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NEW YORK: A deal to sell the Philadelphia Energy Solutions (PES) oil refinery to a Chicago-based real estate developer is expected to close on Friday for US$26.5 million less than originally agreed to, lawyers for the bankrupt refiner said in court on Thursday. The sale to Hilco Redevelopment Partners (HRP) would end the prospect of a restart of the 335,000-barrel-per-day south Philadelphia refinery, the largest and oldest on the East Coast, which was idled a year ago after a fire badly damaged the plant. PES agreed to reduce the purchase price to US$225.5 million, US$26.5 million less than agreed upon earlier this year. HRP requested a reduction due to economic uncertainty caused by the coronavirus pandemic and higher-than-expected costs to clean up the refinery site. Earlier this month, the two sides asked the U.S. Bankruptcy Court for the District of Delaware to cut the purchase agreement by US$27.5 million but settled overnight on the current price tag, lawyers for the … [Read more...] about Philly refiner nears final deal with developer, amends price again

New Delhi: Several new rules will come into force from Monday (March 1) affecting the daily life of people. Under the new rules, the LPG Cylinder price has been increased by Rs 25 per cylinder from today. This is the 4th hike since February, which takes the cumulative hike to Rs 125 per cylinder now. If you are in Delhi, you have to pay more for a domestic gas cylinder, which will now cost Rs 819. The 14.2 Kg gas cylinder will cost more in the national capital as the domestic oil companies have decided to raise the price by Rs 25. In February, the LPG rates were revised thrice amid surging crude oil prices. Currently, a 14.2 Kg cylinder is priced at Rs 794 in the national capital while it costs Rs 745.50 in Kolkata and Rs 735 in Chennai. First, it was increased on February 4 by Rs 25 and then on February 14 by Rs 50. Since December, cooking gas prices are constantly being hiked by Rs 200 per cylinder. The state-run oil companies are tasked with determining the … [Read more...] about LPG cylinder prices increase by Rs 25, check Delhi rates

REUTERS: Off-road truck champion and X Games medallist Sara Price was announced on Thursday as the first driver for the inaugural Extreme E Series, joining Chip Ganassi Racing for the new all electric SUV event. Price, who currently competes in off-road desert racing, and works as a stunt professional, becomes one half of the Ganassi team who will also announce a male driver as Extreme E cars are required to have one of each gender. "This is a tremendous opportunity for me and something I've been working my whole career for," said Price in a statement. "When you think of the name Chip Ganassi, you immediately think about winning. "As a racer, that's the type of owner you want to race for. "The 2021 season seems far away but there is much to be done to get ready in a new form of racing and for the challenges the series presents. It's a very exciting time not only for myself, but for this championship and the climate and environmental issues it intends to bring attention to." … [Read more...] about Price is right for first driver in Extreme E

WASHINGTON, DC: US consumer prices fell for a third straight month in May and underlying inflation was weak as demand for goods and services remained subdued amid a recession caused by the COVID-19 pandemic. But with nonessential businesses reopening after shuttering in mid-March to slow the spread of COVID-19, deflation, a decline in the general price level, is unlikely. Still, the report from the Labor Department on Wednesday (Jun 10) suggested the disinflationary trend could persist for a while. That together with a struggling labor market could see the Federal Reserve maintaining its very accommodative monetary policy stance for some time while nursing the economy back to health. Officials from the US central bank were wrapping up a two-day policy meeting on Wednesday. "We expect the crisis to result in a sustained slowing in inflation due to a net increase in slack," said Jim O'Sullivan, chief US macro strategist at TD Securities in New York. "The trend in inflation was … [Read more...] about US consumer prices fall for third straight month in May

For Quick Alerts Subscribe Now COVID-19 vaccination: No glitch in CoWIN from the start, says RS Sharma View Sample For Quick Alerts ALLOW NOTIFICATIONS For Daily Alerts #Petrol Prices Fuel price hike: Petrol, diesel rates hold steady for 2nd consecutive day #Petrol Prices Congress mocks Petroleum minister over his remark on fuel prices #Petrol Prices Centre, states should talk on reducing fuel prices: Sitharaman #Petrol Prices Transport strike in Tamil Nadu, affects commuters in State #Petrol Prices Fuel price rise does not impact only those who use cars, bikes: RBI Governor #Petrol Prices Fuel prices: Nagaland cuts taxes on petrol and diesel, fuel prices come down Just In 29 min ago 1.28 lakh people over 60 years get 1st dose of COVID vaccine 35 min ago China refutes reports on attacks against India's power grid 52 min ago 'Not … [Read more...] about Maharashtra government can cut taxes, reduce fuel prices: Devendra Fadnavis

Varanasi: Citing hike in petrol price as the reason, an advocate has sought permission from the SSP for admission in horse riding training being given by the mounted police unit. In his application dated February 27, the lawyer Dr Harishchandra Maurya said that he has to cover a distance of around 20km to come to the court from his residence in Sindhora area. Owing to the increased price of petrol, he wants to buy a horse, he said and urged the SSP to allow him for horse riding training at the police lines. “I have submitted my application to the SSP office, and I am waiting for a response,” Maurya told TOI on Sunday. In order to provide training to horse riding enthusiasts, the horse-riding school run by the traffic police gives a 15-day training against a prescribed fee. “Any enthusiast above 10 can apply and get training by the mounted police,” said the sub-inspector and in-charge of mounted police unit Ram Kumar. He said that currently only one person is getting … [Read more...] about Advocate seeks horse riding training permission after fuel price hike

BEIJING: Tesla Inc has cut prices of its electric vehicles by as much as 6per cent in North America following a decline in auto demand in the region during weeks of lockdown that have now started to ease. Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs). Auto retail sales in the United States likely halved in April from a year earlier, showed data from J.D. Power. However, sales in May are likely to improve due to pent-up demand and incentives offered by most carmakers, the analytics firm said. Automakers including General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV , are offering 0per cent financing rates and deferred payment options for new purchases. Factories in the United States started to reopen earlier this month with suppliers gearing up to support an auto industry employing nearly 1 million people. Tesla was briefly forced to stop work at … [Read more...] about Tesla cuts prices by as much as 6per cent in North America to boost demand

BOSTON (CBS) — Gas prices continue to go up in Massachusetts and around the country. AAA said Monday that the average gas price for the state is up eight cents from last week, climbing to $2.64 per gallon. The current price is a quarter higher than one month ago. It is eight cents below the national average. READ MORE: Boston University Student Charged With Fenway Park Break-In According to AAA, the increase is a “direct result of February’s winter storm that took 26 U.S. refineries offline.” Drivers shouldn’t expect immediate relief. The national average could rise over $2.80 in March. READ MORE: Third Stimulus Check: How Could The Economic Relief Package Put More Money In Your Pocket? “Barring hurricane season, March may bring the most expensive pump prices of 2021,” said Mary Maguire, AAA Northeast Director of Public and Government Affairs, said in a statement. “While the month is roaring in like a lion, by the end of it we could see some relief at the pump as … [Read more...] about Massachusetts Gas Prices Up Again; March Could Be Most Expensive Month At The Pump

WASHINGTON: U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, bolstering some economists' predictions for a brief period of deflation as the novel coronavirus depresses demand. The report from the Labor Department on Wednesday followed data on Tuesday showing consumer prices dropping by the most since the 2007-09 Great Recession, and a measure of underlying inflation posting a record decline. It also came as Federal Reserve Chair Jerome Powell cautioned the economy could face an "extended period" of weak growth and stagnant incomes. Lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus, have weighed on demand, with the economy contracting in the first quarter at its sharpest pace since the final three months of 2008. Deflation, a decline in the general price level, is harmful during a recession as consumers and businesses may delay purchases in anticipation of lower prices, … [Read more...] about US producer prices record largest drop since 2009 as coronavirus suppresses demand

WASHINGTON: US producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, bolstering some economists' predictions for a brief period of deflation as the novel coronavirus depresses demand. The report from the Labor Department on Wednesday (May 13) followed data on Tuesday showing consumer prices dropping by the most since the 2007-09 Great Recession, and a measure of underlying inflation posting a record decline. It also came as Federal Reserve Chair Jerome Powell cautioned the economy could face an "extended period" of weak growth and stagnant incomes. Lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus, have weighed on demand, with the economy contracting in the first quarter at its sharpest pace since the final three months of 2008. Deflation, a decline in the general price level, is harmful during a recession as consumers and businesses may delay purchases in anticipation of lower … [Read more...] about US producer prices record largest drop since 2009