For that to happen America does not have to lose. It only has to do the right thing, asserts Aakar Patel.
At 5% customs duty, the govt will earn more than $3 bn
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
India responds to US President Trump's claim that PM Modi assured him of halting Russian oil imports, stating it is diversifying energy sources to meet market conditions and safeguard consumer interests.
'India should understand that we are not going to make the same mistakes with India that we made with China 20 years ago.'
Prime Minister Narendra Modi addressed the Lok Sabha on the West Asia crisis, expressing concern over its impact on the global economy and assuring the safety of Indian citizens in the region.
Prime Minister Narendra Modi addressed the Lok Sabha on the West Asia crisis, expressing concern over its impact on the global economy and assuring the safety of Indian citizens in the region.
Responding to concerns raised by Leader of the Opposition Rahul Gandhi in the Lok Sabha, Petroleum Minister Hardeep Puri said it is the foremost priority of the government that the kitchens of over 33 crore families, especially the poor and the underprivileged, do not face any shortage of gas.
Some are treating the price correction as akin to a fiscal stimulus that could kick-start a new demand cycle in the economy.
For starters, the Iran situation is sure to have an impact on crude oil prices, as the world has little spare capacity.
Indian equities on Dalal Street saw volatility as global market trends and fresh tariff concerns linked to Donald Trump impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for Feb 24, 2026.
Equity benchmark indices Sensex and Nifty experienced a significant decline, primarily driven by a selloff in IT stocks due to concerns about AI disruption and renewed worries over global trade.
Indian officials will visit the US to finalise the legal text for an interim trade agreement, expected to be signed in March, focusing on duty concessions and reciprocal tariffs.
The Indian government is dealing with the matter having in mind the national interests of this country in the first place, he said.
Brent crude oil prices may rise to $110 a barrel in 2023, up nearly 33 per cent from the current levels, said analysts at Morgan Stanley, in a recent note. This is, however, lower than the peak level of nearly $127 touched earlier in 2022 as geopolitical concerns took centre stage amidrising demand. "Looking ahead, Brent oil price growth will decelerate even more in the coming quarters. "This comes even as our global oil strategist expects a rise in oil prices back to $110 a barrel by the second half of 2023.
Move could fetch the exchequer Rs 14,000 cr
Prime Minister Narendra Modi addressed Parliament on the West Asia crisis, advocating for dialogue and diplomacy, ensuring the safety of Indians in the region, and addressing concerns about fuel and food security.
Congress leader Rahul Gandhi has accused Assam Chief Minister Himanta Biswa Sarma of corruption and land grabbing, promising action if the Congress party wins the upcoming elections in Assam. Gandhi also criticised the BJP's governance and economic policies.
The Indian rupee depreciated by 32 paise to close at 92.83 against the US dollar, influenced by escalating global tensions, particularly the US-Iran conflict, and the deadline for the RBI's instructions to banks to curb overnight positions.
Amidst escalating tensions in West Asia, India strongly condemns the recent attacks on energy infrastructure, warning of further destabilisation to the already uncertain global energy market.
India's crude oil production fell 2.3 per cent in August but natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP, government data released on Wednesday showed. Crude oil production dropped to 2.51 million tonnes in August as output from fields operated by state-owned Oil and Natural Gas Corp (ONGC) dipped. India is 85 per cent dependent on imports to meet its oil needs and the government has been for long looking at ways to raise the domestic output so as to reduce import dependence.
India's electric vehicle (EV) market experienced a significant surge in financial year 2025-26 (FY26), with e4W registrations nearly doubling and e2Ws growing by over 20%, propelled by expanding charging infrastructure, diverse model launches, and accessible financing.
United States President Donald Trump on Wednesday said Prime Minister Narendra Modi had assured him that India would stop purchasing oil from Russia, describing it as "a big step" in efforts to increase global pressure on Moscow.
The Organization of the Petroleum Exporting Countries (Opec) and its partners, such as Russia, collectively termed Opec+, have decided to cut crude oil production by 100,000 barrels per day (bpd) from October onwards, at a meeting on Monday. In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook. The cut in output is equal to 0.1 per cent of global supply.
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
Indian benchmark indices Sensex and Nifty surged over 1 per cent, with the Sensex jumping 918.60 points, driven by strong buying in banking and financial counters and a positive trend in global equities, fuelled by hopes of easing West Asia tensions.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
Crude oil volumes on the MCX platform touched a record level of 10.19 million barrels on Wednesday because of increased participation from investors amid high volatility in global crude prices. Although, there was a sharp fall in crude oil prices on Wednesday, but volumes remained upbeat, experts said, adding that prices were below $130 per barrel.
Benchmark indices tumbled about 2 per cent on Friday, capping one of the most turbulent weeks for domestic equities as investors fretted that the West Asian conflict could drag on for weeks or even months.
US crude oil futures edged down on Tuesday after hitting an 8-week high of $82 a barrel on Monday.
US President Donald Trump claimed India will stop buying oil from Russia, while also stating China will cut back substantially. He also discussed the conflict between India and Pakistan, reiterating his claim of helping settle the conflict.
The basket of crude oil India imports averaged $99 a barrel on Tuesday, the lowest level since April 2, a petroleum ministry official said. It had averaged $96.52 a barrel on April 1 and crossed the $100 mark on April 7.
The Indian government has convened an all-party meeting to discuss the ongoing crisis in West Asia, following Prime Minister Modi's address to Parliament on the situation and its potential impact on India.
Higher discounts on crude oil offered by the United Arab Emirates (UAE) to wean India away from Russian crude may soon see Indian refiners ramping up purchases from the Gulf nation, officials at multiple refiners said. They also pointed to the recent agreement on trade settlement in national currencies signed between India and the UAE as a reason for this. "While discussions are underway, the UAE has offered discounts on crude, which will be more than that of the current level of Russian discounts.
Crude oil futures again flirted with the $60 a barrel mark Friday as prices rose on speculative buying and fears of supply disruptions due to refinery glitches.
In view of the disruptive situations, the Central government has also announced a financial relief package of Rs 497 crores aimed at helping exporters affected by disruptions in West Asia.
The benchmark BSE Sensex's trailing 12-month price-to-earnings (P/E) multiple has declined to 20.2x, its lowest since May 2020, driven by a record $42 billion FPI selloff since September 2024 and concerns over corporate earnings and economic growth.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances