fuel stocks

Maharashtra government issued a statewide advisory against panic buying and hoarding of fuel, assuring adequate petrol and diesel stocks. The move follows a surge in demand and reports of industrial consumers buying from retail pumps, straining supplies for ordinary citizens. Authorities are intensifying inspections and warning of legal action for unauthorized transactions and hoarding.

No fuel shortage, but shift from credit to advance pay forcing pumps to ration sales

Government assures sufficient fuel stocks amid panic buying and dryouts in select states. Joint Secretary Sujata Sharma cited increased demand and logistical issues, not shortages. Fuel prices have risen significantly, with state-run companies still facing losses. Citizens are urged to conserve fuel and explore alternatives.

Commercial LPG prices have risen by up to Rs 53.50 per cylinder nationwide, effective June 1st. This adjustment aims to bolster fuel reserves amid West Asia conflict concerns. The government is pushing for 30 days of LPG reserves and intensifying anti-hoarding measures, assuring sufficient fuel stocks despite import reliance.

Oil Marketing Companies are still facing significant under-recoveries of nearly Rs 700 per domestic LPG cylinder. Despite government efforts to boost domestic production and secure imports, this financial strain persists. Meanwhile, LPG demand has moderated due to reduced commercial use and improved delivery systems, ensuring stable supplies.

Intuit, the software giant, faces a significant stock decline due to fears of AI-powered tax services challenging its TurboTax. Despite CEO Sasan Goodarzi's strong defense of their AI strategy and a major workforce reduction to focus on 'big bets,' including AI integration, the company's shares have plummeted.

IBM shares have seen a significant surge, adding billions to its market value, following a resurfaced video of Donald Trump praising CEO Arvind Krishna. This renewed attention, coupled with optimism around AI and quantum computing developments, has fueled a rally, with analysts pointing to social media buzz and momentum trading as key drivers.

The All India Motor & Goods Transport Association (AIMGTA) has called on the central government to lower petrol and diesel prices. They argue that the significant drop in international crude oil prices, from $104 to $90 per barrel, should be reflected domestically. This reduction, they state, is crucial to alleviate pressure on the transport sector and curb rising inflation.

Fuel prices in Odisha have climbed for the fourth time in ten days, pushing diesel past Rs 100 per litre. While traders assure sufficient stocks for now, they anticipate a ripple effect on essential goods like vegetables and groceries within a fortnight due to increased transportation costs. This gradual hike is expected to eventually impact consumers.

Both the Sensex and Nifty declined more than 1% as investor sentiment weakened amid growing concerns over the Iran-US conflict, continued foreign institutional investor (FII) outflows and a host of other market challenges.

India's foreign exchange reserves rebounded by $938 million to $682.321 billion in the week ending May 28, reversing the previous week's decline. This rise was primarily driven by an increase in foreign currency assets, despite a dip in gold reserves. The overall reserves had previously fallen due to Middle East conflict-related interventions.

US stocks saw a slight dip on Wednesday. Rising oil prices and tensions with Iran impacted the market. However, Wall Street stayed close to record levels. Investors are hopeful about the Strait of Hormuz reopening. Strong corporate earnings also provided support. Macy's and GameStop reported positive results. Palo Alto Networks saw a decline despite a profit beat.

Elon Musk's fortune has surged to $970 billion, with a potential SpaceX IPO poised to make him the world's first trillionaire. His wealth, primarily from SpaceX and Tesla holdings, allows for vast hypothetical purchases, exceeding the GDP of many nations. This immense accumulation is attributed to his intense work ethic.