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Tag: petrol

  • Prime Minister Albanese Extends Petrol Price Relief for Australian Motorists Amid Middle East Crisis

    Prime Minister Albanese Extends Petrol Price Relief for Australian Motorists Amid Middle East Crisis

    The Australian government has announced plans to further alleviate the financial strain on motorists impacted by the ongoing conflict in the Middle East. The Prime Minister, Anthony Albanese, is expected to confirm that the nation’s petrol price relief measures will be extended.

    Australia, heavily reliant on imported fuel, has taken decisive action to mitigate the impact of soaring global oil prices on its citizens. In response to significant disruption to oil shipments via the Strait of Hormuz, the country reduced its petrol tax for motorists by half and slashed a levy for truck drivers in March. These interim measures, set to expire at the end of June, will now be prolonged for another month, offering some financial respite for drivers throughout July.

    Government’s Commitment to Economic Relief

    Prime Minister Albanese’s decision underlines the government’s commitment to providing economic relief to those affected by the international crisis. “We are cognizant of the continued pressures our citizens face,” Albanese noted in a pre-emptive statement, due to be publicly released soon. The extension of these measures offers a tangible reflection of the government’s efforts to support its citizens during these challenging times.

    Questions & Answers

    What measures has the Australian government taken to alleviate financial pressures on motorists?
    The government has halved the petrol tax for motorists and reduced a levy for truck drivers.

    Why were these measures introduced?
    These measures were introduced in response to rising global oil prices, caused by significant disruption to oil shipments via the Strait of Hormuz.

    Until when will these relief measures be available?
    Originally set to expire at the end of June, these measures will now be extended through the end of July.

  • Singapore’s Retail Boom: Surging Petrol Prices Fuel Accelerated Growth in April

    Singapore’s Retail Boom: Surging Petrol Prices Fuel Accelerated Growth in April

    In April, Singapore’s retail sales growth accelerated, with most sectors, especially petrol service stations, experiencing significant advancements.

    The Department of Statistics reported a 4.5% rise in retail sales, excluding motor vehicles, parts, and accessories. This increase builds upon the revised 3% growth seen in March. The estimated total value of retail sales touched SG$3.6 billion (US$2.8 billion), with online sales accounting for 18.2% of this figure. On a seasonally adjusted basis, retail sales in April increased by 0.4% compared to the previous month.

    Strong Sector Performances Drive Growth

    The surge in April’s retail sales was fueled by robust performances across most sectors. Petrol service stations observed a substantial year-on-year growth of 14.4%, primarily attributable to increased fuel prices resulting from the Middle East conflict. The recreational goods sector followed closely, registering a sales growth of 12.3%.

    Several other sectors, including apparel and footwear, cosmetics and toiletries, supermarkets and hypermarkets, and optical goods and books, also posted robust improvements, with growth figures ranging between 5% and 8%.

    Conversely, department stores and food and alcohol retailers experienced a slight dip in sales, recording declines of 1.1% and 0.1% respectively.

    Moderate Increase in Food and Beverage Services

    In the food and beverage services sector, sales marginally increased by 0.4% in April, showing a slowdown from the 2.3% growth observed in March. The total sales value of food and beverage services was estimated at SG$1.5 billion, with nearly one-fifth of this amount generated from online sales.

    Questions & Answers

    Which sector experienced the most significant growth in retail sales in Singapore in April?
    The petrol service stations sector saw the most substantial growth, with a year-on-year increase of 14.4%.

    What were the total estimated retail sales in Singapore in April?
    The total estimated retail sales value in Singapore in April was SG$3.6 billion (US$2.8 billion).

    How did the food and beverage services sector perform in Singapore in April?
    The food and beverage services sector saw a moderate increase in sales of 0.4% in April.

  • India’s September Diesel Sales Remain Below Pre-COVID Levels

    India’s September Diesel Sales Remain Below Pre-COVID Levels

    India’s diesel consumption slowed in the first half of September from the previous month, staying below pre-COVID levels as a pick-up in monsoon rains hit mobility and demand for fuel from the agriculture sector, preliminary sales data showed.

    Diesel sales by the country’s state fuel retailers came in at 2.1 million tonnes during Sept. 1-15, a decline of about 1.5% from last year and down 6.8% from the same period in 2019, the data showed.

    State retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of the country’s retail fuel outlets.

    Sales of diesel, which account for about two-fifths of India’s overall refined fuel consumption, are directly linked to industrial activity in Asia’s third-largest economy.

    India’s monsoon rains revived this month after a patchy spell in August. Local diesel sales during September 1-15 was down by about 0.9% from the same period in August, the data showed.

    Improved electricity supplies also contributed to a decline in demand for diesel.

    In contrast, petrol sales stayed above the pre-COVID levels at 1.02 million tonnes as people continued to prefer using personal vehicles over public transport and shared mobility for safety reasons.

    India has not yet fully opened its public transport sector, which mostly use diesel.

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  • Oil Falls In Biggest Weekly Decline In Months On Demand Worries

    Oil Falls In Biggest Weekly Decline In Months On Demand Worries

    Oil prices fell about 1% lower on Friday, posting to their steepest weekly losses in months, on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail the global recovery in energy demand. Crude futures also came under pressure as the dollar strengthened after monthly U.S. job growth came in higher than expected. A stronger dollar makes greenback-denominated oil more expensive for buyers in other currencies.

    Brent crude oil futures settled down 59 cents, or 0.8%, at $70.70, while U.S. West Texas Intermediate (WTI) crude futures fell 81, or 1.2%, to settle at $68.28 a barrel.

    For the week, global benchmark Brent shed more than 6%, its largest week of losses in four months, and WTI tumbled nearly 7% in its biggest weekly decline in nine months.

    “The price action we see now is really a function of the macro picture,” said Howie Lee, an economist at Singapore bank OCBC. “The Delta variant is now really starting to hit home and you see risk aversion in many markets, not just oil.”

    Growth in the rig count has slowed in recent months as drillers continue to focus on capital discipline.

    U.S. President Joe Biden said that COVID-19 cases in the United States, which have climbed to a six-month high, will go up before they come down and that the new Delta variant is taking a needless toll on the country.

    Japan is poised to expand emergency restrictions to more regions of the country, while China, the world’s second-largest oil consumer, has imposed curbs in some cities and canceled flights.

    “Increased travel restrictions in China have come under the microscope of traders and could become a key oil price mover as this month proceeds,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.

    U.S. oil rigs rose two to 387 this week, energy services firm Baker Hughes Co said. Growth in the rig count has slowed in recent months as drillers continue to focus on capital discipline.

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  • Petrol, Diesel Prices Hiked Again Across Metro Cities

    Petrol, Diesel Prices Hiked Again Across Metro Cities

    The oil companies on Sunday, yet again, increased the fuel prices across all the metro cities resulting in a hike of 21 paise and by up to 31 paise in prices of petrol and diesel, respectively. As the price hike continues, the petrol rates on Saturday surpassed the ₹ 82 mark, while diesel breached the ₹ 72 mark in the capital city. With newly revised prices, customers in Delhi will have to shell out ₹ 82.34 per litre for petrol and will have to pay ₹ 72.42 for a litre of diesel. The fuel prices differ from state to state, which depends on the value-added tax (VAT) levied by the state government.

    In the last ten days, petrol price has gone up by ₹ 1.28 per litre and diesel rate has increased by ₹ 1.96 in the national capital. Petrol and diesel rates remained static since September 22 and October 2, respectively. The OMCs started revising rates of auto fuels from November 20 onwards.

    In Mumbai, petrol prices surpassed ₹ 89 mark as it is retailing at ₹ 89.02 per litre against ₹ 88.81 per litre on Friday. Diesel, on the other hand, is retailed at ₹ 78.97 per litre, seeing a hike of 31 paise. In Kolkata, the retail price of petrol went up by 20 paise to Rs 83.87 per litre from ₹ 83.67 a litre and diesel increased to ₹ 75.99 per litre. In Chennai and Bengaluru, petrol retailed at ₹ 85.31 and ₹ 85.09 respectively. On the other hand, diesel retailed at ₹ 77.84 in Chennai and ₹ 76.77 in Bengaluru.

    Oil marketing companies (OMCs) have been revising the retail rates of petroleum products since November 20, 2020. The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.

    Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation are the three major oil marketing companies in India. The oil marketing companies revise petrol and diesel rates daily and make necessary changes to align the petroleum prices with global benchmark and dollar-rupee exchange rate.

  • India’s 2019/20 Fuel Demand Growth Worst In Over Two Decades

    India’s 2019/20 Fuel Demand Growth Worst In Over Two Decades

    India’s annual fuel demand grew 0.2% in 2019/20, its worst growth rate in over two decades, dragged down by a hefty 17.8% decline in local consumption in March as steps taken to prevent the spread of COVID-19 dented transport fuel sales.

    Consumption of refined fuels, a proxy for oil demand, totaled 16.08 million tonnes in March, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday.

    Falling refined fuel sales in March points to sluggish industrial activity in Asia’s third-largest economy, which according to some analysts is forecast to grow at 1.5-2% in 2020/21, its lowest in decades.

    A Reuters poll of economists showed it is expected to have expanded at its slowest pace in eight years in the first quarter and would slow further this quarter.

    Nearly three lakh trucks with payload worth Rs 35,000 crore have been stranded because of the coronavirus lockdown announced by Prime Minister Narendra Modi last month, the trade bodies have said.

    Indian Prime Minister Narendra Modi will address the nation on Tuesday, the last day of the current 21-day lockdown, and is widely expected to extend the closure except for the start of some essential manufacturing units.

    Due to restrictions on movement and travel advisories, India’s consumption of diesel, petrol and aviation turbine declined massively during March.

    Consumption of diesel, which normally accounts for two-fifths of overall refined fuel consumption, declined 24.2% in March from a year earlier, its deepest decline since April 1998. PPAC do not provide monthly growth numbers for before April 1998.

    Sales of gasoline, or petrol, used by automobiles fell by 16.4% from a year earlier, its worst slide since March 1999, the data showed.

    Jet fuel consumption declined by 32.4% as the lockdown has hit air travel.

    Cooking gas or liquefied petroleum gas (LPG) sales rose about 1.9% to 2.31 million tonnes, and naphtha sales rose 15.7% to 1.39 million tonnes.

    Sales of bitumen, used for making roads, dropped about 41%, while fuel oil use fell 10.3% in March.

    Slump in fuel demand has already forced some refiners to halve crude processing and raise prompt exports of refined fuels.

  • Petrol Prices Fall For 3rd Day, Diesel Rates Remain Stable

    Petrol Prices Fall For 3rd Day, Diesel Rates Remain Stable

    Petrol prices continued to decrease for the third consecutive day on Tuesday, but the diesel prices remained stable after two days of decline. In Delhi, Kolkata and Mumbai the petrol prices were cut by 11 paise a litre, while in Chennai it was down by 10 paise per litre.

    According to the Indian Oil website, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has come down to Rs 75.70, Rs 78.29, Rs 81.29 and Rs 78.65 per litre respectively. At the same time, the price of diesel in the four metros continue to be Rs 69.06, Rs 71.43, Rs 72.42 and Rs 72.98 per litre respectively.

    On the international futures market the Intercontinental Exchange (ICE), Brent crude was trading at 64.41 dollars per barrel, up 0.28 per cent from the previous session.

    At the same time, American Light Crude West Texas Intermediate’s February deal was trading up 0.29 per cent at 58.32 dollar barrel on the New York Mercantile exchange. The first phase of the trade deal between the US and China is going to be signed on January 15.

    Experts say that due to this agreement many commodity markets will show an enhanced activity, but the price of fuel oil is unlikely to get much support.

  • Petrol, Diesel Prices Stable Across All Metros

    Petrol, Diesel Prices Stable Across All Metros

    Oil marketing companies have left petrol and diesel prices unchanged across the country on Wednesday. According to Indian Oil Corporation website, a litre of petrol costs Rs 74.76 in Delhi, Rs 77.44 in Kolkata, Rs 80.42 in Mumbai and Rs 77.72 in Chennai on Wednesday. Dies el costs Rs 65.73 a litre in Delhi, Rs 68.14 a litre in Kolkata, Rs 68.94 a litre in Mumbai and Rs 69.74 a litre in Chennai on Wednesday.

    The fuel prices are the cheapest in Delhi compared to all metros due to lower taxes. As per the daily pricing mechanism, the fuel prices are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements. The benchmark Brent crude was $62.98 per barrel in international market on Tuesday.

    Deputy vice president of Angel Broking, Anuj Gupta said: “The report of increase in crude oil stock in America has led to the decline in the international prices. This is likely to continue as talks on tariffs between the US and China are also going on which may lead to de-escalation of tensions.”

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  • Caltex set to float 49 per cent stake in 250 retail sites

    Caltex set to float 49 per cent stake in 250 retail sites

    Fuel and convenience retailer Caltex is planning to undertake an initial public offering (IPO) of up to a 49 percent stake in 250 retail sites.

    The retailer would retain a majority 51 percent interest and enter into a long-term lease agreement for each site. The 250 sites represent all the freehold sites in a core network of 500 sites.

    The retailer expects the proposed IPO to offer significant value for shareholders, while also allowing the company to maintain operational control of the core Convenience Retail network.

    “This transaction is expected to release significant capital that could be used to further strengthen the balance sheet, fund future growth opportunities and return capital to Caltex shareholders in a way that unlocks the franking credits balance, in line with our capital allocation framework,” Caltex chief financial officer Matt Halliday said in an update to the ASX on Monday.

    Caltex expects to make rental payments of between $80 million to $100 million to the property trust in the first year.

    At the company’s half-year results in August, a 54 percent drop in profit prompted plans to drive growth from an enhanced convenience offer through about 500 core sites. As part of its plans to reduce costs, the company is offloading 50 higher-value metropolitan petrol stations.

    Caltex issued an update on its convenience retail business on Monday morning, reporting that annual earnings before interest and tax is expected to be in the range of $190 ‐ 210 million, a significant increase on the first half of 2019, driven by an improvement in fuel margin.

    “Despite the softer conditions from ongoing Australian economic weakness, Caltex has continued to outperform our competitors in the retail fuel market by leveraging our fuel supply chain expertise and our high-quality retail network,” Caltex managing director and CEO, Julian Segal, said.

    Segal also pointed to the recent opening of the first Caltex Woolworths Metro store in North Ryde as another milestone for the retailer. A second store is set to launch in Kingsford, NSW, this week and a third will open in Melbourne early next year. A further update on the store rollout will be given at its Investor Day.

    If the proposed IPO is approved, the transaction is expected to be completed in the first half of 2020.

  • Petrol Prices Rise For 5th Consecutive Day

    Petrol Prices Rise For 5th Consecutive Day

    Petrol prices have surged in Delhi, Mumbai, Kolkata and Chennai, seeing a hike of 16 paise/litre. The upward trend in petrol rates continued on the fifth consecutive day on Monday, while the diesel prices remained constant for the sixth day in continuation.

    The prices have been affected by the rise in the crude oil rates in the international market. Though on Monday, the petrol rates in the international market remained unchanged, the Brent crude oil rates were the highest in the past two months.

    Accordingly, the petrol prices have been showing a surge with Delhi, Mumbai, Kolkata and Chennai seeing a hike of 16 paise/litre. As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.05/litre, Rs 76.74/litre, Rs 79.71/litre and Rs 76.97/litre respectively.

    The diesel rates, which have remained unchanged for six consecutive days are — Rs 65.79/litre, Rs 68.20/litre, 69.01/litre and 69.54/litre respectively. Brent crude futures were down by 0.05 percent, at $63.31 a barrel, which is the highest in the past two months.

    West Texas Intermediate (WTI) crude was at $57.84 a barrel, 0.02 percent higher than the previous session.

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  • Petrol Prices Decline On 5th Consecutive Day

    Petrol Prices Decline On 5th Consecutive Day

    Petrol prices continued a downward trend for the fifth consecutive day on Tuesday, while diesel prices remained unchanged after a slight dip on Monday. Delhi, Kolkata, Mumbai and Chennai saw a reduction of 5 paise/litre in petrol prices. According to the Indian oil website , in Delhi, Kolkata, Mumbai and Chennai, the petrol rates were – Rs 72.60/litre, Rs 75.32/litre, Rs 78.28/litre and Rs 74.45/litre respectively. The diesel rates in these metropolitan cities were — Rs 65.75/litre, Rs 68.16/litre, Rs 68.96/litre and Rs 69.50/litre respectively.

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  • Petrol, Diesel Prices Go Down For Two Days In A Row

    Petrol, Diesel Prices Go Down For Two Days In A Row

    Fuel price rates continued a downward trend for the second day on Friday. Delhi, Kolkata, and Mumbai saw a decline of 18 paisa a litre on petrol and Chennai 19 paisa per litre. Similarly, diesel rates also reduced by 8 paisa a litre in Delhi, Kolata and Mumbai and in Chennai the reduction was by 9 paisa a litre.

    “This festive season has seen the prices of fruit and vegetable soar. The rising fuel prices are one of the major factors for this. Now that the fuel rates are coming down, the consumers may benefit,” said Anuj Gupta, Vice-President of Angel Broking.

    As per the Indian Oil website, the new rates on petrol in Delhi, Kolkata, Mumbai and Chennai are Rs 74.33/litre, Rs 76.96/litre, Rs 79.93/litre and Rs 77.21/litre, respectively. The diesel rates after the decline are Rs 67.35/litre, Rs 69.71/litre, Rs 70.61/litre and Rs 71.15/litre, respectively.

    The fuel price has seen a decline for the past two days and in Delhi petrol rates have come down by 28 paisa/litre and diesel by 14 paisa/litre. Gupta said that the fuel rates will come down further as the brent crude oil price is declining.

    The fuel prices have seen a sharp rise after the drone attack on a Saudi oil facility on September 14. The Brent crude oil rates went up by $71.95 /barrel. But, now the rates are gradually coming down and the Brent Crude rates have come down by $14 per barrel.

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  • Gull continues CEO search

    Gull continues CEO search

    The leader of Caltex Australia for the past decade has announced his upcoming retirement.

    Managing director and chief executive Julian Segal, who started at the petrol and convenience business in 2009, will stay on board until a suitable replacement is found.

    Caltex chairman Steven Gregg said Segal has made significant contributions to the company during his tenure.

    “Julian has delivered outstanding outcomes for Caltex’s shareholders, improving operational and financial performance and steering the company through a number of challenges and transitions,” Gregg said.

    “We are pleased that Julian will continue to work to execute our strategy and ensure continuity of leadership as we implement plans to find his successor.”

    Julian oversaw major milestones in the petrol business, such as the closure of the Kurnell refinery, the establishment of Ampol Singapore, our expansion into New Zealand and the Philippines, and developing Caltex’s international fuel sourcing and supply chain, as well as driving an improved convenience offer in Australia.

    According to Gregg, Segal will be leaving an agile and resilient Caltex that is poised for further growth.

    Segal said leading the business has been an honour, and that he is committed to leading the business through the search for his replacement.

    “I am proud of what’s been achieved for shareholders, customers, employees and our community partners,” Segal said.

    “Caltex’s strength has always been its ability to adapt and transform and the company has an exciting future. I look forward to continuing to work with my colleagues to deliver the Caltex strategy as the Board works through the succession process.”

    Caltex will deliver its half-year results later this month. It expects group earnings before interest and tax to be just $120-140 million, compared to the $443 million it reported in the 2018 half, due to difficult conditions rising from a slowing Australian economy.

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  • Ford India Will Continue To Sell Diesel Cars

    Ford India Will Continue To Sell Diesel Cars

    Maruti Suzuki’s move to phase-out all diesel models within a year has certainly raised eyebrows. Tata Motors also in the past has said that it will only convert its 1.5-litre and above displacement diesel engines to BS6 and the low displacement diesel engines won’t make it beyond the timeline. There were several speculations about other carmakers as well. However, Ford India has stated that it will go ahead with diesel models in India and won’t pull the plug on any model. The American carmaker will be ready with BS6 powertrains well ahead of the April 1, 2020 deadline.

    Speaking with PTI, Vinay Rana, Executive Director, Ford India said, “We will continue to offer the power of choice to consumers and will not stop diesel models. Ford will also be fully ready with its range of BS-VI compliant diesel powertrains ahead of April 2020 implementation.” Raina believes that customers of Utility Vehicles traditionally prefer diesel engines. He added, “For instance, over 65 per cent of the consumers today buy EcoSport diesel variants compared to petrol. Despite government lifting subsidies on diesel over the years, we have seen the demand for diesel stay and expect the same to continue in 2020 and beyond.” However, he said that the company is expecting the prices of passenger vehicles in the industry to increase by up to 8 to 10 per cent.

    He also pointed out that Ford has launched its first CNG vehicle- the Aspire to support any possible shift from diesel and will continue to launch petrol versions of the models to complement diesel cars. “Ford – with the introduction of EcoSport in 2013 – was among the first to bring petrol engines into the consideration set of UV buyers. To complement the diesel technology, we will continue to deepen the portfolio of petrol engines and offer more BS-VI compliant petrol engines options to our consumers,” Raina added.

    Ford has also tied up with Mahindra to develop a new C-segment SUV for India and other developing markets. The new SUV will be developed on Mahindra’s platform and it will also supply the powertrain to Ford.

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  • Petronas Gas Q4 profit weighed down by Kimanis Power

    Petronas Gas Q4 profit weighed down by Kimanis Power

    Petronas Gas Bhd’s net profit fourth quarter ended Dec 31, 2018 fell 34.7% to RM317.90 million from RM486.70 million a year ago, largely attributed to share of losses from a joint venture company, Kimanis Power Sdn Bhd. The losses were due to de-recognition of deferred tax assets amounting to RM124.3 million (being 60% share of the group) in relation to certain tax benefits which now have a seven-year utilisation limit under the new Finance Act 2018.

    Its revenue grew 4.9% to RM1.39 billion compared with RM1.32 billion in the previous year’s corresponding quarter mainly contributed by the second liquiefied natural gas (LNG) regasification terminal in Pengerang, Johor which commenced commercial operations in November 2017, coupled with higher revenue from utilities and gas transportation segment.

    The group has approved a fourth interim dividend of 22 sen per share amounting to RM435.3 million in respect of the financial year ended Dec 31, 2018.

    For the full-year period, Petronas Gas’ net profit grew 0.98% to RM1.81 billion from RM1.79 billion a year ago, while revenue of RM5.5 billion was the highest in history, an increase of 12.3% compared to RM4.90 billion last year.

    The Energy Commission has approved the tariffs for the gas transportation and regasification services for 2019. While the tariffs are expected to affect the group’s transportation and regasification business segment revenues in 2019, both segments are anticipated to continue contributing positively to its earnings.

    The group’s gas processing segment is expected to deliver improved earnings pursuant to the higher fixed remuneration charge under the second term of the 20-year Gas Processing Agreement effective from 2019 until 2023.

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