Chinese President Xi Jinping has called for the Strait of Hormuz to remain open for normal passage of ships, describing it as an 'international waterway' amid rising tensions between the US and Iran.
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.
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.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
State-owned Bharat Petroleum Corporation Ltd (BPCL) is willing to dilute a 30-40 per cent stake in its upcoming greenfield refinery in Andhra Pradesh, with Gulf energy major Saudi Aramco and upstream player Oil India Ltd (OIL) likely to join as partners, a senior BPCL executive said.
The Indian government has increased measures to secure fuel and gas supplies following the Strait of Hormuz closure, urging citizens to avoid panic buying. Refineries are operating at high capacity, and sufficient stocks of petrol and diesel are available nationwide.
Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
The Indian government has increased the export duty, or windfall tax, on diesel to Rs 55.5 per litre and on aviation fuel (ATF) to Rs 42 a litre, effective immediately, to boost domestic availability and prevent exporters from exploiting global price differences.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
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.
The Kremlin states it has not received confirmation from India regarding a halt to Russian oil purchases, following claims made by former US President Donald Trump. Russia affirms its commitment to strengthening relations with India.
The petroleum ministry on Friday reaffirmed the government's commitment to maintaining stable petrol and diesel prices, despite India's high dependence on imports.
Around one full month of supply is firmly arranged with additional procurement being continuously finalised, and oil companies are successfully delivering over 5 million cylinders every day.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
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.
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
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.
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.
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.
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
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.
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.
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.
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.
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.
The Kremlin has stated that India is free to purchase oil from any country, dismissing claims that India agreed to reduce Russian oil imports. Russia maintains that energy trade with India benefits both nations and contributes to international energy market stability.
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.
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.
This sharp Iranian response came after a series of uncompromising remarks from the US president.
According to a statement cited by TASS, the Russian foreign ministry said it is closely monitoring reports that the US military has boarded the tanker Mariner, originally Bella 1, on the high seas, noting that Russian citizens are among the crew.
India significantly increased piped natural gas (PNG) connections in March as the government accelerates the expansion of cleaner fuel networks amid global supply disruptions.
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.
MEA spokesperson Randhir Jaiswal said India's energy decisions are guided by national interest.
'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.'
China has denied any links to the Iranian cargo ship seized by the US in the Gulf, which allegedly contained chemical materials for manufacturing missiles. The denial follows allegations by former US envoy to the UN Nikki Haley, who claimed the ship was headed from China to Iran.
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.
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.
Both Houses of Parliament were adjourned sine die, concluding a Budget session marked by the passage of key legislations and the defeat of a Constitution amendment bill on women's reservation. The session saw frequent opposition protests and discussions on various issues, including the West Asia conflict.
Iranian forces fired upon three commercial vessels in the Strait of Hormuz, with one possibly headed for Gujarat, raising concerns about maritime security in the strategic waterway.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
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