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Petrol and diesel rates cut by Rs.2 a litre

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New Delhi: Oil marketer Indian Oil Corp on Wednesday cut petrol and diesel prices each by Rs 2.per litre effective midnight, following a fall in international crude oil prices consequent to the Iran nuclear deal.

“Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has also appreciated during this period. Combined impacts of both these factors warrant the said downward revisions,” IOC said in a statement here.

Petrol prices were last cut on June 30 by 31 paise per litre and diesel by 71 paise a litre in line with a fall in international oil rates.

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Image Source: www.deccanchronicle.com

IOC announced that the price of petrol per litre from Thursday will be Rs.66.90 in Delhi, Rs.71.57 in Kolkata, Rs.71.97 in Mumbai and Rs.67.29 in Chennai.

Diesel will cost Rs.49.72 a litre in Delhi, Rs.52.75 in Kolkata, Rs.55.15 in Mumbai and Rs.51.08 in Chennai.

However, after the Delhi government decided to increase the value added tax on the transport fuels, the retail price here for petrol will be Rs.69.43 per litre and for diesel, Rs.52.07 per litre.

The Indian basket of crude oil on Tuesday fell to $56.33 for a barrel of close to 160 litres. (IANS)

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Production of cleaner diesel by a new method

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London: A team of researchers from two European universities have discovered a new approach to the production of much cleaner diesel.

Researchers from the Belgium’s University of KU Leuven and Netherland’s Utrecht University used catalysts to produce clean diesel, which can quickly be scaled up for industrial use, according to a KU Leuven statement.

Catalysts are substances that trigger the chemical reactions that convert raw material into fuel. In the case of diesel, small catalyst granules are added to the raw material to sufficiently change the molecules of the raw material to produce useable fuel.

The catalyst used for this particular study has two functions, represented by two different material — a metal (platinum) and a solid-state acid.

During the production process for diesel, the molecules bounce to and fro between the metal and the acid. Each time a molecule comes into contact with one of the materials, it changes a little bit. At the end of the process, the molecules are ready to be used for diesel fuel.

The assumption has always been that the metal and the solid-state acid in the catalyst should be as close together as possible to speed up the production process by helping the molecules bounce to and fro more quickly.

However, Johan Martens of KU Leuven and Krijn de Jong of Utrecht University have now discovered that this assumption is incorrect.

“Our results are the exact opposite of what we had expected. At first, we thought that the samples were switched or that something was wrong with our analysis”, said professor Martens.

“We repeated the experiments three times, only to arrive at the same conclusion — the current theory is wrong. There has to be a minimum distance between the functions within a catalyst. This goes against what the industry has been doing for the past 50 years.”

Cars that are driven by this clean diesel would emit far fewer particulates and carbon dioxide. The researchers believe that their method can be scaled up for industrial use with relative ease, so the new diesel could be used in cars in 5-10 years.

The new technique can be applied to petroleum-based fuels but also to renewable carbon from biomass.

(IANS)

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Petrol and diesel prices hiked from Monday

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New Delhi: With Indian Oil Corporation hiking the price of petrol and diesel by 36 paise/litre and 87 paise/litre (including State levies), respectively, from midnight of November 15/16, petrol in the capital will now cost Rs 61.06/litre and diesel will come at Rs 46.80/litre.

Indian Oil said at a Press release that  current international prices of petrol and diesel and the rupee-dollar exchange rate has compelled the hike in prices.

The public sector oil marketing company said it would continue to closely monitor the movement of prices in the international oil market as well as the rupee-dollar exchange rate.

The developing trends would be reflected in future price changes, it added.

(Picture courtesy: www.ibtimes.co.in)

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India’s fuel consumption to grow in 18 months

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www.forestagency.com

New Delhi, India’s GDP growth and low global crude oil prices will lead to the country to higher fuel consumption over the next 18 months, Moody’s Investors Service said on Monday.

“We expect the Indian economy to grow at a faster pace, with GDP growth for the fiscal year ending March 2016 at 7 percent and 7.5 percent for the following year,” Moody’s said in a report.

The report said improved economic growth coupled with low oil prices will support higher consumption of refined petroleum products in India over the next 18 months.

“Lower crude prices will reduce refiners’ feedstock costs and minimise working capital requirements, which together with healthy earnings, will boost cash flows and allow refiners to reduce borrowings,” the ratings agency said in “Refining and Marketing – Asia Outlook Stable on Modest EBITDA Growth, Easing Supply Overhang”.

It said state-run Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL) have reduced their debt levels over the past 12 months.

Moody’s estimated that 300,000 barrels per day of new capacity from IOC’s Paradip refinery and 112,000 bpd from expansion of Bharat Petroleum’s Kochi refinery will come online through 2016.

“We anticipate the current wave of capacity additions will reduce refiners’ production costs and boost refining complexity. This capacity to produce more higher-value distillates per barrel of crude oil will also amplify supply pressure,” it said.

Moody’s also expects the region’s improved supply-demand balance would encourage regional refiners to keep refinery utilisation rates stable over the next 18 months amidst increasing capacity.

(IANS)