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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<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

<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

Energy for all is the need of the hour, especially in an emerging <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> like <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword> where a big chunk of the population still can’t access <keyword id="1977921" type="UNKNOWN" weightage="100" keywordseo="Modern-energy-sources">modern energy sources</keyword> and the overall growth of the country suffers due to such non-inclusion. The outlook is not exactly bright at this point as India ranks 69th among 124 <keyword id="6407494" type="UNKNOWN" weightage="100" keywordseo="countries">countries</keyword> in the recently released <keyword id="1970968" type="UNKNOWN" weightage="100" keywordseo="global-energy-architecture-performance-index">Global Energy Architecture Performance Index</keyword> (<keyword id="1977925" type="UNKNOWN" weightage="100" keywordseo="EAPI">EAPI</keyword>) Report 2014, prepared by the <keyword id="69007" type="ORGANIZATION" weightage="100" keywordseo="World-Economic-Forum">World Economic Forum</keyword> in collaboration with <keyword id="6370971" type="CITY" weightage="100" keywordseo="Accenture">Accenture</keyword>. 
 India, with an overall score of 0.48, has the second lowest <keyword id="1379968" type="UNKNOWN" weightage="100" keywordseo="energy-performance">energy performance</keyword> in the <keyword id="1977931" type="UNKNOWN" weightage="100" keywordseo="BRICS-cluster">BRICS cluster</keyword> that also includes <keyword id="6355226" type="COUNTRY" weightage="80" keywordseo="Brazil">Brazil</keyword>, <keyword id="6358826" type="COUNTRY" weightage="80" keywordseo="Russia">Russia</keyword>, <keyword id="1334" type="COUNTRY" weightage="100" keywordseo="China">China</keyword> and <keyword id="6355117" type="COUNTRY" weightage="80" keywordseo="South-Africa">South Africa</keyword>. Interestingly, China lies at the bottom among the <keyword id="175259" type="ORGANIZATION" weightage="100" keywordseo="Brics">BRICS</keyword> (85th with a score of 0.45), but other countries in this group are way ahead of India and its neighbour. Ranked 22nd, Brazil tops the BRICS group with a score of 0.64, extracting 50% more <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> per unit of energy use than the average of the other <keyword id="486040" type="UNKNOWN" weightage="100" keywordseo="BRICS-countries">BRICS countries</keyword>. It is followed by the Russian Federation (28th, with a score of 0.62) and South <keyword id="12925" type="ENTERTAINMENT" weightage="80" keywordseo="Africa">Africa</keyword> (54th, with a score of 0.54). 
 The top 10 performers are mostly EU and/or <keyword id="1977933" type="UNKNOWN" weightage="100" keywordseo="OECD-nations">OECD nations</keyword> – <keyword id="6356961" type="COUNTRY" weightage="100" keywordseo="Norway">Norway</keyword>, <keyword id="22501" type="COUNTRY" weightage="100" keywordseo="New-Zealand">New Zealand</keyword>, <keyword id="6354785" type="COUNTRY" weightage="100" keywordseo="France">France</keyword>, <keyword id="23050" type="COUNTRY" weightage="100" keywordseo="Sweden">Sweden</keyword>, <keyword id="103" type="COUNTRY" weightage="100" keywordseo="Switzerland">Switzerland</keyword>, <keyword id="49968" type="COUNTRY" weightage="100" keywordseo="Denmark">Denmark</keyword>, <keyword id="6363645" type="COUNTRY" weightage="100" keywordseo="Spain">Spain</keyword> and <keyword id="106735" type="COUNTRY" weightage="80" keywordseo="latvia">Latvia</keyword> – with the exception of <keyword id="15385" type="COUNTRY" weightage="80" keywordseo="Colombia">Colombia</keyword> (7th) and <keyword id="57870" type="COUNTRY" weightage="80" keywordseo="Costa-Rica">Costa Rica</keyword> (9th). The US came in 37th, followed by <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword>. The regions covered in the report include <keyword id="1977935" type="UNKNOWN" weightage="100" keywordseo="EU28">EU28</keyword>, <keyword id="195393" type="COMPANY" weightage="100" keywordseo="MENA">MENA</keyword>, BRICS, <keyword id="6378080" type="COUNTRY" weightage="60" keywordseo="North-America">North America</keyword>, <keyword id="303353" type="COUNTRY" weightage="100" keywordseo="Sub-Saharan-Africa">Sub-Saharan Africa</keyword> and the <keyword id="5891" type="ORGANIZATION" weightage="100" keywordseo="ASEAN">ASEAN</keyword>. 
 
Why we need EAPI Before we consider why India is lagging behind the rest, it is important to understand the dimensions of the ‘<keyword id="1977936" type="UNKNOWN" weightage="100" keywordseo="Energy-triangle">energy triangle</keyword>’ and what it takes to achieve top-level energy performance. During the past three years, the World Economic Forum has been working on the <keyword id="1978006" type="UNKNOWN" weightage="100" keywordseo="New-Energy-Architecture">new energy architecture</keyword>, defined as the integrated physical system of <keyword id="689119" type="UNKNOWN" weightage="100" keywordseo="energy-sources">energy sources</keyword>, carriers and demand sectors. The ‘energy triangle’ frames the key objectives of the <keyword id="1977939" type="UNKNOWN" weightage="100" keywordseo="Energy-architecture">energy architecture</keyword> – the ability to provide secure, affordable and <keyword id="1977947" type="UNKNOWN" weightage="100" keywordseo="Environmentally-sustainable-energy-supply">environmentally sustainable energy supply</keyword>. Accordingly, the Global Index has used 18 indicators to assess 6 regions and 124 countries under three baskets – <keyword id="1977948" type="UNKNOWN" weightage="100" keywordseo="Economic-growth-and-development">economic growth and development</keyword>, <keyword id="585025" type="UNKNOWN" weightage="100" keywordseo="environmental-sustainability">environmental sustainability</keyword> and <keyword id="1714410" type="ORGANIZATION" weightage="100" keywordseo="Energy-access">energy access</keyword> &amp; security – while analysing the complex trade-offs and dependencies that affect the efforts of each country under review. 
 “Resource, wealth or <keyword id="352701" type="ORGANIZATION" weightage="100" keywordseo="Economic-Development">economic development</keyword> alone do not guarantee high performance on the Index,” said Roberto Bocca, senior director and head of energy industries at the World Economic Forum. “For an <keyword id="1977954" type="UNKNOWN" weightage="100" keywordseo="Effective-energy-system">effective energy system</keyword>, countries need to focus on all three sides of the energy triangle – environmental sustainability, security of supply and affordability,” he added. Undoubtedly a difficult task, if you look at the toppers or any other country, for that matter. No single country has got a top score of 1/1 for the overall Index (an average of the scores posted under the three heads) and no one has hit a ‘perfect 1’ either, under any of the three baskets. 
 
 
 
Four factors hindering India’s energy performance 
Low access: Let’s look at the grassroots first. Energy access across BRICS is high, with the exception of India and South Africa which continue to face <keyword id="1977958" type="UNKNOWN" weightage="100" keywordseo="Lower-electrification-rates">lower electrification rates</keyword> for rural and low-income groups. In fact, India is the lowest performer within the BRICS cluster (0.54/1), with only 75% accessing modern energy sources. It means around 293 million people go without those, compared to just 4 million in China. 
 However, there are longer-term solutions on the cards. Alongside a number of national and international initiatives, the government is currently running the Restructured Accelerated Power Development and Reform Programme or <keyword id="398803" type="UNKNOWN" weightage="100" keywordseo="R-APDRP">R-APDRP</keyword>, directing around $10 billion over the coming years for <keyword id="1977960" type="UNKNOWN" weightage="100" keywordseo="Grid-modernisation">grid modernisation</keyword>. India has also launched a <keyword id="856064" type="UNKNOWN" weightage="100" keywordseo="Remote-Village-Electrification">Remote Village Electrification</keyword> programme while the <keyword id="386624" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-New-and-Renewable-Energy">Ministry of New and Renewable Energy</keyword> is targeting the installed capacity from new <keyword id="430844" type="UNKNOWN" weightage="100" keywordseo="renewables">renewables</keyword> to reach 21,700 MW by 2017 (more on India’s <a href="http://www.businessinsider.in/Five-Moves-That-Will-Power-Indias-Green-Shift/articleshow/23463110.cms">green power</a> here). 
 
Increasing <keyword id="1977962" type="UNKNOWN" weightage="100" keywordseo="Reliance-on-energy-imports">reliance on energy imports</keyword>: Large-scale economic expansion across the country has triggered bigger <keyword id="6417014" type="UNKNOWN" weightage="100" keywordseo="energy-consumption">energy consumption</keyword> and a crippling dependence on imports – a major factor behind the ballooning trade and <keyword id="894126" type="UNKNOWN" weightage="100" keywordseo="current-account-deficits">current account deficits</keyword>. India is one of the biggest importers of crude oil and more than half of its $191 billion <keyword id="113688" type="UNKNOWN" weightage="100" keywordseo="trade-deficit">trade deficit</keyword> in FY2013 – $109 billion, to be precise – accounted for oil, with the country importing around 82% of its requirements, mostly from the <keyword id="138623" type="UNKNOWN" weightage="100" keywordseo="Gulf-countries">Gulf countries</keyword>. Overall, 28% of the country’s <keyword id="1977965" type="UNKNOWN" weightage="100" keywordseo="Net-energy-consumption">net energy consumption</keyword> is met through imports and among the BRICS, India has the <keyword id="1977966" type="UNKNOWN" weightage="100" keywordseo="Highest-spend-on-fuel-imports">highest spend on fuel imports</keyword> relative to GDP (10%). 
 It’s a kind of vicious cycle, to say the least, which is negatively impacting the <keyword id="6356076" type="UNKNOWN" weightage="100" keywordseo="indian-economy">Indian economy</keyword>. “The whole mess in the <keyword id="52599" type="TECHNOLOGY" weightage="100" keywordseo="CAD">CAD</keyword> is due to the imports of both coal and oil,” Vivek Pandit, senior director for energy at the Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="CITY" weightage="80" keywordseo="FICCI">FICCI</keyword>) told FT. Worried by the current account deficit, <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> and <keyword id="68968" type="UNKNOWN" weightage="100" keywordseo="institutional-investors">institutional investors</keyword> gradually started withdrawing their support since March this year. This fuelled a substantial weakening of the <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">Rupee</keyword> and resulted in a drawdown of <keyword id="6368276" type="COMPANY" weightage="80" keywordseo="Foreign-exchange">foreign exchange</keyword> to the tune of $12.8 billion. According to a PwC report, the drawdown could have been avoided, had India produced 17 million tonnes more oil than its current domestic production. 
 Worse still, <keyword id="1977973" type="UNKNOWN" weightage="100" keywordseo="Indias-oil-import-dependency">India’s oil import dependency</keyword> is forecast to grow another 10 percentage points to exceed 90% by 2031. While increasing domestic exploration will help to a certain extent, India must try and curb the <keyword id="1977977" type="UNKNOWN" weightage="100" keywordseo="Oil-bills">oil bills</keyword> further by seeking new suppliers and buying more stake into African and other <keyword id="1977979" type="UNKNOWN" weightage="100" keywordseo="Non-Gulf-oil-and-gas-assets">non-Gulf oil and gas assets</keyword>. 
 This part of the strategy is slowly taking shape as <keyword id="81864" type="CITY" weightage="100" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, the overseas investment arm of <keyword id="55282" type="ORGANIZATION" weightage="100" keywordseo="India-Government">India government</keyword>’s flagship oil and gas explorer <keyword id="118729" type="COMPANY" weightage="100" keywordseo="Oil-Natural-Gas-Corp">Oil &amp; Natural Gas Corp</keyword>, has been pushing hard to build up a <keyword id="1977984" type="UNKNOWN" weightage="100" keywordseo="Diversified-portfolio-of-foreign-assets">diversified portfolio of foreign assets</keyword> to minimise the country’s dependency on the Middle East. <keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword> Videsh has recently signed two multi-billion-dollar deals to buy into offshore natural gas assets in <keyword id="6372754" type="COUNTRY" weightage="80" keywordseo="Mozambique">Mozambique</keyword>. It has a significant presence in <keyword id="48890" type="COUNTRY" weightage="80" keywordseo="Latin-America">Latin America</keyword> and is also looking for exploration assets in <keyword id="6356970" type="COUNTRY" weightage="100" keywordseo="Myanmar">Myanmar</keyword>, <keyword id="6354759" type="COUNTRY" weightage="100" keywordseo="Bangladesh">Bangladesh</keyword>, <keyword id="30174" type="COUNTRY" weightage="100" keywordseo="Lebanon">Lebanon</keyword> and <keyword id="6355478" type="COUNTRY" weightage="80" keywordseo="Australia">Australia</keyword>. 
 
Prevalence of <keyword id="1896941" type="UNKNOWN" weightage="100" keywordseo="energy-subsidies">energy subsidies</keyword>: Another factor that is dragging India down by increasing oil demand and widening the budget deficit. Both India and Russia are the lowest performers for the indicator on <keyword id="1977989" type="UNKNOWN" weightage="100" keywordseo="Liquid-fuel-subsidies">liquid fuel subsidies</keyword>. India’s subsidies for diesel put it in the lower quartile globally for this indicator even as the country is trying to improve <keyword id="1977991" type="UNKNOWN" weightage="100" keywordseo="Energy-affordability">energy affordability</keyword> and access for lower-income groups. 
 
Coal-dependence hurts: At present, coal dominates the country’s <keyword id="1798751" type="UNKNOWN" weightage="100" keywordseo="energy-mix">energy mix</keyword> with a robust 53% share in <keyword id="1977995" type="UNKNOWN" weightage="100" keywordseo="Primary-energy-consumption">primary energy consumption</keyword>, affecting India’s score in terms of environmental sustainability. The country has scored 0.41/1, underlining the challenge it faces in diversifying the energy mix beyond <keyword id="181402" type="UNKNOWN" weightage="100" keywordseo="fossil-fuels">fossil fuels</keyword>. Although energy trade can have positive impacts here, it can also pose economic and <keyword id="1977997" type="UNKNOWN" weightage="100" keywordseo="Energy-security-risks">energy security risks</keyword>, especially as we are dependent only on a few trading partners. 
 Interestingly, 41% of the <keyword id="1200645" type="UNKNOWN" weightage="100" keywordseo="energy-supply">energy supply</keyword> in the top 10 countries comes from low-carbon energy sources, compared to a global average of 28%. India, too, is rolling out low-carbon power generation through plans to increase <keyword id="43870" type="UNKNOWN" weightage="100" keywordseo="nuclear-capacity">nuclear capacity</keyword> from the current 4.4 GW to 5.3 GW by 2016. 
 
The bottom line “Our analysis concludes that there is no single way forward; each country must work with its own resources and constraints, making difficult choices and trade-offs,” said Arthur Hanna, Managing Director, Energy Industry, Accenture, and a Member of the World Economic Forum’s Global Agenda Council on New Energy Architecture. “The Index helps nations take stock of their energy transition challenges and address key barriers to success, such as market distorting subsidies, continued uncertainty around energy policy and funding for research and development of <keyword id="1978009" type="UNKNOWN" weightage="100" keywordseo="New-energy-sources">new energy sources</keyword> and technologies.” 
 
Keeping that in mind, can India cope with the transition and morph its energy policies accordingly? 
 
Top Image: Wikipedia 
Data chart: World Economic Forum

Energy
Performance: Is India
Losing Out On Power Play?

<ul><li>The Indian government has announced a 25% increase in the price of ethanol produced from B-heavy molasses of <keyword id="46885" type="ORGANIZATION" weightage="20" keywordseo="sugarcane">sugarcane</keyword>. </li><li>A sustainable increase in production of the alternative fuel could also serve to meet <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s energy requirements.</li><li>Producing is ethanol is more profitable for the economy and there’s excess demand to be met. </li></ul>Sugar produce in India might see a decline with the government <a href="https://www.business-standard.com/article/economy-policy/sugar-output-likely-to-drop-if-mills-make-ethanol-directly-from-b-molasses-118091200107_1.html">announcing incentives </a>on the production of ethanol from B-heavy molasses. Historically, India has been the largest consumer of sugar in the world but the focus on meeting that demand has led to a <a href="https://www.businessinsider.in/india-could-soon-become-the-worlds-largest-sugar-producer-but-heres-why-thats-a-problem/articleshow/65657844.cms">surplus in the market.</a> Not only is the demand for ethanol higher, but it is a more profitable option as well. The main boon of the policy lies in the fact that India is the fourth largest producer and consumer of energy. And, ethanol, serves as an alternative fuel. Nitin Gadkari, the Union Transport Minister, made a <a href="https://www.news18.com/news/auto/switching-to-ethanol-cng-will-reduce-petrol-diesel-prices-in-india-bjp-union-minister-nitin-gadkari-1874025.html" data-type="tilCustomLink" target="_blank">statement</a> saying that switching over the alternative fuels like ethanol could serve as a important catalyst in driving down the prices of petrol and diesel that currently rising at an increasing pace. The new policy could be a boon to stabilise sugar prices, increase the income of farms and reduce India's dependency on foreign crude oil, all in one sweep. What are B-heavy molasses? Molasses are basically any fluid substance resulting from refining sugar cane into sugar. So far, mills only derived ethanol from C-heavy molasses because without remuneration backed by policy, using the B-heavy molasses wouldn’t be profitable. But with this policy allowing for a 25% increase in the price of ethanol from B-heavy molasses from ₹47.5 per litre to ₹52.43, <keyword id="6374174" type="DOMAIN" weightage="20" keywordseo="sugar-mills">sugar mills</keyword> have a margin they can rely on. Demand-supply disparity According to the India Sugar Mills Association, India is set to produce 35.5 million tonnes of sugar between October 2018 and September 2019 but the demand is only at 25 million tonnes. Even historically, reports <a href="http://www.indiansugar.com/PDFS/Kingsman_2016-final.pdf">show</a> that India sugar consumption has remained stable at around 20 kilos per capita a year. So, a decline in sugar output through incentivising B-heavy molasses might not only be good for the economy but a more sustainable solution as well. There are three crucial outcomes tied in with each other. One, the current level of sugar output will decrease leading to an increase in price. That will take the burden off the government who’s currently set the MSP at ₹29/kg, which is above the global average hurting the product’s export competitiveness. Two, the farmers who are owed money will quickly be remunerated. Currently, the debt is expected to reach around ₹30 billion if the output isn’t curbed. And, three, the economy would benefit as a whole since ethanol is more profitable and there is excess demand is waiting to be addressed. It also serves as an alternative fuel that could potentially reduce India's dependence on crude oil. And, addressing the price disparity of sugar would increase the global demand for sugar, a market that's currently sluggish as is.

India's curbing its sugar surplus by incentivising ethanol production

<ul><li>Officials from the petroleum ministry have said that the <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> will ask <keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword> to sell it’s <keyword id="4869" type="PERSON" weightage="20" keywordseo="Fuel">fuel</keyword> to refiners and distributors at around $70 a barrel.</li><li>Global <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> prices are currently $79.5 a barrel.</li><li>The move is significant, and along with a cut in dealer commissions, could reportedly cut fuel prices by around ₹2 a litre.</li></ul> With fuel prices rising for the eleventh consecutive day <a href="https://www.iocl.com/TotalProductList.aspx">this morning</a>, India’s government is finally stepping in to avert a full-blown crisis. But rather than endangering the revenues it receives from taxes and duties on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword>, given its widening fiscal deficit, it is asking India’s largest gas and oil exploration company to take a hit. Officials from the petroleum ministry <a href="http://indianexpress.com/article/india/to-reduce-fuel-price-government-looks-at-ongc-to-share-the-burden-5189025/">have said</a> that the government is looking to get the state-owned ONGC to sell its fuel below the current global price - which is <a href="https://oilprice.com/oil-price-charts">$79.5 a barrel</a> at the moment. A price level of $70 a barrel was mooted. Concurrently, the government is also asking dealers and distributors to reduce their commissions by as much as ₹0.23 a litre. The move is significant, and will reportedly cut fuel prices by around ₹2 a litre. ONGC accounts for nearly 70% of India’s domestic oil production and supplies to all of India’s major state-owned refiners- Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum. Until mid-2015, ONGC and the government worked together to relieve consumers from higher LPG and kerosene prices through <a href="http://www.dnaindia.com/business/report-government-exempts-ongc-oil-from-lpg-subsidy-payments-2079428">a subsidy-sharing agreemen</a>t. However, as global oil prices began to plummet, the national oil producer was off the hook. Welfare schemes could be affected If the latest burden-sharing scheme with ONGC proves to be ineffective, then the government will have to cut excise duties - something that it is evidently reluctant to do. Excise duties on fuel help fund a lot of government programmes, including subsidies for exporters and spending on education, infrastructure and health. Nitin Gadkari, the Union Minister for roads and highways, issued a warning in this regard. Speaking to the Indian Express, Gadkari said that any subsidies for petrol and diesel would result in <a href="http://indianexpress.com/article/india/fuel-price-hike-any-cut-will-be-at-the-cost-of-welfare-schemes-says-nitin-gadkari-5189008/">the diversion of funds from social welfare schemes</a>. A few schemes he mentioned included health insurance, irrigation, free LPG and the Mudra loan scheme for small businesses. A long-term solution Yesterday, India’s law and information minister, Ravi Shankar Prasad, offered reporters <a href="http://www.business-standard.com/article/economy-policy/govt-charting-long-term-plan-to-tame-fuel-prices-says-ravi-shankar-prasad-118052400050_1.html">an idea of the government’s plans</a>, explaining that a long-term solution was in the offing and that it didn’t involve a cut in duties. Prasad singled out the daily fluctuations of fuel prices, a consequence of the dynamic pricing regime that was instituted last year, and added that the burden of higher prices should fall not only on the government and consumers, but on fuel distributors as well. However, for now it seems that the government will only rely on short-term solutions like asking ONGC to cut its oil prices. Given that national elections are around the corner, it is unlikely to push for a long-term reform in India’s fuel pricing regime unless it is assured of a new five-year mandate. Global oil prices, meanwhile, are expected to rise <a href="https://www.bloomberg.com/news/articles/2018-05-16/morgan-stanley-says-a-shipping-revolution-has-oil-headed-for-90">to $90 a barrel by 2020</a>, according to Morgan Stanley. For it’s part, ONGC has pledged to reduce India’s dependence on oil imports by doubling its production within <a href="https://www.thehindubusinessline.com/companies/ongc-to-double-natural-gas-production-in-next-3-4-years/article23959169.ece">the next four years</a>. In order to do this, it will have to be able to support its capital spending, which will be hard if it sells its oil at below-market prices. Hence, the government will have to step in again. As is evident, there are no easy fixes in the short term.

India’s government is asking its largest oil company to sell fuel below global prices

Union <a href="http://www.businessinsider.in/searchresult.cms?query=dharmendra+pradhan">Oil Minister Dharmendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=dharmendra+pradhan">Pradha</a>n announced the government has capped subsidy payout domestic cooking gas, or <a href="http://www.businessinsider.in/searchresult.cms?query=LPG">LPG</a>, at Rs 18 per kg. 
 
The government had capped <a href="http://www.businessinsider.in/Finance-Ministry-fixes-kerosene-subsidy-at-Rs-12-per-litre/articleshow/48331153.cms">kerosene subsidy at Rs 12 per litre</a>. 
 
Kerosene through <a href="http://www.businessinsider.in/searchresult.cms?query=PDS">Public Distribution System</a> (PDS) is sold at Rs 14.96 per litre against the actual cost of Rs 29.91 and this cost difference is termed as under-recovery or revenue loss. 
 
While the government will provide Rs 12 to meet most of this, the remaining Rs 2.95 will be borne by oil producers <a href="http://www.businessinsider.in/searchresult.cms?query=ONGC">ONGC</a> and Oil India Ltd, said Pradhan. 
 
Likewise, there is an under-recovery or loss of Rs 167.18 on sale of every 14.2-kg subsidised LPG cylinder, which is sold at the current price of Rs 417.82. 
 
“At present, the state-owned fuel retailers incur under-recoveries on sale of PDS kerosene and subsidised domestic LPG only as petrol and diesel have been deregulated (market-linked) with effect from June 2010 and October 2014 respectively,” said Pradhan. 
 
He added for 2015-16, the government has approved budgetary support for PDS kerosene under-recovery at a rate of Rs 12 per litre and the remaining under-recovery will be borne by the upstream companies. 
 
Reportedly, for the first quarter of financial year 2016, the government will provide Rs 1,733 crore cash subsidy as per the new formula to Indian Oil Corp (IOC), Rs 404 crore to Bharat Petroleum Corp Ltd (BCPL) and Rs 451 crore to Hindustan Petroleum Corp Ltd (HPCL). 
 
Twelve LPG cylinders of 14.2-kg are supplied to every household at a subsidised rate of Rs 417.82 and LPG consumers get subsidy equivalent to the under-recovery directly in their bank accounts so that they can purchase a 14.2-kg bottle at market price of Rs 585. 
 
(Image: Indiatimes)

After kerosene, government caps LPG subsidy at Rs 18 per kg

<ul><li>The government is investing ₹94 billion to push eco-friendly cars. </li><li>Incentives of up to ₹5 million will be offered. </li><li>Up to 25% subsidy to be offered for parts manufacturers.</li></ul>The Indian government is planning a ₹94 billion scheme for electrical and hybrid vehicles and may offer incentives ranging from ₹30,000 to ₹5 million to those buying electric vehicles. The<a href="https://energy.economictimes.indiatimes.com/news/power/centre-plans-rs-9000-crore-sops-to-push-eco-friendly-cars/64153472"> scheme</a> will be for citizens who stop using old <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> or <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> vehicles and will be followed by SOPs for manufacturing parts, such as motors, in the country. According to the <a href="https://energy.economictimes.indiatimes.com/news/power/centre-plans-rs-9000-crore-sops-to-push-eco-friendly-cars/64153472">Economic Times</a>, the same SOPs will be available to individuals who give up their pre-BS III vehicles for <keyword id="6358835" type="UNKNOWN" weightage="20" keywordseo="Electric-cars">electric cars</keyword>. A certificate from an approved scrapping needs to be submitted to avail the offer. The government is also planning to spend about ₹10 billion for setting up charging stations across the country. Cab aggregators and bus owners are expected to get SOPs of up to ₹150,000 to ₹250,000 for vehicles that cost up to 1,500,000. Below is the breakdown: 
	
	
	<div type="image" title="subsidy" msid="64176616" hostid="261"></div>





 The department of heavy industries (DHI) has submitted a proposal to have at least one charging point in every nine square kilometres in all metros and major cities. There are also plans to set up charging points on both sides of the highway at every 25 km, along the Delhi-Jaipur, Delhi-Chandigarh, Chennai-Bengaluru, and <keyword id="6501329" type="LOCATION" weightage="20" keywordseo="mumbai-pune">Mumbai-Pune</keyword> stretches. In order to reduce the cost of electric vehicles and make them affordable for the general public, the Indian government reportedly plans to spend about ₹58 billion. The incentive being offered will cover over 500,000 electric vehicles and over 80% of these will be two and three-wheelers. The government has also proposed to provide up to 25% subsidy special capital investment to manufacturers of motors, drive, powertrain, and controllers. <a href="https://energy.economictimes.indiatimes.com/news/power/centre-plans-rs-9000-crore-sops-to-push-eco-friendly-cars/64153472">According to an Economic Times report,</a> if the same amount was put in improving public transport by deploying buses and running them on cleaner fuel, at least five million eco-friendly busses could be run across the country.

Indian government may reward people for dumping petrol/diesel vehicles for electric cars

The vagueness around diesel cars has resulted in people taking an increased liking towards petrol, which is increasingly becoming the fuel of choice for car buyers, especially of utility vehicles. 
 
This segment was ruled by diesel because of its better pulling power and fuel economy, even after the government scrapped subsidies on diesel cars. 
 
The reason behind this shift in the buying behavior of car buyers can be cited to the Supreme Court's order banning the sale of large diesel vehicles in NCR. 
 
The order, even though is limited to Delhi and surrounding cities, had created a stir all across India, with many people believing that it could well extend to other cities. 
 
Talking of petrol-powered cars, their sales comprised as much as 13% of total utility vehicles sold across India in the last financial year. This share was as low as 2% five years ago. 
 
<a href="http://www.autocarpro.in/IMG/860/9860/volkswagen-engine-assembly-plant.jpg">Image source</a>

Diesel cars got banned in Delhi, but sale of petrol SUVs scaled up across India

From <a href="http://www1.businessinsider.in/searchresult.cms?query=petrol+cars&amp;sortorder=effectivedate">petrol</a> to diesel to petrol again, carmakers are adjusting their sails and tweaking plans to sell more vehicles along with following guidelines of the Supreme Court, which has put a temporary <a href="http://www1.businessinsider.in/searchresult.cms?query=diesel+ban&amp;sortorder=effectivedate">ban on sale of diesel vehicles</a> in Delhi-NCR. 
 
Few years back when <a href="http://www1.businessinsider.in/searchresult.cms?query=automobile+manufacturers&amp;sortorder=effectivedate">automobile manufacturers</a> were making petrol versions, they had to shift to diesel as it was made cost-efficient due to government subsidy. 
 
Now, since diesel has been banned, carmakers are going back to making petrol-run vehicles to boost sales. 
 
READ ALSO: <a href="http://www.businessinsider.in/Ban-on-diesel-run-taxis-comes-into-effect-in-Delhi-NCR/articleshow/52066060.cms">Ban on diesel-run taxis comes into effect in Delhi-NCR</a> 
 
The share of petrol-run models, which was 42% of total passenger vehicle sales three years earlier, accounted for 56% of India's <a href="http://www1.businessinsider.in/searchresult.cms?query=passenger+vehicle+sales&amp;sortorder=effectivedate">passenger vehicle sales</a> in the fiscal year ended March 31. 
 
With demands shifting gears, carmakers are finding it tough to adjust as components change and more investments are required. 
Three years back, Honda had invested Rs 2,500 crore, set up a diesel component line and a forging unit. 
 
Likewise, <a href="http://www1.businessinsider.in/searchresult.cms?query=toyota&amp;sortorder=effectivedate">Toyota</a> Motor had raked in Rs 1,000 crore for a diesel engine facility and the factory was set to be inaugurated next month. 
 
Toyota Kirloskar's sales and marketing head, N Raja, told ET customers were worried that the ban may spread to smaller diesel vehicles as well and that inquiries for the company's petrol cars had doubled in the NCR. "We have been revising our production plans to meet this shift in demand," he said. 
 
<a href="http://www1.businessinsider.in/searchresult.cms?query=Honda&amp;sortorder=effectivedate">Honda</a> is also planning on changing its supplies more in favour of petrol-run vehicles and <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> has come up with new Revetron petrol engine in the Tiago and Kite 5 models. 
 
Even <a href="http://www1.businessinsider.in/searchresult.cms?query=maruti&amp;sortorder=effectivedate">Maruti</a> is not going to establish a diesel engine plant in Gurgaon. 
 
(Image: Indiatimes)

You Searched For "diesel subsidies" and got 10 results

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