Auto Industry News

India and other members of the Shanghai Cooperation Organisation (SCO) will discuss energy security at the regional security bloc's meeting in Uzbekistan, India's foreign secretary Vinay Kwatra said.

Oil prices fell about 1% to a near two-week low in volatile trade after the U.S. Federal Reserve delivered another hefty rate hike to quell inflation that could reduce economic activity and demand for oil.

A planned Western price cap on Russian oil is already making a difference, U.S. Treasury Secretary Janet Yellen said, noting that Russia was now offering China and India "enormous discounts" while looking for other outlets for its oil.

Oil prices rose on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China's COVID-19 curbs and weakness in the global economy loomed over the market.

India's Reliance Industries said late it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million.

India's government raised taxes on aviation turbine fuel exports to 9 rupees ($0.11) per liter from 2 rupees per liter, a government notification said.

Thousands of people joined protests across Indonesia this week against a fuel price increase but even as anger mounts on the streets of Southeast Asia's largest economy, analysts say President Joko Widodo is well placed to weather the storm.

Indonesia's Transport Ministry has raised fares for app-based motorbike transport services to account for the recent fuel price hike, senior official Hendro Sugiatno said.