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<ul class="summary-list"><li>A Greek state-owned TV station stunned viewers by airing advice on how to siphon gasoline.</li><li>On the program, a car expert showed viewers how to pierce a <keyword id="12233232" type="UNKNOWN" weightage="60" keywordseo="fuel" source="Orion">fuel</keyword> tank from under a vehicle.</li></ul>A Greek state-owned TV station has been ridiculed for airing a tutorial on how to siphon gasoline from a car and puncture a fuel tank to drain its contents, as the country grapples with a <keyword id="14276806" type="UNKNOWN" weightage="60" keywordseo="fuel-crisis" source="Orion">fuel crisis</keyword>.In the segment aired on Wednesday morning by the Hellenic Broadcasting Corporation, a car expert explained how to insert a tube into a vehicle's fuel tank and suck the gasoline within into a container.The station's reporter, Costas Stamou, who was with the car expert, said the task is "not something terribly complicated," according to a translation by <a href="https://www.barrons.com/news/greek-state-tv-mocked-for-gasoline-theft-tips-01656001809">Agence France-Presse.</a>"You don't even need a special tube, even a hose for balconies will do," Stamou said, per AFP.The car expert is also seen underneath an elevated car, showing Stamou and viewers how to pierce a fuel tank from below to obtain its contents.The TV segment has since been mocked online. Greek satire and meme website Luben posted a version of the video on <a href="https://www.youtube.com/watch?v=o4GYlev-BfI&amp;t=53s&amp;ab_channel=LubenTV">YouTube.</a> "The reporter: In tomorrow's bulletin, we will learn how to open balcony doors from the outside and the most animal-friendly ways to distract a guard dog," its top comment said.One Twitter user posted excerpts of the aired program, quipping: "In tomorrow's episode: How to get two kilos of feta cheese and a steak without being noticed in the supermarket."<keyword id="12098766" type="UNKNOWN" weightage="60" keywordseo="fuel-prices" source="Orion">Fuel prices</keyword> have continued to soar in <keyword id="6357856" type="UNKNOWN" weightage="60" keywordseo="greece" source="Orion">Greece</keyword>, where unleaded petrol costs over $9 a gallon, according to <a href="https://gr.fuelo.net/fuel/type/gasoline/3years?lang=en">European price-tracking website Fuelo.</a>

A Greek TV station showed viewers how to siphon gasoline from other people's cars amid the country's skyrocketing fuel prices

<keyword id="59783" type="General" weightage="20" keywordseo="jet-fuel" source="Orion">Jet fuel</keyword> (ATF) price was on Thursday reduced by 2.3 per cent, reflecting softening international oil prices but <keyword id="6367091" type="General" weightage="80" keywordseo="petrol" source="Orion">petrol</keyword> and diesel rates remained on freeze for a record eighth month in running. <keyword id="31907" type="General" weightage="20" keywordseo="aviation" source="Orion">Aviation</keyword> Turbine Fuel (ATF) price was cut by Rs 2,775 per kilolitre, or 2.3 per cent, to Rs 1,17,587.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. The rate reduction, which will provide relief to airlines for whom fuel makes for almost 40 per cent of the operating cost, comes on the back of a Rs 4,842.37 per kl, or 4.19 per cent, reduction last month. ATF price is revised on the 1st of every month based on the average rate of international benchmark and foreign exchange rates. Petrol and diesel prices, however, continued to remain on freeze for a record eighth month in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62. State-owned fuel retailers are supposed to revise petrol and diesel prices daily based on a 15-day rolling average of benchmark international <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> but they haven't done that since April 6. Prices were last changed on May 22 when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices. Also, after seven reductions, the price of commercial LPG, whose rate too is revised on the 1st of every month, remained unchanged on Thursday. A 19-kg commercial LPG cylinder, which is used by hotels, restaurants and other business establishments, continues to cost Rs 1,744 in the national capital. In seven cuts, rates had previously come down by Rs 610 per 19-kg cylinder. However, rate of LPG used in household kitchens remained unchanged at Rs 1,053 per 14.2-kg cylinder. Rates differ from state to state depending on the incidence of local taxes.

ATF price slashed by 2.3 pc to Rs 1.17 lakh per kilolitre

<keyword id="6354691" type="General" weightage="20" keywordseo="Air-travel" source="Orion">Air travel</keyword> is expected to get costlier as oil marketing companies on Wednesday raised the <keyword id="59621" type="General" weightage="20" keywordseo="aviation-turbine-fuel" source="Orion">aviation turbine fuel</keyword> (ATF) prices for the second time in February. In the national capital, the price of jet fuel was raised to Rs 90,519.79 per kilolitre from Rs 86,038.16 per kilolitre. In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 94,888.70, Rs 88,987.20 and Rs 93,371.18 per kilolitre, respectively. The hike is expected to impact aviation companies' finances that are under huge stress amid high debt. Fuel retailers revise <keyword id="487582" type="General" weightage="20" keywordseo="jet-fuel-prices" source="Orion">jet fuel prices</keyword> on a fortnightly basis. At present, fuel based expenses account for over 30 per cent of the overall operating cost of an airline. India, currently, has some of the world's highest rates of taxation on the ATF which massively drives up the <keyword id="549738" type="General" weightage="20" keywordseo="fuel-cost" source="Orion">fuel cost</keyword> component. The industry has been urging the Centre to include the fuel type in the ambit of GST, similar to the status given to '<keyword id="13191410" type="General" weightage="20" keywordseo="Bunker-Diesel" source="Orion">Bunker Diesel</keyword>' which is used in the shipping sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/crude-oil-price-hits-100-a-barrel-due-to-growing-tensions-between-russia-and-ukraine/articleshow/89631242.cms">Brent crude price hits $100 a barrel</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/russian-invasion-of-ukraine-can-happen-anytime-now-says-white-house/articleshow/89630812.cms">Russian invasion of Ukraine can happen anytime now, says White House</a>

Air travel to get costlier as jet fuel prices rise further

Instead of a fortnightly revision, the state-run oil companies are planning to review<a href="http://www.businessinsider.in/searchresult.cms?query=fuel&amp;sortorder=effectivedate"> fuel </a>rates every day, in a bid to be on the same page as many of the advanced markets. 
 
Executives of state-run oil companies such as<a href="http://www.businessinsider.in/searchresult.cms?query=indian+oil+corporation&amp;sortorder=effectivedate"> Indian Oil Corp</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=bharat+petroleum&amp;sortorder=effectivedate">Bharat Petroleum</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=hindustan+petroleum&amp;sortorder=effectivedate">Hindustan Petroleum</a>, have discussed this strategy with Oil Minister Dharmendra Pradhan. 
 
"The idea of daily fuel pricing has been there for sometime. But now we have the technology to implement it. So we will do it," a top executive told ET. 
 Changing <keyword id="61430" type="UNKNOWN" weightage="20" keywordseo="fuel-prices">fuel prices</keyword> on every day basis won’t be a hassle, thanks to <a href="http://www.businessinsider.in/searchresult.cms?query=automation&amp;sortorder=effectivedate">automation </a>at most of the filling stations. 
 
Companies can inform about change of prices through online platforms. 
 
"Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase,” said the executive mentioned above. 
 
If you’re worried about drastic changes, don’t fret as the prices would change just by a few paise. 
 
India lifted price control on diesel in 2014 and on petrol in 2010, which allowed state companies to charge market prices, and encouraged private companies to reenter the fuel retailing business. 
 
At present, state companies review prices at the end of every fortnight and raise or reduce them depending on the prevailing international prices.

Petrol, diesel prices may change every day. Here’s why

<ul class="summary-list"><li>Higher <keyword id="12098766" type="UNKNOWN" weightage="60" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> and strong demand increased <keyword id="12354044" type="UNKNOWN" weightage="60" keywordseo="airfare" source="Orion">airfare</keyword> by 20% in March compared to the same time in 2019.</li><li>Online spending for domestic flights soared to $8.8 billion in March — 28% higher than pre-pandemic levels.</li></ul>Travelers may feel a dent in their wallets this year as higher fuel prices and strong demand drive up airfare.On Tuesday, the <a href="https://business.adobe.com/blog/the-latest/adobe-digital-economy-index-prices-for-domestic-flights-jump-20-percent-compared-to-pre-pandemic-levels">Adobe Digital Economy Index</a> published data revealing travelers spent $8.8 billion for online flight bookings in March, which is a 28% increase compared to the same time in 2019. While spending was up, bookings themselves were actually only 12% higher than in March 2019, the data showed. Moreover, in the first quarter of 2022, consumers spent a whopping $21 billion on domestic airfare. To put that number into perspective, passengers spent $56 billion total in all of 2021, according to <keyword id="11893675" type="UNKNOWN" weightage="60" keywordseo="adobe" source="Orion">Adobe</keyword>.Rising <keyword id="12574386" type="UNKNOWN" weightage="60" keywordseo="ticket-prices" source="Orion">ticket prices</keyword> can be attributed to spiking <keyword id="11896628" type="UNKNOWN" weightage="60" keywordseo="travel" source="Orion">travel</keyword> demand and <keyword id="12574383" type="UNKNOWN" weightage="60" keywordseo="fuel-costs" source="Orion">fuel costs</keyword>. The price of jet fuel, which is the second-biggest expense for airlines behind labor, has been rising since the Russia-Ukraine crisis disrupted the global distribution of crude oil.<a href="https://ycharts.com/indicators/gulf_coast_jet_fuel_spot_price#:~:text=US%20Gulf%20Coast%20Kerosene%2DType%20Jet%20Fuel%20Spot%20Price%20is,134.7%25%20from%20one%20year%20ago.">US Gulf Coast data</a> shows jet fuel settling at $3.343 per gallon on April 11. The price is about 35% higher than the beginning of 2022, which saw a fuel price of $2.195 per gallon on January 3, and double the price during the same time last year.Fuel prices have contributed to staggering inflation, which this year is growing at its fastest pace since 1981, <a href="https://www.bls.gov/news.release/cpi.nr0.htm">according to a US Labor Department report released Tuesday</a>. The inflation in airfare led to a 20% increase in prices in March 2022 compared to March 2019, according to Adobe data. For comparison, the data showed airfare increased by 5% in February and actually decreased by 3% in January.Meanwhile, data from travel app <a href="https://media.hopper.com/research/consumer-airfare-index-report-march-2022">Hopper</a> shows a 40% rise in airfare since the start of 2022, with an average domestic roundtrip ticket costing $330. The company predicts ticket costs will increase by another 10% in May.Typically, changes will be reflected in airfare over the next few months, but Hopper explained that the "extent to which it appears can vary depending on airlines' hedging programs and how much of the cost is passed through to the consumer." However, it is possible airlines will absorb some of those costs, the company said.Hedging is a strategy that some carriers, <a href="https://southwest50.com/our-stories/the-southwest-jet-fuel-hedge-strategy/#:~:text=Southwest%20had%20decided%20to%20hedge,quarters%20of%20the%20previous%20year.">like Southwest Airlines</a>, use to ensure they are not hurt by unexpected increases in jet fuel prices, like the spike that was brought on by the war in Ukraine. The company agrees to buy fuel months or years in advance at a set rate, allowing it to offset the increasing costs.<a href="https://www.axios.com/local/atlanta/2022/03/15/southwest-airlines-rising-fuel-costs-fuel-hedging">According to media outlet Axios Atlanta</a>, Southwest has hedged about 64% of fuel for the remainder of 2022, while rival American Airlines stopped hedging in 2014.Although consumers may be put off by the higher ticket prices, they are more willing than ever to shell out more for flights after two years of travel restrictions, <a href="https://www.cnbc.com/2022/04/12/airfare-surged-20percent-over-pre-pandemic-levels-as-inflation-hit-vacations.html">CNBC reported</a>. <keyword id="11947683" type="UNKNOWN" weightage="60" keywordseo="delta-air-lines" source="Orion">Delta Air Lines</keyword> CEO Ed Bastian <a href="https://apnews.com/article/covid-health-business-ed-bastian-inflation-a7e7b7dee42b4219d1073023ff8bf0b9">told the Associated Press</a> that bookings have not been deterred by the pandemic or inflation, saying "the last five weeks have been the highest bookings in our history." The company lost $940 million in the first quarter of 2022, mostly due to rising fuel prices.He also said that travel demand will remain strong enough over the next two to three months to allow Delta to cover the higher fuel cost, the AP reported.Adobe Digital Insights lead analyst Vivek Pandya explained the strong travel demand is driving inflation. "The unleash of pent-up demand has been a major driving factor, as the desire for air travel is coming back more aggressively than anticipated," Pandya said.

Why airfare is so high in 2022

<ul><li><keyword id="61430" type="PERSON" weightage="20" keywordseo="fuel-prices">Fuel prices</keyword> cut by ₹2.50 ($.034) a litre in several states across India. </li><li>Govt cuts taxes on diesel and petrol by ₹1.50 per litre and asks state-run oil marketing companies to cut prices by ₹1 per litre. </li><li>Global oil prices still a major factor on how petrol and diesel are ultimately priced. </li></ul>After months of rising fuel prices with record high petrol and diesel prices in major Indian cities, the Indian <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> has finally intervened, <a href="https://timesofindia.indiatimes.com/business/india-business/fuel-price-cut-by-2-5/litre-12-bjp-states-lower-vat/articleshow/66078586.cms">cutting petrol and diesel prices </a>by ₹2.50 ($.034) a litre in several states across India. It has done so by slightly cutting the excise duty, a type of indirect tax, on imported diesel and petrol by ₹1.50 per litre and directing several state-run oil marketing companies to cut prices by a further ₹1 per litre on the sale of petrol and diesel. Government taxes are estimated to account for nearly 40% of retail prices of petrol and diesel. As of Thursday, petrol prices in Delhi had climbed to ₹84 per litre and ₹91.34 in Mumbai; diesel was being sold at ₹75.45 and ₹80 in Mumbai. Overall, fuel prices had increased by at least 10% in the last month alone. Uncertain global oil prices and fiscal situation While the recent tax cut by the government resulting in the lower fuel price is great news for consumers, global oil prices are still a big determinant on how petrol and diesel are ultimately priced in India. Global fuel prices, however, have been on the rise with the international benchmark <keyword id="56586" type="PERSON" weightage="20" keywordseo="Brent-crude">Brent crude</keyword> <a href="https://in.reuters.com/article/global-oil/oil-falls-from-4-year-highs-wall-street-weighs-idINKCN1ME03G">nearing</a> a four-year high of $86 per barrel earlier this week. India currently mainly relies on oil imports, which make up about 80% of its current oil consumption. The price of crude oil, which makes up almost 90% of oil imports, is a major factor behind the final price of petrol and diesel in the country. While it may seem the Indian government certainly has room for slashing taxes further on fuels, the recent cut is <a href="https://www.bloombergquint.com/business/fuel-price-cut-inflation-relief-but-fiscal-uncertainty-seen-rising#gs.ms4WVPw">estimated </a>to cost the government ₹2.7 trillion. According to analysts that amount will exert <a href="https://www.bloombergquint.com/business/fuel-price-cut-inflation-relief-but-fiscal-uncertainty-seen-rising#gs.ms4WVPw">marginal </a>pressure on the country’s fiscal deficit, which is being closely watched by international ratings agencies and the country’s capital markets. Any further revenue loss, however, could widen the fiscal deficit. Meanwhile India’s finance minister Arun <keyword id="6390789" type="PERSON" weightage="20" keywordseo="jaitley">Jaitley</keyword> has indicated that the government plans to draw on other indirect taxes like the GST to offset the additional burden on the government revenues, but in recent years the BJP government has relied heavily on taxes collected on petrol and diesel to prop up India’s fiscal deficit which had widened to 4.4% of GDP as of March 2014. When the global crude oil prices were at a historic low, the government continued to collect higher taxes on fuel, a strategy that in part <a href="https://indianexpress.com/article/india/petrol-diesel-price-cut-finances-strain-5387340/">helped it </a>lower the fiscal deficit to 3.5% of GDP in the latest fiscal year. It aims to bring it down further to 3.3% of GDP in the current fiscal, an important year with the upcoming general elections in 2019. But with a weakening rupee, it will likely have fewer options in the form of import-related tax cuts.

Here’s why the Indian government’s intervention to stop rising fuel prices may only be a temporary relief

Fuel is taxed both by central government and state governments with impunity to satiate their never ending need of revenues. 
 
Andhra Pradesh, Delhi and Maharashtra have increased VAT on diesel and petrol to mop up more revenues. Centre also increased excise with impunity in recent past. 
 
Sudden drop in crude prices had raised expectations of consumers that retail prices of transport fuel will decrease but the Centre and the states slapped additional taxes only. 
 <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> was severely impacted due to rise in global crude oil prices in last seven to eight years. 
 
Taxes on oil had always been an easy and assured source of revenue. Though initially prices were kept high to promote efficient use of fuel oils, with time high taxes became major component of government revenue and then dependence. 
 
Off late, oil prices have crashed but retail prices are way above than import prices. 
 
It is important to recognize the fact that whenever global crude prices rise, it affects all the countries uniformly but high incidence of tax on energy is self inflicted injury. 
 While global energy prices are beyond anybody’s control, high tax on fuels is country’s prerogative. High taxes increase the cost of energy and inflate prices of all the commodities, which fuels <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> because taxes on energy are taxed several times before goods are ready for end consumers. It calls for more revenue and thus need for more taxes. It is a vicious circle. 
 
Clue can be taken from the US’ economy. Perhaps, US is the only country which has recognized the fact that high cost of energy is inflationary and therefore energy is least taxed. 
 
Among 20 OECD nations, the US is least taxed nations on energy. This also helped them being competitive worldwide. Over the years, US economy has grown manifold. Surplus generated over decades have put US ahead of many countries and US dollar is one of the strongest currencies worldwide. 
 
It is also pertinent to mention that petrol and Aviation Turbine Fuel (ATF) are treated as luxury fuels and taxed with contempt. One of the studies says that petrol is used by end consumers hence its price is not inflationary. This is a wrong premise. High prices of petrol and ATF are as inflationary as diesel prices. 
 
Similarly, ATF is also viewed as a rich man’s fuel and taxed with impunity especially by the states. Diesel price was seen as inflationary and was subsidized in the past but high state taxes brought no relief to consumers or economy. 
 
It is necessary that Centre as well as states realize that high taxes on fuels are highly inflationary and detrimental to economy. 
 All along during <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> discussions, states have successfully convinced Centre to exclude fuel oils from including into GST or else states would lose their major source of revenue. The issue needs to be debated extensively and then only solution may emerge in due course of time. 
 The possible solution is to reduce <keyword id="3286598" type="UNKNOWN" weightage="20" keywordseo="taxes-on-fuel">taxes on fuel</keyword> oils gradually and increase excise or service tax on other goods to compensate loss of revenue on account of lower tax on fuels and declare fuels as notified commodity till such time GST is through. Once GST is through, bring transport fuels under GST. 
 
High taxes on energy have cascading impact on prices. It’s a major component of prices of goods and services. It’s a single major cause of inflation. If taxes on fuels are reduced, expenditure of both government and corporate will come down. Essential commodities will become cheaper. Overall economy will deflate and inflation will be checked. Indian goods will become more competitive in the world market and exports will grow. Cheaper fuels shall have tremendous positive impact on Indian Economy. 
 
(The article is authored by Sameer Garg. You can reach out to him at samg1960@gmail.com) 
 
(Image: Indiatimes)

Here’s how taxes on fuel has impacted the Indian economy

<keyword id="6355572" type="General" weightage="50" keywordseo="sri-lanka" source="Orion">Sri Lanka</keyword>'s state-owned Ceylon Petroleum Corporation (CPC) has increased <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> to a record high. With the latest price hike on Monday, the price of Octane 92 <keyword id="6367091" type="General" weightage="20" keywordseo="Petrol" source="Orion">petrol</keyword> rose by 33.1 per cent to a record 338 Sri Lankan rupees ($1.04) a litre, and the price of auto <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword> increased by 64.2 per cent to 289 rupees. This is at par with the prices of Lanka IOC, a subsidiary of Indian Oil Corporation, which hiked its fuel prices from midnight Sunday, Xinhua news agency reported. CPC Chairman Sumith Wijesinghe said last week that they were losing between 800 to 1,000 billion rupees a day due to selling the fuel at a below-market rate. However, it is not the first time the CPC has increased fuel rates this year. It had introduced fuel rationing on April 15. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/nearly-400-million-people-in-china-under-full-or-partial-lockdown-due-to-a-strict-zero-covid-policy/articleshow/90927364.cms">Nearly 400 million people in China under full or partial lockdown due to a strict zero-Covid policy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/after-elon-musk-founder-jack-dorsey-slams-twitters-board-amid-takeover-push/articleshow/90914374.cms">After Elon Musk, founder Jack Dorsey slams Twitter's board amid takeover push</a>

Sri Lanka raises fuel prices to a new record high

Reassuring the country’s commitment to abide by the Paris Climate Agreement, Prime Minister Narendra Modi announced for the first time during his Independence Day Speech delivered on August 15, 2019, that India will produce 175 GW of non-fossil fuel or what can be called as bio-fuels. He urged the nation to bring about a behavioral change in all levels in order to deal with climate change in a sure and steady way. He pledged that India’s target of non-fossil fuels will be more than doubled to 450 gigawatts. PM’s vision about bio-fuels Stating that bio-fuels can steer India’s growth in the 21st century, PM Modi said bio-fuels can also help us reduce our dependence on crude oil. Some of the benefits of using bio-fuels include contributing to a cleaner environment, boosting up the rural employment, and generating additional income to farmers. The PM also drew our attention to the fact that the country could save about Rs. 4,000 crores by mixing ethanol with petrol and the move had also benefitted farmers. Some of the measures highlighted by the Prime Minister in the lines of contributing to a greener environment include increasing the use of CNG in public transport, manufacturing BioCNG from trash, and reducing the need to import CNG. PM explains about Biofuels The topic of biofuels is important from the point of view of science as well as alternative energy sources. Biofuel can be produced from crops, garbage left-overs, and crop-residue. The production of biofuel can transform the quality of people’s lives both in the rural and urban regions. Increasing the use of biofuels can help increase the income of the farmers, create new avenues for employment, protect the nation’s wealth and also contribute to a greener environment. PM visualizes the move towards biofuel as a measure to empower the villages, promote cleanliness, pave the way to modern urban development, reduce air pollution in the cities, and support a plethora of green initiatives. Indian government and biofuel initiatives Efforts to produce ethanol from sugarcane started during Atal Bihari Vajpayee’s governance. However, since the project was launched by the previous government, the scheme was not given the right momentum. After the BJP government took charge of the central government after the 2014 elections, the ethanol blending program was initiated and the scheme operates today in more than 25 states and union territories of India. This project not only helped farmers but also saved about Rs. 4000 crores in foreign exchange. All about green fuels Other than sugarcane, the other sources to produce biofuels include spoiled crops, bamboo, grass, crop residue, cow dung, recycled edible oil, crop stubble, solid waste, and many others. The government initiatives to produce bio-diesel from the used cooking oil discarded in households, commercial kitchens, restaurants and other food processing plants can be used to produce bio-diesel that can make a cleaner, renewable and cheaper fuel. The government has recently announced that the state-run marketing companies will produce bio-diesel from the used edible oil. Bio-diesel can be mixed with any type of diesel. It is non-toxic and bio-degradable. The government’s initiatives in the lines of bio-diesel is a measure to decrease our dependence on oil imports and find alternative sources of greener fuels.

What are Green Fuels that PM Modi talked about in his speech in UN?

<ul><li>WTI Crude has risen by 33% this year to the above $60/barrel mark while Brent has risen by 30% to just under $70/barrel. </li><li>However, despite the consistent rise in global crude prices this year, <keyword id="61430" type="PERSON" weightage="20" keywordseo="fuel-prices">fuel prices</keyword> in Indian cities have flatlined since early March 2019. </li><li>In a bid to keep voters happy, the government told state-owned oil marketing companies (OMC) to keep prices stable in April and May as voting got underway. </li><li>However, after the <keyword id="6355644" type="DEFINITION" weightage="20" keywordseo="elections">elections</keyword>, fuel prices will likely increase at a higher rate than expected, as OMCs try and make up for the losses they have absorbed in the last few months. </li></ul> Rising oil prices proved to be a huge problem or India last year, leading to a rise in its trade deficit, higher inflation and a depreciation of the rupee. However, as oil prices petered off <a href="https://www.businessinsider.in/oil-prices-are-falling-and-thats-great-news-for-the-indian-rupee/articleshow/66768210.cms">towards the end of 2018</a>, the Indian economy was given a respite. As 2019 has progressed, oil prices have been on the rise again owing to a curtailment in production by OPEC countries like Saudi Arabia and lesser exports from sanction-hit Iran and Venezuela. In fact, WTI Crude has <a href="https://oilprice.com/oil-price-charts">risen by 33%</a> this year to the above $60/barrel mark while Brent has <a href="https://oilprice.com/oil-price-charts">risen by 30%</a> to just under $70/barrel. While this has been offset by a rise in US shale production, prices in the second half of the year will be subject <a href="https://www.worldbank.org/en/news/press-release/2019/04/23/oil-prices-to-be-lower-in-2019-on-slower-than-expected-global-growth-rising-non-opec-supply">to global economic growth,</a> which, fortunately or not, is set to slow. Under India’s current deregulated system, which involves the daily revision of rates, state-owned fuel retailers fix rates based on international benchmarks like a 15-day average of global prices. In comparison, OMCs raised domestic fuel prices by <a href="https://indianexpress.com/article/business/omcs-keep-fuel-prices-in-check-even-as-global-crude-gets-dearer-5695124/">10% </a>between August and October last year - which was more in alignment with global price movements. 
 
 
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 This is, of course, an election ploy. In a bid to keep voters happy, the government <a href="https://www.businessinsider.in/you-wont-have-to-worry-about-petrol-and-diesel-prices-for-next-two-months/articleshow/68355241.cms">told state-owned oil marketing companies</a> (OMC) - which include the likes of Indian Oil, Bharat Petroleum and <keyword id="6374014" type="COMPANY" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> - to keep prices stable in April and May as voting got underway. The real pain will come after the elections. As India’s oil <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/indias-oil-import-dependence-jumps-to-84-pc/articleshow/69183923.cms">import dependence is increasing</a>, from 80% to 84%, global price movements will be harder to contain on a domestic level. A single-party government will be more trigger-happy when it comes to allowing price hikes in domestic fuel. Either way, fuel prices will likely increase at a higher rate than expected, especially as state-owned oil market companies try and make up for the losses they have absorbed in the last few months. This was seen in the case of the Karnataka state elections in May last year, when petrol and diesel prices <a href="https://www.livemint.com/Industry/TyVyUKzWY3tVLVtI53CZIP/Petrol-diesel-prices-hiked-after-Karnataka-elections.html">were hiked considerably</a> after being unchanged in the weeks running up to voting. This will also be exacerbated by the Trump administration’s <a href="https://www.businessinsider.in/india-to-face-crude-oil-shock-if-us-cancels-iran-waiver/articleshow/68988296.cms">removal of waivers </a>to purchase oil from Iran. Higher oil prices means a higher import bill for India, a higher fiscal deficit and a continued fall in rupee and difficulties in the aviation sector. This will likely drive inflation upwards, stalling the RBI’s plans of another possible rate cut. SEE ALSO: <a href="https://www.businessinsider.in/you-wont-have-to-worry-about-petrol-and-diesel-prices-for-next-two-months/articleshow/68355241.cms">You won't have to worry about petrol and diesel prices for next two months</a> <a href="https://www.businessinsider.in/india-to-face-crude-oil-shock-if-us-cancels-iran-waiver/articleshow/68988296.cms">India could be in for a very crude shock as the US revokes waivers to purchase oil from Iran</a>

A sharp hike in fuel prices is likely as elections come to a close

State oil companies have decided to revise petrol and diesel prices daily starting June 16. The pilot for this programme has been running in five Indian cities, viz. Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh since May 1, but would now be implemented for consumers all over India. These companies are preparing for a shift in their distribution network, which would now be done daily as against earlier fortnightly practice. It was after a meeting on Wednesday that Oil Minister <keyword id="197418" type="PERSON" weightage="100" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> directed top executives from state-run oil companies to quickly extend this new pricing mechanism to all cities.

You Searched For "fuel prices" and got 11 results

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A sharp hike in fuel prices is likely as elections come to a close

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