Close on the heels of a 70 paise per litre hike in petrol prices, the Oil Ministry is pushing for an increase in diesel and domestic cooking gas LPG prices, even though it is unsure of political support for the unpopular move with the ruling UPA alliance.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
In a draft audit report on the KG-DWN-98/3, or KG-D6, block, the Comptroller and Auditor General said the Directorate General of Hydrocarbons allowed Reliance to hike capital expenditure for developing Dhirubhai-1 and 3, the largest of 18 gas finds in the block, by 117 per cent.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
Anil Ambani group on Monday said the oil ministry's interference in marketing and pricing dampened investor interest in India's auction of oil and gas blocks and its chairman had warned the Prime Minister about the same.
Why the industry's public position changed is difficult to say. What the developments did establish, though, is that ethanol-blended petrol has become one of the country's most politically and commercially sensitive policy issues.
The targeted eastern area is of immense strategic importance, as it is where the "majority of the country's oil resources are located."
The Indian government has allocated an additional 2 million tonnes of surplus broken rice from FCI stocks for its ethanol blending programme, while simultaneously issuing a detailed rebuttal to widespread misinformation regarding the E20 fuel, addressing concerns from water consumption to engine damage and environmental impact.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
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 has successfully evacuated 59 vessels, including 23 Indian-flagged and 36 foreign-flagged ships carrying cargo for India, from the Strait of Hormuz since March 1, 2026, amid fresh attacks and declining shipping traffic, Shipping Minister Sarbananda Sonowal informed the Rajya Sabha.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
While Moily refused to elaborate on the reasons for the deferment, sources said his ministry had raised concerns over pricing of IOC shares.
'All these reports and announcements by the US seem like attempts to gain a lever in trade deal negotiations with India.'
The United States conducted retaliatory strikes against Iran, targeting over 80 sites, after accusing Tehran of attacking commercial vessels in the Strait of Hormuz, while Iran condemned the US decision to revoke a temporary suspension of sanctions on Iranian oil sales.
An Indian national was killed in an attack on an oil tanker off the coast of Oman. The tanker was struck by an explosive-laden unmanned boat, resulting in a fire and explosion.
Following a Memorandum of Understanding between the US and Iran to resolve the West Asia conflict, eleven India-bound vessels have successfully transited the Strait of Hormuz. This development signals a positive shift for maritime trade, with more Indian-flagged ships expected to pass through the crucial waterway soon.
The US Central Command announced a new wave of strikes against Iranian military infrastructure, aiming to degrade Tehran's ability to threaten civilian mariners and commercial vessels. This comes as US President Donald Trump described the situation as a 'skirmish' and suggested Iran wants to 'make a deal,' while Iran's Foreign Minister warned of a 'decisive response' to any aggression.
It is plain to see that the US senate bill's real objective is to derail India's time-tested strategic partnership with Russia, points out Ambassador M K Bhadrakumar.
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
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.
Three Indian-flagged crude oil tankers, Desh Vaibhav, Desh Vibhor, and Sanmar Herald, successfully transited the Strait of Hormuz and are en route to India, even as Iran announced the closure of the critical waterway following Israeli strikes in Lebanon.
The government will lift restrictions on the sale of petrol and diesel to commercial and industrial consumers from July 1, easing emergency measures imposed to manage fuel supplies.
The Ministry of External Affairs (MEA) has refuted reports suggesting a deal with Iran involving the release of seized vessels in exchange for safe passage of Indian ships through the Strait of Hormuz.
Government sources indicate a potential increase in petrol and diesel prices due to rising global crude oil costs and losses incurred from a prolonged freeze on retail rates.
The Indian government has issued a stern warning to industrial users who are reportedly procuring cheaper retail fuel instead of industrial-grade fuel, leading to significant losses for state-run oil marketing companies (OMCs) and potential local shortages. This diversion, driven by a substantial price difference between retail and bulk diesel, is adversely impacting OMCs, which are absorbing daily losses of approximately 550 crore to keep retail prices stable.
The escalating conflict in West Asia has resulted in 19 ships carrying essential energy resources for India being stranded in the Strait of Hormuz, raising concerns about potential disruptions to the country's energy supply.
India's finance ministry anticipates inflation will remain relatively contained in the coming months, supported by a correction in crude oil prices and softening input costs following the cessation of the West Asia conflict, despite earlier spikes in wholesale and retail inflation.
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.
India has significantly reduced Aviation Turbine Fuel (ATF) prices for international airlines by 27% due to easing global fuel benchmarks, while simultaneously increasing commercial LPG and 5-kg cylinder prices to record highs.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
Former US President Donald Trump has issued a stern warning to Iran, stating that "nothing will get through" unless a deal or "total surrender" is achieved, amid escalating tensions and conflicting reports on direct negotiations.
Falling debris from an intercepted Iranian drone caused a 'limited fire' at Saudi Aramco's Ras Tanura refining facility in Saudi Arabia, Saudi Defence Ministry spokesperson Turki Al-Maliki said, according to Al Arabiya.
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.
The government on Thursday restored liquefied petroleum gas (LPG) supplies to commercial consumers such as hotels, restaurants and other businesses to pre-crisis levels, and lifted sector-specific restrictions imposed during the recent West Asia conflict, in a sign that energy supply concerns are easing as global markets stabilise.
US Central Command (CENTCOM) forces conducted additional strikes against multiple targets in Iran, on Saturday (local time), at the commander in chief, US President Donald Trump's direction.
US President Donald Trump has claimed that Iran has accepted "just about everything" the United States has demanded in ongoing indirect nuclear negotiations, particularly regarding denuclearisation. He also asserted that American forces repeatedly carried out military strikes that crippled Tehran's military infrastructure, including radar installations, and escorted commercial oil tankers through the Strait of Hormuz. Trump dismissed reports of Iran's strength, stating its military and economy were severely weakened.
The US Central Command (CENTCOM) confirmed striking the Guinea-Bissau-flagged oil tanker MT Jalveer, carrying 20 Indian seafarers, in the Gulf of Oman for allegedly violating the US blockade against Iran. This incident marks the third commercial vessel attacked by US forces in the region this week, with three Indian seafarers previously losing their lives in an attack on the MT Settebello.
