Police in Ballia, Uttar Pradesh, have registered a case against a petrol pump manager for allegedly denying fuel to a private ambulance, resulting in the death of a 50-year-old patient.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
The Confederation of Indian Industry (CII) has urged the Indian government to gradually restore the Rs 10-per-litre cut in special additional excise duty on petrol and diesel over six to nine months. This move aims to relieve pressure on government finances as crude oil prices stabilise, without significantly impacting consumer sentiment.
State-run oil-marketing companies (OMCs) are unlikely to significantly raise petrol and diesel prices despite crude oil nearing $100 a barrel, leading to potential margin pressure, while CLSA analysts project a 65 per cent upside for ONGC's stock.
The petroleum ministry on Friday reaffirmed the government's commitment to maintaining stable petrol and diesel prices, despite India's high dependence on imports.
Congress leader Rahul Gandhi has criticised Prime Minister Narendra Modi's call for citizens to make economic sacrifices in response to the West Asia conflict, calling it 'evidence of failure'. Gandhi accused Modi of shifting responsibility onto the public and being incapable of running the country.
Prime Minister Narendra Modi has urged for restraint in the use of petro products due to the West Asia crisis, emphasising the need to save foreign exchange and reduce the impact of war. He also highlighted India's progress in solar power and ethanol blending, while assuring support to Telangana's development.
'In all these years of rupee depreciation, of rising oil prices, of inflation caused by import dependence, not one leader had the courage to look the people in the eye and say: Please do this for your country.'
India emerged reasonably well from 2025. But now, the oil shock and war-related supply disruptions have again driven funds out of India and significantly weakened the rupee, points out Ajay Chhibber.
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The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
A downsizing in the prime minister's convoy was implemented in his recent domestic visits, official sources said.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
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Congress leader Rahul Gandhi criticised Prime Minister Narendra Modi for gifting 'Melody' toffees to Italian Premier Giorgia Meloni, calling it a 'gimmick' while India faces an 'economic storm'. He accused Modi of prioritising public relations over addressing the struggles of farmers, labourers, and youth, a sentiment echoed by other Congress leaders.
India is sending a shipment of diesel and petrol to Sri Lanka to help alleviate the country's energy crisis amidst regional instability.
India's retail inflation, measured by the Consumer Price Index (CPI), increased to 3.48 per cent in April, up from 3.40 per cent in March, primarily due to a surge in prices of gold and silver jewellery, as well as certain kitchen staples like tomatoes and cauliflower.
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.
'Even last year, when India bought gold, the physical quantity was much less than the previous years.'
'At the first sign of real trouble, that money will move. There will be a run.'
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
The closure of the Strait of Hormuz has disrupted some 20 per cent of the global flows but even if it opens, damages to production facilities in the region will take time to repair, points out Sunita Narain.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
Pakistan has significantly increased the price of high-octane fuel, impacting luxury vehicle owners, while also seeing increases in petrol, diesel, and airline fares due to rising global oil prices.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
India's wholesale price inflation surged to 3.88 per cent in March, marking the fifth consecutive monthly increase, primarily driven by a sharp rise in crude petroleum, natural gas, and manufactured items amidst the West Asia crisis.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
A foreign brokerage warns that sustained crude oil prices above USD 100 per barrel could push India's inflation above the RBI's tolerance level, potentially triggering interest rate hikes.
The Indian government has doubled the daily quota of market-priced 5-kg LPG cylinders for migrant workers to ensure stable fuel supplies amidst global disruptions. This move prioritises household cooking gas and addresses the needs of migrant workers who often lack regular connections.
The Indian government has reassured citizens that the country has sufficient reserves of petrol, diesel, and LPG, and that refineries are operating at high capacity despite global supply chain disruptions. They have urged citizens to avoid panic buying and hoarding.
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The Indian government has refuted claims of fuel shortages, asserting that the country possesses approximately 60 days of fuel stock cover and that all petrol pumps are adequately stocked and operating normally.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
India significantly increased piped natural gas (PNG) connections in March as the government accelerates the expansion of cleaner fuel networks amid global supply disruptions.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
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The Haryana government is taking strict action against black marketing of cooking gas cylinders, registering FIRs and seizing hundreds of cylinders to ensure adequate supply for citizens.
