Indonesia Considers Reviving Its B50 Biodiesel Plan as Oil Prices Rise

Indonesia revisits B50 biodiesel plan amid rising oil prices

Indonesia is considering reviving plans to launch a mandatory B50 grade of biodiesel blend as global oil prices climb above US$100 per barrel following the escalating conflict in the Middle East. The policy would increase the share of palm oil-based biodiesel in diesel fuel to 50%, up from the current mandate. Deputy Energy Minister Yuliot Tanjung stated that the government is monitoring price developments before making a final decision. 

Indonesia’s biodiesel mandate often affects global palm oil prices, as higher domestic use reduces the amount available for export. Officials are also considering accelerating other biofuel programmes, including plans to expand ethanol blending in gasoline. 

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Further reading: Indonesia may revive B50 biodiesel mix plan as oil prices soar

Singapore faces rising petrol and electricity prices as oil surges past US

Consumers and businesses in Singapore may face higher petrol and electricity prices as global oil prices surge following the escalating conflict in the Middle East. The recent attacks on oil and liquefied natural gas (LNG) facilities across the region have disrupted shipments through the Strait of Hormuz, a key global shipping route for oil and gas. Brent crude oil rose sharply to around US$111 per barrel after the attacks, raising concerns about further increases if disruptions continue. Singapore imports a majority of its energy, including natural gas used to generate electricity. Therefore, prolonged supply disruptions could lead to higher energy costs for households and businesses. 

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Further reading: Singapore consumers in for higher petrol, electricity prices as oil spikes past US$100

EU considers measures to ease high energy costs for industry

The European Union is examining possible measures to reduce energy costs for industries struggling with high power prices, according to a document seen by Reuters. Officials are looking at areas such as energy taxes, network charges and carbon costs as a part of potential short-term relief.  The European Commission is preparing options for EU leaders to discuss at a summit on March 19. The proposals are intended to help industries facing high energy costs while the EU continues to shift towards cheaper, low-carbon energy. 

The document also notes that governments could make greater use of existing tools, including state aid to offset carbon costs and contracts that guarantee stable electricity prices for industrial consumers. 

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Further reading: EU looks to soften energy bill pressures for industry, document shows

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India cement firms face antitrust probe over alleged price collusion

India’s competition regulator has uncovered evidence of a long-running price-fixing cartel involving several cement companies supplying oil well cement to the state-owned Oil and Natural Gas Corporation (ONGC). A five-year investigation by the Competition Commission of India found that firms, including Dalmia Bharat, Shree Digvijay and India Cements, submitted identical bids in multiple tenders between 2007 and 2018, suggesting coordinated pricing and bid rigging. 

Investigators also found evidence that company executives communicated with each other to coordinate supply and divide contracts when bidding for cement orders from state-owned ONGC. The regulator said the companies shared information and attempted to limit competition in the tenders. The firms have been asked to respond to the findings, and the Competition Commission could impose significant fines if the violations are confirmed. 

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Further reading: Exclusive: Lucky numbers and collusion: how an Indian cement cartel came unstuck

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