Energy & Petroleum News Today

Base oil prices today have surged globally due to crude oil rally and severe supply disruptions caused by geopolitical tensions. Limited spot availability and reduced refinery output are tightening the market. In India, prices remain elevated, with strong automotive demand but constrained supply driving cautious procurement and bullish near-term outlook.

NTPC commissioned 100 MW of its Ramagundam Solar PV Project in Telangana, increasing its total installed capacity to 89,805 MW and commercial capacity to 88,725 MW, effective May 2, 2026, boosting its renewable portfolio.

India-made Toyota Urban Cruiser EV (eBella) ranked fifth in Norway's Q1 2026 sales, a market with 98.4% EV share. This validates Indian manufacturing for global EV markets, with its India launch expected this month.

AP government allocates Rs 250 crore to boost EV adoption and infrastructure across five cities, including Visakhapatnam. This aims to establish charging stations every 9-30 km, reduce carbon emissions by 2047, and achieve carbon neutrality.

MNRE updated ALMM, adding Renewsys (452 MW TOPCon) and revising Waaree's cell capacity. India's solar cell manufacturing now exceeds 30 GW, with Reliance (1238 MW), Jupiter (991 MW), and Websol (1202 MW) also expanding.

India's solar industry faces unease over ALCM rollout for cells by June 2026. Delays push domestic capacity to 2027, risking supply shortages for the 50 GW market, despite 112.6 GW planned.

JNPA inaugurated India's largest battery swapping & charging station for Heavy Electric Vehicles at NSFT Terminal. This landmark initiative boosts sustainable maritime operations, reducing carbon emissions and promoting green energy adoption.

Russia is expanding its oil and gas market amid the Iran conflict and fuel crisis. It will supply Indonesia with 150 million barrels by year-end, Japan, and increased EU LNG imports in Q1 2026, capitalizing on global supply shortages.

Air India's May 7 board meeting will address cost-saving measures, CEO selection, and financials, amidst projected ₹22,000 crore FY26 loss. Headwinds like West Asia conflict and rising fuel prices force unbundling plans and flight cuts, impacting profitability.

Spirit Airlines' shutdown impacts Coforge, though Coforge states less than 0.1% FY27 revenue impact. Rising jet fuel prices from the Iran crisis threaten wider Indian IT firms, as airlines cut costs, risking more bankruptcies.