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Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed by Governor Kathy Hochul. The new law requires companies responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage from climate change. Lawmakers approved the bill, signed on Thursday, earlier this year to force big oil and gas companies to contribute to the cost of repairs after extreme weather events and resiliency projects such as coastal wetland restoration and upgrades to roads, bridges and water drainage systems. The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard round the world: the companies most responsible for the climate crisis will be held accountable," said state Senator Liz Krueger, a Democrat who sponsored the bill. The planet's largest climate polluters bear a unique responsibility for creating the climate crisis, a
Karnataka BJP on Thursday held "Cycle Jatha" here, as part of its state-wide protest against the Congress government's decision to hike petrol and diesel prices. BJP workers and leaders led by its state President B Y Vijayendra sought to mark their protest by riding bicycles from the party's state office 'Jagannath Bhavan' to 'Vidhana Soudha'. However, the police stopped the protesters mid-way, detained Vijayendra and others and whisked them away in a bus. Former Deputy Chief Minister C N Ashwathnarayan and MLC C T Ravi were among the leaders who participated in the protest shouting slogans against the state government, which last week hiked sales tax on fuel making petrol and diesel costlier by Rs 3 and Rs 3.5 per litre, respectively. Speaking to reporters, Vijayendra said BJP is holding protests across the state in all the district and talk centres by blocking roads, against the government's decision to increase the prices, and urged the Chief Minister Siddaramaiah to roll it ..
After delivering back-to-back innovations in fuel grades, Indian Oil Corporation (IOC) has now set sight on the Grand Prix and will in next three months start producing fuel used in adrenaline-pumping Formula One or F1, motor racing. The firm's refinery at Paradip in Odisha will in three months produce the petrol used in F1 car racing, its chairman Shrikant Madhav Vaidya said. IOC, the country's largest oil firm controlling roughly 40 per cent of fuel market share, will be the first Indian company and only a handful globally that will produce fuel used in F1 racing. Vaidya said the company expects to get its Formula 1 fuel certified in around three months, after which it will start competing with other global majors like Shell to supply it to the F1 teams. F1 fuel is essentially high-octane petrol and the standards are heavily regulated by global motor sport governing body Federation Internationale de l'Automobile (FIA) on various counts, including permissible additives and blendin
State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday reported an 82 per cent jump in its December quarter net profit on the back of higher-than-expected refining margins and a rise in margins on fuel sales. Its consolidated net profit of Rs 3,181.42 crore in October-December - the third quarter of the current fiscal year, stated on April 1, 2023 - compares to Rs 1,747.01 crore earnings in the same period of the previous financial year, according to a company statement. Its profit was, however, lower than Rs 8,243.55 crore earnings in the preceding quarter (July-September 2023). The continuing freeze in fuel prices, which is now 21 months old, despite a fall in input raw material (crude oil) prices helped raise marketing margins. BPCL earned an estimated USD 13.3 on turning every barrel of crude oil into fuel like petrol and diesel during October-December. Pre-tax earnings from fuel marketing soared to Rs 4,372.93 crore in the third quarter from Rs 2,618.95 crore a year ba