Fossil Fuel

The European Commission has proposed an outline of a plan to make Europe independent from Russian fossil fuels well before 2030, starting with gas, in light of Russia's invasion of Ukraine. This plan, passed on Tuesday, also outlines a series of measures to respond to rising energy prices in Europe and to replenish gas stocks for next winter. Europe has been facing increased energy prices for several months, but now uncertainty on supply is exacerbating the problem.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. Notably, prices of petrol in Delhi had been static at Rs 103.97 per litre since the past one month. Prices have fallen in Delhi as it reduced the value added tax on the fuel from 30 per cent to 19.40 per cent. This decision was taken during a Cabinet meeting chaired by Chief Minister Arvind Kejriwal on Wednesday.

Called the Beyond Oil and Gas Alliance (BOGA), the effort brings together countries and subnational jurisdictions that have committed to ending new licensing rounds for oil and gas exploration and production, or have taken steps towards that goal, and recognise that phasing out fossil fuel extraction is an urgent and crucial component of tackling the climate crisis.

Accordingly, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on November 4 from the previous day's Rs 110.04 a litre, remained the same on Tuesday. The diesel prices also continued to be stable in the capital at Rs 86.67 a litre. In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel Rs 94.14 a litre.

Accordingly, petrol and diesel prices remained unchanged for the fourth consecutive day on Monday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on Thursday from previous days level of Rs 110.04 a litre, remains at the same level on Monday. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre.

A report by The Guardian highlights the risk of producing far more oil and gas than required for future demand, which is estimated to leave $11tn-$14tn in so-called stranded assets -- infrastructure, property and investments where the value has fallen so steeply they must be written off.