NTPC and OIL Ink MoU To Collaborately Work on Renewable Energy, Green Hydrogen and Carbon Capturing

India’s largest power company, NTPC Limited, and the second-largest national oil and gas company of India, Oil India Limited, have signed a Memorandum of Understanding (MoU) on 31st August 2023, to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, and decarbonization initiatives including through use of geothermal energy.

The MoU shall also facilitate sharing of knowledge and experience on upcoming decarbonisation technologies such as carbon sequestration. Carbon sequestration is the process of capturing and storing atmospheric carbon dioxide

Through the MoU, the two energy giants intend to enhance their footprint in the domain of renewable energy and foray into sustainable solutions towards achieving the nation’s target of achieving Net Zero by the year 2070.

Last September, NTPC's Research & Development laboratory – NETRA, had set up a carbon capture plant at NTPC Vindhyachal. This plant has been designed to capture 20 tonnes of carbon dioxide (CO2) per day, which will use a modified tertiary amine to capture CO2 from the flue gas of the power plant. The CO2 will eventually be combined with hydrogen to produce 10 tonnes per day of methanol through a catalytic hydrogenation process.

NTPC is present across the power sector value chain, with a total installed capacity of 73,024 MW. Oil India Limited is a state-owned oil company engaged in the business of exploration, development and production of crude oil and natural gas.

NTPC is attempting to foray into green hydrogen since last couple of years. In July 2021, NTPC Renewable Energy Ltd (NTPC REL), NTPC’s wholly owned subsidiary had invited a domestic tender to set up India’s first Green Hydrogen Fuelling Station in Leh, Ladakh. Later in July 2022, NTPC REL awarded this project to Amara Raja Power Systems.

NTPC is committed to achieve 60 GW of Renewable Energy capacity by the year 2032. It aims to be a major player in Green Hydrogen Technology and Energy Storage domain. The company is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture and Fuel cell, buses among others.

Last November, NITI Aayog released a report, titled ‘Carbon Capture, Utilisation, and Storage Policy Framework and its Deployment Mechanism in India’. The report explored the importance of Carbon Capture, Utilisation, and Storage as an emission reduction strategy to achieve deep decarbonization from the hard-to-abate sectors. The report outlines broad level policy interventions needed across various sectors for its application.

Besides working in energy sector, NTPC is also putting efforts in women empowerment through entrepreneurship, as recently CSR Division of NTPC has signed an MoU with Entrepreneurship Development Institute of India (EDII), Ahmedabad, to facilitate New Enterprise Creation among the underprivileged women in the vicinity of NTPC Noida unit.

How are Fuel Prices Calculated in India?

As the global recovery gains strength, the surge in prices has led to record high prices of petrol and diesel in India. Rising crude oil costs, combined with increased taxation, have contributed to gasoline and diesel prices consistently breaking new records across the country in 2021. Oil Marketing Companies set prices for petrol and diesel depending on international product prices, currency exchange rates, tax structures, inland freight, and other cost factors.

Petrol Price in India

According to India's dynamic fuel pricing policy, the price of petrol is changed every morning at 6 a.m. As a result, checking the per litre petrol price in India daily is critical. Fortunately, because state-owned oil marketing corporations (OMCs) handle over 90% of retail fuel stations in India, they make the most up-to-date petrol price list in India available through both online and offline media.

While almost everything in the country is subject to GST, petrol prices are an exception. The current structure of petrol prices is excise duty + VAT. The VAT is collected by the state government, whereas the federal government collects the excise duty.

Haryana's petrol prices

Like every other state, Petrol Price in Haryana are updated daily.

 

On(22.10.2021)	On(21.10.2021)	On(20.10.2021)
Rs.102.5	Rs.102.5	Rs.101.83

On(22.10.2021)	On(21.10.2021)	On(20.10.2021)
Rs.102.5	Rs.102.5	Rs.101.83

Petrol Price in Punjab

Because of the dynamic fuel pricing system, the petrol price in Punjab is modified daily based on current global crude oil prices and currency conversion rates.

Factors Affecting Petrol Prices

• To begin with, crude oil prices fluctuate based on demand, global supply, and political reasons.
• The currency exchange rate between the Indian rupee and the US dollar is also dynamic. As a result, the price of oil fluctuates continuously.
• The expenses for oil refining and transportation are added by the oil marketing companies (OMCs).
• The dealer’s commission, the central excise duty, and value-added tax (VAT) levied by the state also get added to the petrol which directly affects its final price.

The Bottom Line:

Fuel costs in India are at an all-time high, with rates in almost all state capitals above Rs 100. While international crude oil prices influence the cost of fuel in India, it is only one factor driving up petrol and diesel costs. India ranks third in terms of oil consumption behind the United States and China, owing to substantial fuel imports. In the coming days, the country will gradually shift to using renewable resources such as wind, solar, biomass, hydroelectric power, and so on to attain energy sufficiency, as it wants to replace the usage of petroleum products.