The oil ministry is in fact of the view that the government should bear the entire burden of the revenue losses incurred by the oil marketing companies, after the increase in prices is effected.
India summoned the Iranian envoy after two Indian vessels had to reverse course in the Strait of Hormuz following an incident of firing by Iran's Revolutionary Guards.
Donald Trump says several issues were settled during the final day of talks with Xi Jinping covering trade, tariffs, and diplomacy.
While Moily refused to elaborate on the reasons for the deferment, sources said his ministry had raised concerns over pricing of IOC shares.
India's fertiliser subsidy bill for the current financial year (FY27) is projected to increase by approximately 20% due to surging global prices, primarily driven by the West Asia crisis, a senior official confirmed. Despite this, retail prices for urea and di-ammonium phosphate (DAP) will remain unchanged, ensuring adequate supply for the kharif season.
The Indian government is actively developing a policy for flex-fuel vehicle adoption and aiming for 100 per cent ethanol blending in petrol to enhance energy self-reliance, particularly in light of supply disruptions from the West Asia conflict.
Iran has asserted that maritime movement through the Strait of Hormuz will be strictly controlled by Tehran, stating that passage will be allowed only through designated routes and under Iranian approval.
Iranian foreign ministry spokesperson Esmaeil Baghaei said that the country has held no "direct" talks with the United States as of now and added that it has received messages through some mediators regarding the US' desire for negotiations.
The Indian government has reduced excise duty on petrol and diesel to mitigate the impact of rising global crude prices, triggered by geopolitical tensions in the Middle East. This move aims to provide relief to consumers and oil companies amidst volatile international oil markets.
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.
Reddy, who moved from urban development to the oil ministry, got down to tackling the task straightaway with a brainstorming session with senior ministry officials on Thursday.
The oil ministry said on Thursday that any refiner laying a pipeline to carry oil products from ports or building one longer than 300 km must allow other companies to share the facility.\n\n
If TVK MLAs and ministers are perceived as clean, or demonstrably cleaner than their predecessors, the credibility dividend will be enormous. The voter will feel rewarded, points out Ramesh Menon.
India significantly increased piped natural gas (PNG) connections in March as the government accelerates the expansion of cleaner fuel networks amid global supply disruptions.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
US President Donald Trump on Monday confirmed that his administration has received a proposal from Iran aimed at ending the ongoing conflict in West Asia, but described the offer as insufficient.
India has expressed strong concern over the targeting of commercial shipping in the Strait of Hormuz during the West Asia conflict, urging for the restoration of unimpeded navigation and global commerce.
Chief negotiators from India and the US are set to begin three-day talks in Washington to recalibrate the bilateral trade agreement (BTA) framework, following significant changes in the US tariff landscape, including a new 10 per cent tariff imposed on all countries.
India and the US have reported positive progress in recent trade talks in Washington, agreeing to maintain engagement to finalise a bilateral trade agreement, which now requires recalibration following new US tariffs.
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.
Ukraine claimed responsibility after explosions hit the vessels on Friday and Saturday.
India is in communication with Iranian officials to ensure the safety and secure passage of its ships through the Strait of Hormuz, following recent firing incidents involving Indian vessels.
US President Donald Trump has indefinitely extended the ceasefire with Iran at the request of Pakistan, aiming to allow Tehran's leadership time to form a unified proposal to end the seven-week war.
Civil Aviation Minister K Rammohan Naidu announced that public sector oil marketing companies will implement a partial and staggered increase in jet fuel prices for domestic airlines, aiming to protect passengers from steep fare hikes.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
An Indian-flagged LPG vessel successfully transited the Strait of Hormuz, reducing the number of Indian ships stranded in the Persian Gulf. India is in talks with Iran to ensure safe passage for its tankers, and Indian refiners continue to purchase crude oil and LPG from Iran despite regional tensions.
'The West Asia or the Gulf crisis has shown that what we develop as national infrastructure when things are not as bad as they could be, we forget to plan for adversities.'
The Iranian Foreign Ministry has stated that Tehran currently has no plans for a subsequent round of negotiations with the United States, according to the state media Tasnim news agency. This announcement comes as international mediators had hoped for a follow-up to the Islamabad talks before the looming ceasefire deadline.
Iran has blamed the US for disruptions in oil and gas shipping through the Strait of Hormuz, citing 'destabilising actions' as the cause amid the ongoing West Asia conflict and rising energy prices.
IRGC said vessels seeking to sail through the strategically critical Strait of Hormuz must obtain Iran's approval; otherwise, they could become targets of Iranian attacks.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
An Indian-flagged crude tanker safely departed from the UAE's Fujairah after loading oil, despite an attack on the oil terminal. The Indian government is closely monitoring the situation in West Asia to ensure stable fuel supplies and maritime safety.
This sharp Iranian response came after a series of uncompromising remarks from the US president.
The top five decision makers in the oil ministry collectively have around 20 months of experience in the sector even as India, the third largest consumer of oil in Asia, struggles to keep pace with oil prices, which have doubled in the last one year.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
Two more Indian-flagged LPG tankers have begun their journey from the Persian Gulf, navigating the Strait of Hormuz amidst regional conflict, following disruptions caused by recent tensions in the Middle East.
Based on figures currently listed on the ministry of external affairs web site, a large number of Indians reside across West Asia.
The tanker reportedly switched off its Automatic Identification System (AIS) transponder while navigating the high-risk stretch of the strait and reappeared on tracking systems on March 9.
After the Israeli attack on Iran's South Pars Gas Field on Wednesday night, in retaliation, Iran struck Qatar's Ras Laffan Industrial City, resulting in extensive damage, as per the country's Ministry of Defence.
