Beauty is what you buy

Oil Minister Hardeep Singh Puri expects oil prices around $65 per barrel. Ample supplies are expected in the market. High spare production capacity is influencing the oil market. The government plans to fill Strategic Petroleum Reserves. Global supplies might increase if sanctions on Iran and Russia are lifted. Iran could become a major supplier again.

Adani Energy Solutions Ltd. (AESL) has secured a ₹1,660 crore project in Maharashtra to transmit 1.5 GW of green power from Raigad’s hydro-pumped storage projects to Mumbai. The project, executed via WRNES Talegaon Power Transmission Ltd, includes developing 3,000 MVA of substation capacity and associated transmission lines, expected by January 2028.

Prime Minister Narendra Modi initiated a Rs 1,010 crore city gas distribution project in West Bengal’s Alipurduar, aiming to supply piped natural gas to over 2.5 lakh households and establish 19 CNG stations.

BP Plc’s Castrol lubricant business is drawing significant interest from a range of potential buyers, including Reliance Industries, Apollo Global Management, Lone Star Funds, Brookfield Asset Management, and Stonepeak Partners. Saudi Aramco is also considering a bid for the unit, which could fetch between $8 billion and $10 billion.

Domestic natural gas prices in India are expected to decrease next month, potentially lowering costs for consumers of CNG and PNG. This price drop, driven by declining crude oil prices, marks the first time in two years that domestic gas will fall below the government’s ceiling price.

Adani Energy Solutions plans to raise funds through equity share issuance via private placement, qualified institutions placement, or preferential issue, subject to shareholder approval. The board meeting to approve the proposal is scheduled for Saturday.

India’s nuclear regulator AERB has approved the construction of four 700MWe atomic power reactors at Mahi Banswara in Rajasthan, subject to compliance with specific conditions. The project, undertaken by Anushakti Vidyut Nigam, a joint venture between NPCIL and NTPC, involves indigenously developed Pressurised Heavy Water Reactors.

India’s power demand is set to surge. ICRA projects a 6-6.5% growth over five years. Electric vehicles, green hydrogen, and data centres will fuel this rise. Generation capacity addition is expected to hit a record 44 GW in fiscal year 2026. Renewable energy will be a key driver. Thermal power is also seeing increased capacity.

Diesel consumption patterns varied across Indian states in 2024-25. Delhi saw a 9% drop, influenced by a shift away from diesel vehicles. Maharashtra and Chhattisgarh experienced increases. State-level factors like economic activity and regulations played a role. Uttar Pradesh’s consumption rose due to the Maha Kumbh. These trends highlight diverse fuel demands across the nation.

India’s coal import decreased by 7.9% in FY25, resulting in significant foreign exchange savings of approximately USD 7.93 billion. While coal-based power generation increased, imports for blending by thermal plants sharply declined by 41.4%. This reflects India’s commitment to self-sufficiency through initiatives boosting domestic coal production.