Rising crude oil prices are alarming, says PM. He considers all possible options to deal with it.
Sensex sinks 573 pts on global tensions and high crude prices
The decision by the Union government and the Reserve Bank of India to infuse Rs 1,25,000 crore (Rs 1,250 billion) into the banking system in the last two weeks alone is unlikely to fuel inflation, say economists, since this infusion will only meet the basic demand and not lead to a spillover.
IndiGo airline will face near-term pressure on profitability from rising fuel prices following the escalation of conflict in West Asia, though it is likely to pass on higher costs to passengers over time because its ticket booking cycle is relatively short, according to a report by Moody's Ratings.
IndiGo operator InterGlobe Aviation had a mildly encouraging third quarter in financial year 2026 (Q3FY26).
Petroleum Minister Mani Shankar Aiyar on Monday hoped that international crude oil prices will ease in the near future and said India was in a comfortable position to sustain prices at around $50 a barrel.
The purge in Washington does not pause the war. Strikes continue, Hormuz remains closed, and Brent crude is still dancing around $109 a barrel. For India, the command chaos in the Pentagon is another layer of uncertainty piled on five weeks of conflict that was already straining every buffer Delhi has.
The initial cost of the reserve, expected to become operational by 2012, was estimated at Rs 2,400 crore (Rs 24 billion), excluding the cost of crude oil. Strategic Petroleum Reserves Ltd, special purpose vehicle that is implementing the project, has asked Engineers India Ltd to work on the revised cost," said sources. EIL is the management consultant for this project.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Gold has emerged as the most stable asset during episodes of geopolitical stress, and crude oil has been more sensitive than others when it comes to regional conflicts and sanctions, according to a report in the Reserve Bank of India's (RBI's) monthly bulletin. Silver and the United States Treasury have showed moderate reactions.
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.
Global crude oil prices slipped below $45 a barrel in early Asian trade on Monday after the Organization of Petroleum Exporting Countries cartel decided not to cut production.
RIL is doing better than the regional benchmark due to its ability to process heavy and sour crude, coupled with the higher product prices of petroleum products in the overseas markets. The company's GRMs were $13.6 a barrel in Q2 FY08. Analysts at domestic brokerage houses are estimating the GRMs of Reliance Industries at $14-$15 a barrel compared with the regional benchmark Singapore refining margin of $8 a barrel last month.
A fire in Indore, India, killed eight members of a family after an explosion at an electric vehicle (EV) charging point outside their house. The Madhya Pradesh government has ordered an investigation and plans to create a Standard Operating Procedure (SOP) for EV charging.
Demand has fallen significantly in the US, which accounts for around 30 per cent of crude oil consumption and meets 60 per cent of its demand through imports.
Qatar, India's largest supplier of imported natural gas, has declared force majeure on deliveries following a halt in production in the wake of an Iranian drone strike -- a disruption that has led to a cut in supplies to Indian industry by up to 40 per cent, sources said.
The task of Union Finance Minister Arun Jaitley to keep inflation under check, even when the country reeled under severe drought for two years in a row, and reduce the current account deficit, was made easier by low crude oil prices.
The year is not yet over and a few more duty hikes are not ruled out.
Responding to concerns raised by Leader of the Opposition Rahul Gandhi in the Lok Sabha, Petroleum Minister Hardeep Puri said it is the foremost priority of the government that the kitchens of over 33 crore families, especially the poor and the underprivileged, do not face any shortage of gas.
The rupee appreciated 13 paise to close at 90.34 against the US dollar on Thursday, on trade deal optimism and overnight decline in commodity prices, even as the upside remained capped as investors look for more clarity on the India-US trade deal.
Crude oil prices in July last year rose to a historic high of $147 and then plumetted to four-year low of $37 per barrel, all in just four months time. The minister said the global financial crisis which was the primary reason for the slump in international oil prices, has forced India to revise growth targets.
Oil subsidies to fall 44% in FY15.
India's decision to import LPG from the US helps it to diversify sources as it reduces almost full reliance on West Asian countries for supply of the country's primary cooking fuel.
Benchmark equity indices Sensex and Nifty tumbled in early trade on Wednesday, tracking a bearish trend in Asian markets, as the conflict in West Asia widened, driving oil prices higher.
Indian banks are urging the Reserve Bank of India (RBI) to reconsider its new $100 million cap on net open foreign-exchange positions, warning that the directive could lead to significant mark-to-market (MTM) losses and force an accelerated unwinding of trades, potentially impacting FY26 earnings.
India restricts subsidised LPG connections for households with piped natural gas (PNG) to ensure equitable distribution and address global energy supply concerns, pushing for faster PNG adoption.
Opposition parties are demanding a full Parliament discussion on the West Asia conflict, criticising the government's silence and calling for a contingency plan to protect India's energy security and citizens.
Making sense of the international crude market is incredibly hard.
For that to happen America does not have to lose. It only has to do the right thing, asserts Aakar Patel.
As global tensions put pressure on the cost of crude oil, sending petrol prices above 1 a litre across the UK, This is Money investment writer Philip Scott investigates how investors can profit from rising oil prices.
The government will cut petrol and diesel prices when there is a sustained drop in global crude oil prices, Petroleum Minister Murli Deora said on Tuesday.
Suddenly, demand-supply mismatch is no longer offered as the standard plausible explanation.
The current trend in crude oil prices gives cause for much concern and if this persists, many of the calculations indicating further recovery and improved growth for the economy can be nullified.
High crude oil prices, widening current account gap and political uncertainty may keep the rupee weak in the near term.
Crude oil futures again flirted with the $60 a barrel mark Friday as prices rose on speculative buying and fears of supply disruptions due to refinery glitches.
From just 0.2 per cent before the Russia-Ukraine war to now accounting for 35-40 per cent of total crude imports, India's reliance on Russian oil has surged -- drawing fresh scrutiny with US President Donald Trump announcing a penalty on top of a 25 per cent tariff, or tax, on all goods going to the US.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
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