India's exports recorded a 13.78 per cent increase to USD 43.56 billion in April, marking the highest monthly outbound shipments in over four years, primarily driven by petroleum products. However, the trade deficit widened to a three-month high of USD 28.38 billion due to a 10 per cent rise in imports.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
Notwithstanding the economic complementarities and the host of agreements for deepening economic relation on a host of areas, both sides share common viewpoints on the foreign policy domain and seek common grounds to serve as a counterweight to China, notes Dr Rajaram Panda.
A Marshall Islands-flagged LPG carrier, MT Sarv Shakti, carrying Indian cargo, has safely crossed the Strait of Hormuz on Saturday and is expected to reach Visakhapatnam on May 13, according to official sources.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
India bought 1.87 million barrels of Russian oil per day in May so far, meeting approximately 40 per cent of its oil imports.
Prime Minister Narendra Modi has offered India's support to bring peace to West Asia during talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both countries signed agreements to strengthen strategic collaborations in energy and defence.
The government is identifying households with both liquefied petroleum gas (LPG) and piped natural gas (PNG) connections to enforce a ban on dual ownership, aiming to curb misuse and better target subsidies amid global energy supply disruptions.
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.
The government has introduced a mandatory 25-day gap between LPG cylinder bookings due to supply concerns arising from global disruptions and tensions in the Strait of Hormuz. This measure aims to prevent hoarding and prioritise essential non-domestic sectors, while domestic LPG production is being increased to mitigate shortages.
Dinesh Trivedi's experience as a businessperson and his fluency in Bengali are expected to be crucial in strengthening India-Bangladesh relations, particularly in attracting Indian investments to Dhaka.
Recent BJP organisational moves and Rajya Sabha nominations have sparked speculation that Prime Minister Narendra Modi may soon undertake a ministerial reshuffle.
The Indian government has refuted claims of an impending Rs 25-28 per litre hike in petrol and diesel prices post-assembly elections, stating no such proposal is under consideration by the Ministry of Petroleum and Natural Gas.
The Petroleum Planning and Analysis Cell (PPAC) has denied an RTI request for data on oil imports from Russia, citing its 'commercial and confidential' nature and exemptions under the RTI Act. The Central Information Commission supported this decision, referencing strategic and economic interests.
Hydrogen fuel cell technology generates electricity through a chemical reaction using hydrogen, with water vapour as the only emission, making it a cleaner alternative to conventional fossil fuel-based traction systems.
The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
Finance Minister Nirmala Sitharaman tabled the first batch of Supplementary Demands for Grants for 2025-26 in the Lok Sabha, which seeks approval for a gross additional expenditure of Rs 1.32 lakh crore.
Prime Minister Narendra Modi has begun a six-day tour of the UAE, the Netherlands, Sweden, Norway and Italy to strengthen bilateral relations amid geopolitical challenges. The trip will focus on energy security, trade, and technological cooperation.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
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.
India's pharmaceutical industry is experiencing increased bulk drug prices, particularly for APIs from China, following the escalation of the West Asia crisis in March. While current inventories provide a temporary buffer, concerns are mounting over the availability of key solvents and feedstocks, potentially leading to manufacturing disruptions and shortages in specific drug categories.
'Historically, India has depended on the Middle Eastern Gulf for nearly 90 per cent of its LPG imports. Shifting to alternative suppliers is not something that can happen quickly.'
A tanker carrying liquefied petroleum gas (LPG) for India has successfully navigated the Strait of Hormuz and is en route to Visakhapatnam, India, carrying enough cargo to meet half a day's requirement for the country.
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.
Bank of Baroda economists project India's GDP to grow 6.5-6.8 per cent in FY27 but warn that the fiscal deficit could overshoot the budgeted 4.3 per cent target, potentially reaching 4.7-4.8 per cent of GDP due to subsidy overruns, excise duty cuts, and oil marketing company losses.
'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.'
Two India-bound LPG tankers have crossed the Strait of Hormuz amid heightened tensions in the region, while an India-flagged vessel sank after being hit near the strategic shipping corridor.
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.
18 Indian-flagged vessels with 485 Indian seafarers still remain in the western Persian Gulf region
Petrol and diesel prices in India have been increased for the second time in a week, following a long freeze on revisions. The increase comes as global crude prices surge and state-run oil firms look to recoup losses.
A new report suggests that blending 20 per cent dimethyl ether (DME) with LPG could significantly reduce India's LPG imports, leading to substantial savings in foreign exchange.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
A post by the oil ministry featuring V.D. Savarkar alongside Mahatma Gandhi and other freedom fighters has drawn criticism from the Congress party, accusing the BJP of distorting history.
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.
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.
Nath's comments came amid the Congress party's continuous attack on Centre for the recent hike in commercial LPG cylinders and the Aviation Turbine Fuel (ATF).
An India-flagged LPG tanker, Jag Vikram, has successfully crossed the Strait of Hormuz following a temporary ceasefire between the United States and Iran, marking a significant development for India's energy security.
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.
