry officials said. In terms of products, diesel was the main driver of oil demand as there was a pick up in the agriculture sector, as well as requirements for power generation and industry. Use of the fuel in irrigation pumps and trucking supported diesel. Cooking gas <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> sales rose 5.7 per cent year-on-year to 1.1 million tonnes in April 1-15. LPG consumption was 7 per cent higher than in April 1-15, 2021 and 9.2 per cent more than in the first half of April 2020. Month-on-month, the demand dropped 6.37 per cent when compared to 1.18 million tonnes of LPG consumption during March 1-15, the data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-to-bring-inflows-of-up-to-3-billion-all-eyes-now-on-the-merger/articleshow/99557243.cms">HDFC-HDFC Bank merger to bring inflows of up to $3 billion: All eyes now on the merger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/diljit-dosanjh-coachellas-first-punjabi-artist/slidelist/99556453.cms">Diljit Dosanjh, the only Punjabi artist to play at Coachella, is a man of many firsts</a>

Diesel sales jump on agricultural demand

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

India's <keyword id="252144" type="General" weightage="20" keywordseo="fuel-demand" source="Orion">fuel demand</keyword> fell in the first half of March after posting record growth in the previous month, preliminary industry data showed on Thursday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. March saw the seasonal slowdown kicking in with a rise in temperatures. <keyword id="3146552" type="General" weightage="20" keywordseo="petrol-sales" source="Orion">Petrol sales</keyword> decreased by 1.4 per cent to 1.22 million tonnes in the first half of March when compared with the same period of last year. Sales fell 0.5 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand slip 10.2 per cent to 3.18 million tonnes from March 1 to 15 when compared with 3.54 million tonnes of sales in the same period a year back. Month-on-month the demand was down 4.6 per cent. During the first half of February, petrol consumption had jumped by almost 18 per cent year-on-year while <keyword id="998651" type="General" weightage="20" keywordseo="diesel-sales" source="Orion">diesel sales</keyword> were up nearly 25 per cent. The consumption of petrol in the first half of March was 16.4 per cent more than the Covid-marred first half of March 2021 and almost 23 per cent more than in the same period of 2020. Diesel consumption was up 11.5 per cent over the first half of March 2021 and 20.2 per cent higher than in 2020. While cold conditions slowed truck movements in January, the onset of spring revived demand in February. With the continued opening of the aviation sector, India's overall passenger traffic at airports inched closer to pre-Covid levels. Reflecting the trend, jet fuel (ATF) demand jumped 19.2 per cent to 2,94,900 tonnes during the first half of March when compared to the same period last year. It was 35.6 per cent higher than in March 2021 but 8.2 per cent lower than in March 2020. Month-on-month sales were almost flat. Sources said while domestic air travel is back to pre-Covid levels, international traffic is lagging because of continued restrictions in some countries. India's recovery has continued to gain momentum in recent months but has been accompanied by elevated inflation. This slowed the momentum a bit. The country's oil demand had been rising steadily since the easing of COVID-19 restrictions. Cooking gas LPG sales fell 9.7 per cent year-on-year to 1.18 million tonnes from March 1-15. LPG consumption was 7.1 per cent higher than in March 2021 and 3.6 per cent more than in March 2020. Month-on-month, the demand dropped 15.10 when compared to 1.39 million tonnes of LPG consumption during February 1-15, the data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/once-again-lemon-prices-soar-to-200-per-kilo/articleshow/98691510.cms">Once again, lemon prices soar to ₹200 per kilo</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/retail-tech-platform-dukaan-lays-off-30-of-its-workforce-second-layoff-in-6-months/articleshow/98692209.cms">Retail tech platform Dukaan lays off 30% of its workforce; second layoff in 6 months</a>

Petrol, diesel sales drop in first half of March after hitting record high in February

<ul><li>EV penetration is set to reach 6-8% by FY27 compared to a mere 1.3% in FY23 as per a CRISIL report.</li><li>The total cost of acquisition (<keyword id="21010615" type="General" weightage="20" keywordseo="tca" source="keywords">TCA</keyword>) is lower for EVs but the total cost of ownership (<keyword id="19896738" type="General" weightage="20" keywordseo="tco" source="keywords">TCO</keyword>) is higher as compared to other variants, says the report.</li><li>For e-cabs, the TCA is higher than that of TCO but charging infra and other factors play a crucial role in adoption.</li></ul> <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs) are here to take over the auto market. In the US, this growing trend is close to reaching double digits in terms of penetration among personal vehicles. Even in India, the penetration is growing as domestic manufacturers increasingly gravitate towards the EV segment. In addition to Tata Motors’ EV versions of Nexon, Tigor and <keyword id="20075324" type="General" weightage="20" keywordseo="tiago-ev" source="keywords">Tiago EV</keyword> and MG’s ZS — many other automakers are entering the EV lane too. Foremost among them is <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, which is planning to launch its first EV by 2025, and Renault’s electric Kwid, Zoe and KZE are also expected to come to India soon. MG Motor India already has a couple of fairly successful EV models and plans to introduce many more soon. For foreign brands like Tesla, policy roadblocks on imports, proved to be a limiting factor so far. However, the <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">recent changes in the Indian policy landscape</a> lower the import taxes if the companies commit to manufacturing in India in the subsequent years. Such policy incentives are likely to attract even more global EV brands to India. But what do these new models of new-age tech cars mean to car buyers sitting on the fence? As per a recent analysis by CRISIL, the total cost of ownership (TCO) or total cost of ownership of passenger vehicles could work in favour of EVs in the next three years for Indian buyers. So, how does the math work for prospective owners? TCA is lower but the TCO may remain higher TCO includes the purchase price of a particular asset, plus operating costs over the asset’s life span. As of FY22, the TCO of EVs was 20-30% higher than that of all three variants which is petrol, diesel and CNG. “In FY27, we expect the economics to again remain the same. However, despite not-so-favourable cost economics, higher adoption has been witnessed initially by environment-conscious buyers,” said CRISIL. The latest analysis agrees with the <a href="https://journals.sagepub.com/doi/10.1177/0361198120947089">earlier research</a> from <keyword id="20691574" type="General" weightage="20" keywordseo="world-resources-institute-india" source="keywords">World Resources Institute India</keyword> (<keyword id="20336071" type="General" weightage="20" keywordseo="wri-india" source="keywords">WRI India</keyword>) on TCO in India. The study highlighted that the TCO for EVs for personal use remains higher and may require additional financial incentives to be economically viable. The total cost of acquisition (TCA) on the other hand is lower for EVs as compared to other variants. TCA of an EV is 24% lower than that of a diesel variant, and 4% lower for a petrol variant. The TCA for an EV and a CNG variant is the same. This is due to lower registration charges for EVs amid high loan-to-value (LTV) ratios. Overall, the report expects EV penetration in the passenger vehicle segment to reach 6-8% by FY27 from a mere 1.3% in FY23. Meter down: How do EVs fare as cabs? Unlike in the PV segment, the cost dynamics are reversed for cab aggregators who want to drive in the EV lane – where even though the TCA is higher, TCO remains lower. In FY22, the TCO of EVs for cab aggregators was lower than that of petrol and diesel vehicles by around 29% and around 19%, respectively. However, the TCO of EVs is still higher than that of a CNG variant by around 13% even for commercial use. This is due to the higher running of a commercial passenger vehicle and high fossil fuel prices. The FAME-II subsidy provided by the Government of India incentivises the adoption of EVs for commercial use, including 2-wheelers, 3-wheelers, and buses for public transport. However, the TCA of an EV for a cab aggregator is still around 17% higher than that of a diesel vehicle, 26% higher than a petrol vehicle, and around 16% higher than a CNG variant. “In FY27, we expect the TCA of EVs to be lower than that of diesel and petrol variants, but higher than that of a CNG variant,” says CRISIL. The report expects the cab aggregator segment to lead the drive towards EVs, resulting in a 4% EV penetration by FY26. The taxi segment accounts for 10-15% of sales within passenger cars. However, a few challenges continue to linger, limiting the wider adoption of e-cabs on the road. A limited number of charging stations range anxiety and lack of large original equipment manufacturer (OEM) presence are hindering EV adoption. EVs used for personal use, however, are mostly charged at home, and charging infrastructure does not play a very high role there. “The lower battery cost (due to expected localisation led by the phased manufacturing programme or PMP) is expected to offset the lack of FAME subsidy and will help maintain the competitiveness of EVs against diesel and CNG variants for cab aggregators in the long run,” says CRISIL.

Electrifying auto market: Planning to buy an EV, compare their price with petrol, diesel and CNG variants

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

<ul><li>Robust demand for passenger vehicles is expected to continue driving <keyword id="46211" type="General" weightage="20" keywordseo="auto-sales" source="Orion">auto sales</keyword> in February. </li><li>This is despite a moderate drop in customer enquiries, according to analysts. </li><li>Electric vehicles in both the passenger vehicle and two-wheeler segments have caught the fancy of customers who are increasingly willing to accept the higher upfront costs in lieu of lower maintenance and operational costs. </li><li>Sales of entry-level cars and two-wheelers are likely to be subdued in February largely due to a weak rural recovery and inflation woes. </li></ul>A robust demand for passenger vehicles (PVs) is expected to boost India’s auto sales numbers for the month of February, as per analysts. This is despite a moderate drop in customer enquiries across carmakers, especially at a time when companies are transitioning to the second phase of BS VI emission norms (also known as BS6 Phase 2). According to analysts at Motilal Oswal, although retail volumes are expected to slow down in February when compared to January, a marriage season in the northern markets and a healthy uptick in urban markets are expected to drive a 10-12% year-on-year growth in the retail segment for the month. “The month of February has been seasonally weak for most of the dealers/OEMs (original equipment manufacturers). Our discussions suggest weakness in two-wheeler sales except for the EVs (electric vehicles), while for PVs the demand remains strong but production constraints still remain on the automatic version and higher variants of SUVs (Sports Utility Vehicles),” said a report by LKP Securities. <cmsannotation type="cmsannotation" annotationid="Carmakers losing 15-20% sales due to supply chain issues" comment="subhead" text="Carmakers losing 15-20% sales due to supply chain issues">Carmakers losing 15-20% sales due to supply chain issues</cmsannotation> According to a dealer check by analysts, both customer footfalls and demand for passenger vehicles have gained strength every month since the pandemic subsided. However, persistent supply chain issues have resulted in carmakers losing out on 15-20% of their business, failing to take full advantage of this rising demand for PVs. Premium cars, and more specifically, the higher-end automatic variants that use technologies like automatic gear shift (AGS) and automated manual transmission (AMT) are the ones facing the most issues, with companies like Maruti Suzuki reporting waiting periods as long as 4-6 months. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car models </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Waiting period </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyundai Creta </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8-9 months </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki Ertiga (CNG) </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 months </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki AGS and AMT variants </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4-6 months </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Tiago EV </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 months </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M Thar (2WD diesel) </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr></tbody></table> Source: Brokerage reports Analysts also noted that the chip shortage is a bigger problem for Mahindra &amp; Mahindra, since its entire portfolio consists of SUVs, which use chips more than entry-level cars and hatchbacks. Overall, analysts say the robust passenger vehicle demand has resulted in low inventory levels – which are down to 15-20 days – across Maruti Suzuki, Tata Motors and Hyundai. According to a Motilal Oswal report, Maruti Suzuki’s Brezza, Grand Vitara and the newly-launched Jimny and Fronx have an order book between 10,000 to 70,000 units. <cmsannotation type="cmsannotation" annotationid="EVs catch the fancy of customers" comment="subhead" text="EVs catch the fancy of customers">EVs catch the fancy of customers</cmsannotation> Despite the higher initial cost of purchase, analysts say customers are increasingly preferring electric vehicles, be it in the passenger vehicle or the two-wheeler segment. According to a report by JMK Research, sales of electric vehicles rose 29% sequentially in the December quarter to 3.57 lakh units. “EV has gained a super strong and rapid hold on the markets with all the scooter launches in EV fetching solid demand. Customers are ready to bear the one-time high cost in EVs rather than incurring the recurring high operational costs led by rising fuel costs,” said a report by LKP Securities. While electric vehicles are costlier, their maintenance and operation costs are relatively lower than their internal combustion engine (ICE) counterparts. Tata Motors’ EV portfolio now accounts for 15% of its sales, up from 5% a year ago, according to a report by LKP Securities. The company’s Nexon EV remains one of the top performers in the EV segment, with a waiting period of 20-25 days. Tata Motors’ more affordable EV offering, the Tiago EV, has an even higher waiting period of up to two months. On the two-wheeler side, Bajaj Chetak and Hero Vida’s wider availability is expected to boost the overall sales. <cmsannotation type="cmsannotation" annotationid="Customers continue to shun entry-level cars and two-wheelers" comment="subhead" text="Customers continue to shun entry-level cars and two-wheelers">Customers continue to shun entry-level cars and two-wheelers</cmsannotation> Weak rural recovery has also led to a continued decline in demand for entry-level two-wheelers like Hero CD Dawn and CD Deluxe. According to LKP Securities, market leader Hero has witnessed a 5-10% year-on-year drop in demand in February, with customer footfalls at Hero and rival Bajaj dealerships remaining subdued during the month. Price hikes due to higher input costs and BS VI emission norms, higher fuel prices, and inflation woes have contributed to the decline. “Young customers are not favouring the entry level or small hatchbacks like Wagon R, Alto models and are ready to wait till the SUVs are available,” the brokerage noted, underlining that entry-level car sales continued to struggle. The subdued demand was somewhat offset by the marriage season, according to analysts at Motilal Oswal. The brokerage added that premium two-wheelers like those from Royal Enfield have seen their demand remaining intact. However, the lower availability of test vehicles has resulted in some enquiries not translating to sales. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto to reportedly slash production by 25% amid weak exports" comment="subhead" text="Bajaj Auto to reportedly slash production by 25% amid weak exports">Bajaj Auto to reportedly slash production by 25% amid weak exports</cmsannotation> Bajaj Auto is reportedly planning to slash its production in March by as much as 25% due to weak exports. Exports accounted for 39% of the company’s total sales in January 2023, down from 52% in January 2022. According to a report by the<a href="https://economictimes.indiatimes.com/industry/auto/two-wheelers-three-wheelers/bajaj-auto-plans-production-cuts-amid-uncertainties-over-exports/articleshow/98256284.cms?from=mdr"> Economic Times</a>, Bajaj Auto’s production in March is expected to fall to 2.5-2.7 lakh units, down from an average of 3.38 lakh units in each of the the first nine months of FY23. This will also bring down the company’s total utilisation rate to below 50%. Uncertainties in Nigeria, one of Bajaj Auto’s biggest foreign markets, is likely behind the decision to cut down production, the report added. However, analysts believe the company’s export issues have bottomed out. It remains to be seen whether this translates to sales going forward. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/presumptive-taxation-the-scheme-that-eases-burden-on-small-businesses/articleshow/98183636.cms">Presumptive taxation: The scheme that eases burden on small businesses</a> <a href="https://www.businessinsider.in/india/news/elephant-will-not-march-but-run-powered-by-private-consumption-union-amc/articleshow/98182584.cms">Elephant will not march but run, powered by private consumption: Union AMC</a> <a href="https://www.businessinsider.in/business/corporates/news/india-incs-q3-earnings-largely-meet-analyst-expectations-but-consumption-slowdown-a-worry/articleshow/98154526.cms">India Inc's Q3 earnings largely meet analyst expectations, but consumption slowdown a worry</a>

Passenger vehicles to continue driving auto sales in February, EVs gain a stronghold

<ul><li>Car makers have announced several year-end offers to attract customers as 2023 comes to an end.</li><li>Maruti Suzuki, Hyundai, Volkswagen and others are among the companies that have announced discounts.</li><li>In this post we look at some of the best year end offers announced by car companies.</li></ul>The year 2023 is about to end and car makers have started offering their annual year-end discounts to offload their existing stock and gear up for 2024. Companies like Maruti Suzuki, Hyundai, Mahindra, Volkswagen and others have announced attractive discounts and exchange offers on their cars. The discounts and the upcoming price hike in January, make it a great time to purchase a car right now if you are in the market for one. You can read this<a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms"> story</a> to understand whether you should purchase a car in December or not. As per dealer checks, let’s look at the discounts on cars being offered by different companies – <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki" comment="subhead" text="Maruti Suzuki">Maruti Suzuki</cmsannotation> Maruti Suzuki, India’s biggest automaker has announced offers across several cars, including the Jimny, Fronx, Grand Vitara and more. Jimny has received the highest discount from the company. The five-door Jimny is being offered with a discount of up to ₹2.21 lakh, less than a year after its launch. The company has introduced a special Thunder edition of the car, which is available at a discounted price. Apart from this, the Fronx SUV has also received an ₹25,000 offer – a ₹15,000 cash discount and ₹10,000 worth of exchange bonus. Baleno, the company’s popular hatchback has received a cash discount of ₹30,000 and an exchange bonus of ₹10,000. The Grand Vitara gets the same cash discount of ₹15,000 as the Fronx, but the exchange bonus has been bumped up to ₹15,000. The more affordable Ignis has received a huge cash discount of ₹40,000 and an additional exchange bonus of ₹15,000. <cmsannotation type="cmsannotation" annotationid="Hyundai" comment="subhead" text="Hyundai">Hyundai</cmsannotation> South Korean automaker Hyundai has also announced year-end offers for its cars. The company’s affordable Grand i10 Nios is available with benefits of up to ₹45,000 – including a cash discount of up to ₹35,000 and an exchange bonus of up to ₹10,000. The popular i20 and i20 N-Line hatchbacks have received a discount of up to ₹50,000. The Sportz variant of the car has received a discount of ₹35,000. The older i20 N-Line variant is being offered with a cash discount of ₹50,000. If you are looking for a premium option, the Tucson SUV is being offered with a cash discount of ₹1.5 lakh for the diesel variant. <cmsannotation type="cmsannotation" annotationid="Mahindra" comment="subhead" text="Mahindra">Mahindra</cmsannotation> Indian carmaker Mahindra has also announced attractive discounts on its line-up. The Mahindra XUV400, the company’s electric offering has received a huge discount of up to ₹4.2 lakh. It is to be noted that the variants with ESC have received a discount of up to ₹3.2 lakh and cars without ESC will get a higher discount of up to ₹4.2 lakh. The Mahindra XUV300 on the other hand has been discounted by up to ₹1.78 lakh for the top-end variant. <cmsannotation type="cmsannotation" annotationid="Volkswagen" comment="subhead" text="Volkswagen">Volkswagen</cmsannotation> The Volkswagen Tiguan, the company’s premium offering has received a discount of up to ₹4.2 lakh, which includes a cash discount, exchange bonus, service packs and more. The Virtus sedan on the other hand is being offered with benefits of up to ₹1.17 lakh, which includes a cash discount of ₹50,000, exchange bonus of ₹20,000, a corporate discount of ₹17,000 and other special benefits worth ₹30,000. <cmsannotation type="cmsannotation" annotationid="Tata Motors" comment="subhead" text="Tata Motors">Tata Motors</cmsannotation> While Tata Motors has announced year-end offers yet, some of the company’s cars such as the older Nexon, the Altroz and certain variants of the Punch SUV are being offered with some cash discounts. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-and-tvs-motor-leading-electric-two-wheeler-sales-in-nov-2023-month/articleshow/105719702.cms">Electric two-wheeler sales rise in Nov as Ola Electric scales a new high</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Maruti Suzuki to Hyundai – car makers offer huge year-end discounts to push sales

Prime Minister Boris Johnson has outlined his 10 climate pledges for a <keyword id="5142998" type="ORGANIZATION" weightage="20" keywordseo="Green-Industrial-Revolution">green industrial revolution</keyword> for 2,50,000 jobs and ending the sale of new petrol and diesel cars and vans by 2030. Covering clean energy, transport, nature and innovative technologies, the Prime Minister's blueprint launched on Tuesday will allow the UK to forge ahead with eradicating its contribution to climate change by 2050, particularly crucial in the run up to the COP26 climate summit in Glasgow next year. The plan -- which is part of the PM's mission to level up across the country -- will mobilise £12 billion of government investment to create and support up to 2,50,000 highly-skilled green jobs in the UK, and spur over three times as much private sector investment by 2030. At the centre of his blueprint are the UK's industrial heartlands, including in the North East, Yorkshire and the Humber, West Midlands, Scotland and Wales, which will drive forward the green industrial revolution and build green jobs and industries of the future. The Prime Minister's ten points, which are built around the UK's strengths, are: Offshore wind: Producing enough offshore wind to power every home, quadrupling how much it produces to 40GW by 2030, supporting up to 60,000 jobs. Hydrogen: Working with industry aiming to generate 5GW of low carbon hydrogen production capacity by 2030 for industry, transport, power and homes, and aiming to develop the first town heated entirely by hydrogen by the end of the decade. Nuclear: Advancing nuclear as a clean energy source, across large scale nuclear and developing the next generation of small and advanced reactors, which could support 10,000 jobs. Electric vehicles: Backing world-leading car manufacturing bases, including in the West Midlands, North East and North Wales, to accelerate the transition to electric vehicles, and transforming the national infrastructure to better support electric vehicles. Public transport, cycling and walking: Making cycling and walking more attractive ways to travel and investing in zero-emission public transport of the future. Jet Zero and greener maritime: Supporting difficult-to-decarbonise industries to become greener through research projects for zero-emission planes and ships. Homes and public buildings: Making homes, schools and hospitals greener, warmer and more energy efficient, whilst creating 50,000 jobs by 2030, and a target to install 6,00,000 heat pumps every year by 2028. Carbon capture: Becoming a world-leader in technology to capture and store harmful emissions away from the atmosphere, with a target to remove 10MT of carbon dioxide by 2030, equivalent to all emissions of the industrial Humber today. Nature: Protecting and restoring natural environment, planting 30,000 hectares of trees every year, whilst creating and retaining thousands of jobs. Innovation and finance: Developing the cutting-edge technologies needed to reach these new energy ambitions and make the City of London the global centre of green finance. The UK Prime Minister said: "Although this year has taken a very different path to the one we expected, I haven't lost sight of our ambitious plans to level up across the country. "My ten point plan will create, support and protect hundreds of thousands of green jobs, whilst making strides towards net zero by 2050. "Our green industrial revolution will be powered by the wind turbines of Scotland and the North East, propelled by the electric vehicles made in the Midlands and advanced by the latest technologies developed in Wales, so we can look ahead to a more prosperous, greener future." Following extensive consultation with car manufacturers and sellers, the Prime Minister has confirmed that the UK will end the sale of new petrol and diesel cars and vans by 2030, 10 years earlier than planned. However, it will allow the sale of hybrid cars and vans that can drive a significant distance with no carbon coming out of the tailpipe until 2035. The UK car industry already manufactures a significant proportion of electric vehicles in Europe, including one of the most popular models in the world. Responding to the announcements, Mohamed Adow, Director of Nairobi-based energy and climate think tank, Power Shift Africa Director, told IANS in a statement, "Nowhere suffers more disproportionately from the climate crisis than Africa, so it's good to see Boris Johnson stepping up and providing personal leadership on this issue. "As hosts of the crucial UN climate summit next year in Glasgow it has a key role in securing a new era of global action to cut emissions and support those already suffering from climate breakdown. The eyes of the world will be on Britain." The UK Prime Minister's speech coincides with a new report from Power Shift Africa which shows that the UK burns more CO2 per person than 18 Commonwealth countries combined. "The UK government announcement on ban of petrol or diesel cars would positively impact the health issues caused by air pollution from such vehicles. It is going to be life saviour for current and future generations," said Quality and Accreditation Institute CEO Bhupendra Kumar Rana. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms" data-type="tilCustomLink">Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000</a> <a href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms" data-type="tilCustomLink">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a>

New petrol and diesel cars sales to be banned in the UK after 2030 under Boris Johnson government's green plan

<ul class="summary-list"><li>The Justice Department has sued eBay for the sale of "rolling coal" devices.</li><li>"Rolling coal" is the act of revving a truck engine to blow and obnoxious cloud of gas.</li></ul>eBay could be facing billions of dollars in fines for the sale of devices that let pickup trucks emit giant, obnoxious gas clouds.The Department of Justice filed a lawsuit against the online retailer, alleging in court documents that eBay allowed the sale of more than 343,000 "defeat devices." Defeat devices are designed to cancel out vehicle emission controls, and are in violation of the Clean Air Act, according to <a target="_blank" href="https://www.justice.gov/opa/pr/justice-department-files-complaint-alleging-environmental-violations-ebay">the DOJ</a>."Aftermarket defeat devices significantly increase pollution emissions — including carbon monoxide, nitrogen oxides, particulate matter, and nonmethane hydrocarbons — that harm public health and impede efforts by the EPA, states, Tribes, and local agencies to plan for and attain air quality standards," the DOJ said in a news release.According to the lawsuit, defeat devices can cause engines to emit "thousands of times more pollution" than a vehicle that has normally functioning emission reduction controls.The DOJ says in the lawsuit that each of the 343,000 transactions — which took place between November 2015 and January 2023 — make eBay subject to a $5,580 fine.Defeat devices are <a target="_blank" href="https://www.thedetroitbureau.com/2022/09/epa-expands-crackdown-on-suppliers-of-rolling-coal-diesel-defeat-devices/">meant to boost the performance of diesel vehicles</a>, but are often used to outfit trucks for "rolling coal."Rolling coal is the practice of revving a truck engine to blow a thick cloud of gas from the tailpipe.Only a handful of states, including Maine, Utah, New Jersey, Maryland, Colorado, and Connecticut, <a target="_blank" href="https://www.insider.com/rolling-coal-exhaust-clouds-legal-in-most-states-2021-10">have laws that specifically prohibit</a> the practice. In September 2021, a <a target="_blank" href="https://www.insider.com/teen-truck-driver-ran-over-six-cyclists-not-arrested-2021-9">16-year-old in Texas was accused of mowing down a group of cyclists</a> while trying to "roll coal" past them, leaving four of them hospitalized. Local prosecutors charged the teen with six felony counts of aggravated assault with a deadly weapon, one for each cyclist injured, according to <a target="_blank" href="https://www.ksat.com/news/texas/2021/11/09/charges-filed-for-teen-driver-who-rolled-coal-on-cyclists-then-ran-them-over-on-texas-highway-waller-co-da-says/">KSAT</a>.eBay did not immediately return Insider's request for comment.

eBay could face $2 billion in fines after feds sue over the sale of 'rolling coal' devices

<keyword id="6377011" type="General" weightage="80" keywordseo="essar-oil" source="Orion">Essar Oil</keyword> (<keyword id="6354868" type="General" weightage="20" keywordseo="uk" source="Orion">UK</keyword>) Ltd said on Wednesday that it closed the first quarter ended June 30 with higher sales - both in value and volume - and ceased <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">imports</keyword> from <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> from April onwards. The company also said that it has successfully replaced any shortfall from not importing from Russia by maximising indigenous <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword> production as well as sourcing non-Russian diesel. According to <keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> Oil (UK), during the first quarter of the current fiscal, its sales volume increased by 10 per cent to 1.72 million tonne as compared to 1.57 million tonne the previous year. The company's consolidated revenue during the quarter under review (on an IFRS basis) was $3.72 billion as against $2.03 billion during the comparable period of the previous year. <keyword id="1598500" type="General" weightage="50" keywordseo="deepak-maheshwari" source="Orion">Deepak Maheshwari</keyword>, Chief Executive Officer, Essar Oil (UK) Ltd, said the sales volumes are now largely at pre-Covid levels, adding that the company has strengthened its balance sheet and operating performance. "We accelerated our support of the UK's transition away from relying on Russian products and have ceased all <keyword id="14387753" type="General" weightage="20" keywordseo="Russian-Imports" source="Orion">Russian imports</keyword>, while ramping up production of UK-made diesel," Maheshwari said. The UK has historically been reliant on Russia to meet its diesel needs, and a key industry-wide challenge is to source these barrels from alternative domestic or non-Russian sources. In support of the UK government's announced ban on Russian imports to be implemented by the end of this calendar year, Essar Oil (UK) ceased importing all Russian products (including diesel) from mid-April, the company said. All crude processed at <keyword id="505019" type="General" weightage="50" keywordseo="stanlow" source="Orion">Stanlow</keyword> comes from the US, West African and North Sea sources, the company statement added. On transitioning to a low-carbon future, the company said it has formed <keyword id="13037257" type="General" weightage="50" keywordseo="vertex-hydrogen" source="Orion">Vertex Hydrogen</keyword> to build the UK's largest hydrogen hub at Stanlow. "Vertex Hydrogen is a critical investment for Essar in helping us achieve our vision of becoming the UK's first low-carbon refinery while supplying UK markets with the sustainable fuels of the future," the statement said. The 1 billion pound investment, which will sit at the heart of the HyNet low-carbon cluster, will produce a total of 1GW per year of hydrogen from 2026, equivalent to the domestic heating energy used by a major British city region. In February, Essar had announced plans to install the UK's first 45 million pound hydrogen-powered furnace to become the country's first low-carbon refinery. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-insta-and-google-took-down-over-21-million-posts-in-may-while-whatsapp-and-twitter-banned-over-19-lakh-bad-accounts/articleshow/92698950.cms">Facebook, Insta and Google took down over 21 million posts in May while WhatsApp and Twitter banned over 19 lakh ‘bad’ accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/small-size-company-will-hire-more-than-mid-sized-company-this-quarter/articleshow/92702773.cms">Size doesn’t matter – small cos will hire more than midsized cos this quarter</a>

You Searched For "diesel sales" and got 13 results

India's petroleum product sales hit seven-month high in December

IANS

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

Sourabh Jain

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

Ankush Banerjee

Diesel sales jump on agricultural demand

PTI

India slashes windfall tax on crude petroleum

ANI

Petrol, diesel sales drop in first half of March after hitting record high in February

PTI

Electrifying auto market: Planning to buy an EV, compare their price with petrol, diesel and CNG variants

BI India Bureau

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

ANI

Passenger vehicles to continue driving auto sales in February, EVs gain a stronghold

Rounak Jain

Maruti Suzuki to Hyundai – car makers offer huge year-end discounts to push sales

Sourabh Jain

New petrol and diesel cars sales to be banned in the UK after 2030 under Boris Johnson government's green plan

IANS

eBay could face $2 billion in fines after feds sue over the sale of 'rolling coal' devices

Kenneth Niemeyer

Stopped Russian imports in April says Essar Oil

IANS

Popular Keywords

Buying Guides