Topic
fuel
Home Heating Oil Prices in Northern Ireland Jump £100 in Three Weeks on US-Iran Tensions
The average cost of 500 litres of home heating oil in Northern Ireland has risen by £98.78 (29%) in three weeks, reaching £445.37, according to the Consumer Council for Northern Ireland. The surge is attributed to escalating fighting between the US and Iran. About two-thirds of Northern Ireland households rely on heating oil, the highest proportion of any UK region.
Commodities Grain-based ethanol gains momentum: What it means for India's blending programme
India's ethanol blending programme has crossed 717 crore litres cumulative supplies by June 2026, with grain-based ethanol contributing nearly 480 crore litres. The shift to maize and surplus grains provides resilience against crop failures, supports rural industry, and advances energy security.
Commodities India Says Premium Petrol to Stay Ethanol-Free, No Plan to Blend Beyond 20%
The Indian government has confirmed that premium petrol grades from state-run retailers will remain ethanol-free due to their niche performance-additive composition. Additionally, there is no current proposal to raise ethanol blending in regular petrol beyond the existing 20% or to reintroduce E0/E10 fuels, pending further scientific studies.
Commodities Under-recoveries push HPCL, BPCL into losses: Times of India report highlights state-owned oil firms' financial strain
According to a Times of India article, state-owned HPCL and BPCL are being pushed into losses due to under-recoveries. The report, authored by Atul Mathur, highlights financial strain but does not provide specific figures or commodity prices.
Commodities Big Jump in Benchmark Diesel Price Is Second Largest Since Iran War Began
The DOE/EIA benchmark diesel price surged 33.8 cents/gallon to $5.134/g, marking the second-largest weekly increase since the start of the Iran war. Ultra low sulfur diesel (ULSD) on CME settled at $4.119/g, nearing a $1 gain from early July. Supply disruptions from the Strait of Hormuz and potential Houthi attacks on Saudi Arabia continue to fuel bullish sentiment.
Commodities After cars, now ethanol may make its way to your kitchen: Plans in the works to introduce it as mainstream cooking fuel alongside LPG
India's Ministry of Petroleum and Natural Gas is developing a policy framework to introduce ethanol as a mainstream household cooking fuel alongside LPG. The initiative aims to utilize the country's surplus ethanol production capacity of over 20 billion litres annually, reduce LPG import dependence, and strengthen energy security.
Regulations & Compliance FuelEU Proxy Flags Deficit Risk for Over 40% of Nearly 9,000 Ships Assessed
A proxy analysis by climate policy consultancy Kickster of nearly 9,000 ships using public EU MRV data found that over 40% fell into categories associated with potential FuelEU Maritime deficits. The consultancy stressed the categories are not official compliance balances. Official figures show more than 13,000 FuelEU reports verified by March 2026, with most being satisfactory and around 90% of vessels using pooling.
Commodities India Minister Puri Defends E20 Biofuel as ARAI Data Shows 2-6% Drop in Fuel Efficiency
Union petroleum minister Hardeep Singh Puri defended the government's E20 ethanol-blending programme, calling misinformation 'rumours' while welcoming constructive criticism. Controlled tests by ARAI and OEMs showed a 2-6% drop in fuel consumption with E20 versus E10. Toyota Kirloskar Motor said damage in a viral video was due to contaminated fuel, not ethanol.
Commodities Russia, Strait of Hormuz Combine to Drive Diesel Higher After Nine-Week Decline
The benchmark diesel price rose 21.8 cents to $4.796/gallon amid escalating geopolitical risks. ULSD futures soared over 20% from a July 2 low as Russian refining capacity hit 21-year lows and Strait of Hormuz traffic slowed drastically. The spread between Brent crude and diesel widened to $1.84/gallon, one of the highest since the war began.
Logistics Hidden Bunker Defects That Pass ISO 8217 Testing Still Disrupt Ship Operations
Lloyd's Register FOBAS reports that ship operators are increasingly facing bunker defects that pass ISO 8217 testing but cause operational issues. In March and April 2026, fuels with elevated Estonian shale oil led to filter, separator, and pump problems. Off-spec cases remain high, with sulphur, water, sediment, and stability issues persisting.
Manufacturing GEMA President Challenges Critics to Prove Ethanol-Blended Fuel Damages Vehicles
Grain Ethanol Manufacturers Association (GEMA) President C.K. Jain has challenged critics to prove that ethanol-blended petrol damages vehicle engines, stating that no such incidents have been reported by authorized service centres. He acknowledged a 3-5% drop in mileage but argued that the benefits of reduced pollution and foreign exchange savings outweigh the loss. Jain also rebutted claims of excessive water usage, noting that only 5 litres of water are needed to produce one litre of ethanol, with ongoing efforts to reduce that to 3.5 litres.
Commodities India's ethanol blending rollout: Setting the record straight on fuel transition fears
The article addresses misinformation about India's ethanol blending program, clarifying that E20 has been safely used since April 2025 and E25 is not scheduled. It emphasizes the methodical rollout, strategic benefits for energy security, and the need for evidence-based debate.
Commodities India's E20 Petrol Costlier to Produce Than Pure Petrol at Current Crude Prices, Government Says
The Indian petroleum ministry stated that E20 petrol is currently costlier to produce than pure petrol at prevailing global crude oil prices around $70 per barrel, but the ethanol blending program has saved over Rs 1.97 lakh crore in foreign exchange and reduced crude imports. The economics reverse when crude rises to $120-130 per barrel. The government dismissed claims of engine damage from E20 fuel.
Logistics CONCOR and GAIL Sign 15-Year Deal for LNG Dispensing Station at Ahmedabad ICD
CONCOR and GAIL have signed a 15-year agreement to establish an LNG dispensing station at CONCOR's Inland Container Depot in Khodiyar, Ahmedabad. GAIL will operate the station while CONCOR provides land and utility connectivity, and commits to deploying 15 LNG-powered commercial vehicles in the first year. The round-the-clock facility will serve CONCOR's fleet and other commercial vehicles.
Trade US sanctions target Mexican cartel fuel smuggling via maritime shadow fleets and falsified customs
The US Treasury's OFAC and FinCEN announced sanctions and an alert targeting a fuel smuggling network linked to the Cartel de Jalisco Nueva Generacion (CJNG). The network uses falsified customs documents, shell companies, and maritime vessels to move illicit fuel between the US and Mexico. Maritime service providers and banks are put on notice for heightened due diligence.
Commodities E20 Fuel Safe for Older Vehicles, Say Industry Experts as India Hits 20% Blending Target
Industry executives from Toyota Kirloskar Motor, Maruti Suzuki, and Hero MotoCorp assured that E20 ethanol-blended petrol is safe for vehicles manufactured before the mandate, citing extensive testing. India achieved 20% ethanol blending by December 2025, five years ahead of its original target, helping reduce crude oil imports.
Trade Indian Government Denies Offering E20 Petrol Exports to Bhutan, Calls Reports Incorrect
The Indian Ministry of Petroleum and Natural Gas dismissed reports that Bhutan had refused to import E20 petrol from India, stating no such offer was ever made. The clarification followed allegations by the Congress party that Bhutan, Nepal, Bangladesh, and Sri Lanka had rejected India's ethanol-blended fuel. The government also defended the fuel's reliability, citing extensive testing by Indian institutions.
Commodities ISMA defends E20 fuel, cites scientific evidence; remains silent on mileage drop claims
The Indian Sugar and Bio-Energy Manufacturers Association (ISMA) has dismissed public concern over E20 ethanol blended petrol, stating that the conversation should be based on scientific evidence and official clarifications. While automakers claim mileage drop is marginal (3-3.5%), social media users report a 20-30% reduction. The government and industry bodies defend the fuel, citing emissions cuts and foreign exchange savings of over Rs 1.4 lakh crore.
Commodities OMCs to Break Even on Petrol, Diesel in 7–10 Days as Brent Crude Falls to $72
Global crude oil prices have dropped to four-month lows, with Brent around $72/bbl, offering relief to Indian OMCs that could break even on petrol and diesel within 7–10 days. OPEC+ announced a 188,000 bpd output hike for August, the fifth consecutive monthly increase since the West Asia conflict began. State-run OMCs have absorbed over Rs 75,000 crore in losses in Q1, but lower crude prices and rising supply may enable recovery over 6–12 months.
Channel Islands Fuel Providers Hopeful of More Price Reductions as Wholesale Costs Fall
Rubis and ATF Fuels report steadily falling pump prices in Guernsey and Jersey, driven by recent wholesale cost declines. Global oil prices have returned to pre-Iran war levels. Diesel saw its fastest monthly fall since 2000 in June, down 17p/litre, while petrol also declined more modestly.
Commodities Retail diesel falls for eighth week while crack spreads surge to near-record levels
Retail diesel prices fell for the eighth consecutive week to $4.668/gal, down 97.2 cents from the May 4 peak, according to DOE/EIA data. Meanwhile, the 3:2:1 crack spread surged to near-record levels above $50/bbl, signaling a product shortage that analysts say may be temporary as crude supply from the Strait of Hormuz flows freely.
Commodities India launches 2% isobutanol-diesel trials, paving way for first diesel biofuel programme
India has initiated trials of a 2% isobutanol-diesel blend in commercial vehicles, marking the first step toward a diesel biofuel programme. The government-backed initiative involves HPCL, ARAI, Praj Industries, and automakers like Tata Motors. The move follows failed ethanol-diesel blends and leverages isobutanol's compatibility with diesel.
Commodities Crude Oil Plunges Toward Pre-War Levels as India Mulls Relief on Flight Fares
Global crude oil benchmarks have fallen from above $100 per barrel to near pre-war levels, prompting the Indian government to consider asking airlines to reduce fuel surcharges. Civil aviation minister K Ram Mohan Naidu said the government is tracking aviation turbine fuel (ATF) prices and will work with airlines on fare reductions if price stability is sustained. A Rs 10,000 crore price stabilisation fund has been set up to support airlines during the West Asia crisis.
Logistics Freight Fuel Forecast: Is Your Budget Ready for $70 Brent? Analysts Warn of Looming Crisis
Despite diesel prices falling to $4.83 per gallon, a freight fuel analyst warns that oil markets are masking a structural supply problem. Bank of America estimates over 1 billion barrels of supply lost since March, sustained by inventory draws. A tank-bottoms crisis could emerge within 4-6 weeks, and shippers should budget for Brent crude near $70/barrel in 2026.
Commodities Fuel sales halted in occupied Crimea as Ukraine targets oil facilities
Russian-backed authorities in occupied Crimea have suspended fuel sales to the public, reserving supplies only for government agencies, after a Ukrainian drone attack on an oil depot in Kerch killed four people. The move marks the most significant fuel restriction in the region since 2014, as Ukraine intensifies strikes on Russian supply routes and fuel export infrastructure.
UK petrol and diesel prices fall after US-Iran deal, further drops expected
UK fuel prices have fallen sharply after the US and Iran reached a framework deal to end their war, sending Brent crude to around $76 a barrel. The RAC reports petrol at 154.7p and diesel at 174.3p, with further declines expected as wholesale costs drop.
Commodities Fuel Sales Halted in Occupied Crimea as Ukraine Targets Oil Facilities, Causing Shortages
Governor Sergey Aksyonov suspended fuel sales to the public in occupied Crimea, limiting sales to government agencies only, after a Ukrainian drone attack on an oil depot in Kerch killed four and injured 28. The move marks the most significant fuel restriction since the peninsula's annexation, as Ukraine continues targeting Russian fuel infrastructure to disrupt supply and pressure Moscow.
Commodities Deputy Proposes 10p/Litre Fuel Duty Cut for Three Months to Ease Cost of Living
Deputy Lucy Stephenson has proposed a three-month reduction in fuel duty of 10p per litre from 1 October to 31 December, aimed at easing cost-of-living pressures. The current duty is 64p per litre. The proposal is set to be considered by the incoming minister for treasury and resources.
Commodities Diesel Plunges as IEA Report Offers Bullish and Bearish Signals Following U.S.-Iran Peace Deal
The International Energy Agency's monthly report provides data supporting both bullish and bearish oil price views following the U.S.-Iran peace deal. Diesel prices have fallen sharply, with DOE/EIA retail diesel at $5.059/gallon, down 15.1 cents. ULSD on CME settled at $3.1702/g, down 44.24 cents in four days. IEA estimates global supply will average 102.4 million b/d in 2026, a drop of 3.9 million b/d from 2025, while demand is set to decline 1.1 million b/d. May production plunged to 94.5 million b/d, down 13.6 million b/d from pre-war levels.
Logistics Norway backs new generation of hydrogen-fuelled bulkers with $36m Enova grant
Norwegian developer LH2 Shipping has secured NOK344.3m ($36m) from Enova to build two additional liquid hydrogen-powered bulk carriers, expanding its project pipeline to six vessels and bringing total public support above NOK800m ($74m). The 7,700 dwt shortsea bulkers will operate primarily on liquid hydrogen, with bunkering via Gen2 Energy in Mosjøen, and are designed to consume 30% less energy than conventional ships. Deployment is planned for trades between Norway, continental Europe, and the Baltic region.
Trade Government hikes export duties on diesel and Aviation Turbine Fuel
The Indian government has increased Special Additional Excise Duty (SAED) on diesel and Aviation Turbine Fuel (ATF) exports in its latest fortnightly review, effective June 16, 2026. The export duty on diesel rose to ₹14 per litre from ₹13.05, and ATF to ₹12.05 per litre from ₹9.05. Petrol export duty remains unchanged at ₹1.05 per litre. The move aims to prioritise domestic availability amid the West Asia crisis.
Commodities India caps diesel sales after bulk users divert 3.5 lakh tonnes to retail outlets
The Indian government capped diesel sales at retail outlets after bulk industrial and commercial users diverted 3.50 lakh tonnes to retail stations in May 2026, driven by a ₹40-42 per litre price gap. The Oil Ministry limited sales to 200 litres per person per day and reported 1,330 FIRs filed since March in LPG cases. The diversion affected 80 districts with over 30% sales shift.
Commodities India's 3Fs Stress: How the US-Iran War Is Straining Fuel, Fertilisers and Forex
India is under stress from the '3Fs' — fuel, fertilisers, and forex — as the US-Iran war drives up crude oil prices and disrupts supplies via the Strait of Hormuz. Finance Minister Nirmala Sitharaman urged conservation of foreign exchange. With over 85% crude import dependence and 50% of DAP and urea imports from the Middle East, the entire 2026-27 fiscal year could be affected, according to EY India's chief policy advisor.
Commodities Brent Crude Falls to $83 on US-Iran Deal, UK Petrol Prices Set to Drop Further
Brent crude oil prices have fallen to around $83 a barrel following a US-Iran framework deal that ended the war and raised hopes for reopening the Strait of Hormuz. UK petrol prices, which peaked at 159.53p on 28 May during the conflict, have started declining, with the RAC forecasting a further drop to 148p if oil stabilises around $85. The article details the impact of the war on global oil flows and UK retail fuel costs.
Commodities India Bars Industrial Users from Buying Petrol, Diesel at Retail Pumps, Mandates Bulk Purchase
India's Ministry of Petroleum and Natural Gas issued an order barring industrial, commercial, and institutional users from purchasing petrol and diesel at retail fuel outlets, requiring them to switch to bulk sellers. The move addresses abnormal demand driven by a price gap between retail (Rs 95.20/litre for diesel in Delhi) and bulk prices (Rs 134.50/litre). Retail diesel purchases are capped at 200 litres per day. The order, effective for 90 days, aims to prevent localised shortages amid geopolitical supply disruptions.
Strait of Hormuz Closure Drives Jet Fuel Prices Up, Boosting SAF Economics
The closure of the Strait of Hormuz has sent global jet fuel stockpiles plunging, depleting strategic reserves and driving up prices. This has made sustainable aviation fuel (SAF) more economically competitive, with United Airlines' chief sustainability officer noting it's the closest to parity ever seen. However, SAF production faces bottlenecks including feedstock scarcity and high costs, with below 1% of global jet fuel consumption currently from SAF.
Commodities India Clears E100 Fuel Framework, Accelerating Ethanol Vehicle Rollout and Impor
India has approved the regulatory framework for 100% ethanol (E100) as a vehicular fuel, enabling the commercial deployment of ethanol-powered cars and two-wheelers. The move, announced by Union Minister Nitin Gadkari, aims to reduce India's dependence on imported crude oil (over 85% imports) and create new demand for agricultural feedstocks, while giving automakers regulatory certainty to invest in flex-fuel platforms.
Commodities India's Ethanol Push: E85 Fuel Price Drops by Rs 20/Litre
India is set to reduce the price of E85 fuel by Rs 20 per litre as part of its ethanol adoption strategy. This move aims to compensate for the lower energy content of ethanol and reduce fossil fuel imports.
Commodities Diesel Prices Plunge Amid Geopolitical Uncertainty
Diesel prices have seen a significant drop, with the CME ULSD July contract falling to $3.4886/g. This decline is driven by geopolitical developments and potential peace talks affecting the Strait of Hormuz.
Trade Russia Halts Aviation Fuel Exports Until November 30
Russia has imposed a ban on aviation fuel exports until November 30, 2026, to stabilize its domestic market amid declining refinery outputs. This move could impact global fuel prices.
Trade India Reduces Excise Duty on Fuel Exports Effective June 1
India has reduced the special additional excise duty on fuel exports, effective June 1. The duty on petrol, diesel, and aviation turbine fuel has been lowered to enhance trade competitiveness.
Commodities India's Ethanol Expansion Reshapes Agriculture and Energy Markets
India's ethanol blending initiative has significantly increased farmland dedicated to fuel production, reshaping agricultural practices and impacting energy markets. The shift from sugarcane to grain-based ethanol, particularly maize and rice, has altered crop choices and raised concerns over food availability.
Commodities Indian Oil Hikes Commercial LPG Prices Amid Market Shifts
Indian Oil Corporation has increased the price of a 19 kg commercial LPG cylinder by ₹42 to ₹3,113.50. This adjustment reflects broader market dynamics and supply chain considerations.
Commodities Diesel Prices Slide Amid Hormuz Strait Peace Talks
Diesel prices on the CME have dropped significantly amid potential peace talks involving the U.S., Iran, and Israel, which could lead to the reopening of the Strait of Hormuz. This decline marks the sixth drop in seven weeks.