Though India has unilaterally scrapped duties on import of crude oil, it is not a binding commitment. Brunei's request to scrap duties on crude oil was acceded to since the commodity forms a bulk of its exports, the official said, adding this is not the case with Malaysia. India meets 75 per cent of its crude oil requirements through imports. As an inflation control measure, the government has scrapped import duty on the commodity.
The price of the Indian basket of crude oil jumped as much as 78 per cent to cross $50 a barrel last week, from a multi-year low of $28 in January.
Reliance Industries has seen crude oil production falling by more than 31 per cent from its MA oil field in the predominantly gas-rich KG-D6 block off the east coast.
The Reserve Bank of India (RBI) maintained its key policy rates for the fourth consecutive time, keeping the repo rate at 5.25 per cent, while the benchmark BSE Sensex closed 152 points higher in a volatile session, recovering from an intraday dip.
Reliance Industries (RIL) delivered a better-than-expected operational performance in Q1FY27, driven by a recovery in its oil-to-chemicals (O2C) business and robust gains in the telecom (Jio) segment, though its retail arm missed estimates. Analysts highlight the upcoming Jio Platforms IPO and execution in new energy and consumer businesses as key triggers for the stock's future growth.
Congress leader Rahul Gandhi on Monday launched a scathing attack on Prime Minister Narendra Modi over the latest fuel hike, saying mehangai manav has struck again and he has just one job of making promises during elections and attacking people's pockets at other times.
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.
RBI Governor Sanjay Malhotra stated that the central bank is closely monitoring whether the supply shock from the West Asia conflict will lead to a generalised price rise, potentially necessitating monetary policy action.
India, the world's third-largest oil consumer, spent 2.5 billion euro on buying crude oil from Russia in September, 14 per cent less than the previous month, a European think tank said. India remained the second-largest buyer of Russian fossil fuels in September behind China, according to the Centre for Research on Energy and Clean Air (CREA).
Indian benchmark indices, Sensex and Nifty, closed almost flat in choppy trade as investors remained cautious due to ongoing uncertainty in West Asia, relentless foreign fund outflows, and anticipation of the RBI's monetary policy decision.
Indian benchmark indices, Sensex and Nifty, closed lower due to significant selling in HDFC Bank and Axis Bank shares, driven by margin-related concerns and escalating US-Iran tensions, which also pushed crude oil prices higher.
The domestic crude oil producers will benefit from levy of customs duty at 5% on crude oil, and effective tax incidence will come down due to weighted deduction on R & D as well as cut in the surcharge on corporate taxes for domestic companies
Indian equity benchmarks Sensex and Nifty surged nearly 1 per cent, driven by strong earnings reports from FMCG and auto sectors, alongside a rally in Asian markets and signs of de-escalation in geopolitical tensions.
India's banking system is grappling with a persistent liquidity surplus exceeding Rs 5 trillion, driven by significant government spending and bond redemptions, leading market participants to anticipate the Reserve Bank of India will step up Variable Rate Reserve Repo operations to manage the excess funds.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
Indian private sector and State-run refiners continued to receive crude oil from Russian suppliers even after November 21 -- the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October -- as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
Oil processing facilities form the foundation of the worldwide energy sector, converting crude petroleum into essential fuels such as petrol, diesel, aviation fuel and various petrochemical products.
Foreign Portfolio Investors (FPIs) withdrew Rs 49,340 crore (USD 5.16 billion) from Indian equities in June, driven by global risk aversion, a preference for developed markets, soaring US bond yields, and stretched domestic valuations, bringing total withdrawals to Rs 2.7 lakh crore so far in 2026.
Production growth in India's eight core infrastructure sectors slowed to a three-month low of 2.3 per cent in February, impacted by contractions in crude oil, natural gas, and refinery products output.
The Indian rupee weakened to a record intra-day low against the US dollar due to a strengthening greenback, continuous foreign capital outflows, and elevated global crude oil prices amidst the West Asia conflict.
Indian benchmark indices Sensex and Nifty ended a four-day rally, closing lower on Tuesday following the introduction of a new Closing Auction Session (CAS) for F&O stocks, which has added a layer of volatility and led to an early adjustment in market structure.
The Reserve Bank of India (RBI) net-bought $7.4 billion from the spot foreign exchange market in February, its highest buy since March 2025, before heavily intervening by selling dollars in March as the rupee declined over 4 per cent following a spike in crude oil prices.
'Oil is still well below its all-time highs, and the world is gradually running out of known reserves.'
US President Donald Trump has announced plans to clear the Strait of Hormuz to secure the vital oil corridor, citing risks to global energy supplies and criticising other nations' inaction.
Foreign investors have aggressively sold off Indian equities, withdrawing over 48,213 crore in the first 10 days of April, following a record 1.17 lakh crore outflow in March, driven by escalating geopolitical tensions in West Asia, rising crude oil prices, and global inflation concerns.
Nayara Energy, a private fuel retailer in India, has increased petrol and diesel prices following a surge in global oil prices due to Middle East tensions. This move contrasts with state-owned retailers who continue to freeze prices.
Foreign brokerages have started to cut their year-end targets for the Nifty 50 index amid the ongoing West Asia conflict.
The rupee plunged to a fresh low of 93.72 against the dollar on Friday, falling 1.15 per cent in a single session - its sharpest one-day decline since February 24, 2022 - as elevated crude oil prices and strong dollar demand from oil-marketing companies and foreign portfolio investors (FPIs) weighed on the currency.
Iran has placed anti-personnel and anti-armour mines around the island, where US troops could potentially stage an amphibious landing.
Indian stock market indices Sensex and Nifty closed nearly 1 per cent higher, marking their third consecutive day of gains, supported by a slight decrease in crude oil prices and positive global market trends.
Domestic institutional investors, on the other hand, made a net investment of Rs 1.13 trillion during this period.
A major fire near the main unit of the newly built Rajasthan refinery of HPCL has postponed the inauguration by Prime Minister Narendra Modi. The fire, which broke out near the crude distillation unit, was doused in about two hours with no reported casualties.
A Monaco-based fuel technology company, FOWE Eco Solutions, claims its patented Cavitech fuel emulsion technology can help industries slash fuel consumption, reduce emissions, and improve equipment performance by using water in fuel.
Indian benchmark indices Sensex and Nifty saw a significant rebound in early trade, driven by softer-than-expected US inflation data which has reinforced expectations of a less aggressive monetary policy stance from the Federal Reserve, providing relief to global risk assets.
A Monaco-based fuel technology company, FOWE Eco Solutions, claims its patented Cavitech fuel emulsion technology can help industries slash fuel consumption, reduce emissions, and improve equipment performance by using water.
A Monaco-based fuel technology company, FOWE Eco Solutions, claims its patented Cavitech fuel emulsion technology can help India reduce fuel consumption, emissions, and improve equipment performance by using water in a fuel-oil-water emulsion.
India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
Inflows into foreign currency non-resident (bank), or FCNR (B), deposits have significantly underperformed market expectations, leading to a more than 1 per cent depreciation of the rupee against the dollar this week. Analysts point to fading RBI support measures, tepid interest due to rising global bond yields, and narrowing interest rate spreads compared to 2013 as key challenges.
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
