Petrol and diesel prices, after reporting a new high on Tuesday, are expected to continue their upward spiral following cues from the global markets amidst a slow US output restart. With crude oil rising above $66 per barrel in the international market and no hint of scaling back of taxes from the government, fuel prices are expected to reach fresh highs in India.
State oil marketing companies have also raised pump petrol and diesel prices by 35 paise per litre each on Tuesday. With the latest round of increase, the price of petrol remained stagnant at yesterday’s prices in all four metros. Currently, the price of petrol in New Delhi is Rs 90.93 per litre. In Kolkata, petrol now costs Rs 97.34 per litre in Mumbai and Rs 92.90 per litre in Chennai.
In comparison, the diesel prices too edged upwards in India. The diesel rates in the country stood at Rs 81.32 per litre in New Delhi, Rs 84.20 per litre in Kolkata, Rs 88.44 per litre in Mumbai and Rs 86.31 per litre in Chennai.
According to an Economic Times report quoting investment bank Goldman Sachs, the price of crude oil is expected to rise up to $70 by the second quarter of the year. The report also mentioned amid wider Covid-19 vaccine roll out, increased economic activity and few other factors by key producers are boosting oil prices that have been rising since October last year.
The Reserve Bank of India (RBI) had stated that a ‘calibrated unwinding’ of high taxes on both fuels in a coordinated manner by both Centre and State governments will be key to contain further build-up of cost pressure in the economy.
Due to the constant rise in rates since January this year, petrol and diesel prices have been breaching record highs in India. In some parts of Maharashtra and Rajasthan, petrol price per litre has already breached Rs 100 mark due to a combination of high centre and local taxes.
However, four states have taken the initiative of reducing the burden on consumers by lowering state-related taxes on both fuels. The states of West Bengal, Rajasthan, Assam, and Meghalaya reduced taxes in the last two weeks.
Airline CEOs, Biden Officials Consider Green-Fuel Breaks
Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.
The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.
United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.
A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.
Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.
Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.
The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.
The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.
The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.
Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.
Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
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