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.
In a clear message to international observers, the strategic site was pointedly "described as "the tip of the iceberg" regarding the nation's hidden arsenal.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
Prime Minister Narendra Modi addresses the Rajya Sabha, detailing India's strategies to navigate the global energy crisis sparked by the West Asia conflict, including securing diverse energy sources and expanding strategic oil reserves.
Addressing the 36th extraordinary session of the Council of the International Maritime Organisation (IMO) held on Thursday in London, the Indian envoy said, "India remains deeply concerned about the evolving situation and continues to call for de-escalation through dialogue and diplomacy, with utmost restraint and priority being given to the safety of civilians."
The Renault group is set to significantly expand its presence in India, aiming to establish the country as one of its top three global markets by 2030 through the launch of seven new vehicles, a 5 per cent market share target, and ambitious export goals.
Indian equities on Dalal Street saw volatility as global market trends and oil price hike impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for Apr 23, 2026.
Hegseth said the military campaign, code-named Operation Epic Fury, against Iran is "laser focused" and "decisive," with objectives set directly by the US administration remaining unchanged since the start of operations.
Crude oil prices experienced a significant drop following the announcement of a US-Iran ceasefire and the reopening of the Strait of Hormuz, leading to heavy selling by traders.
"It is quite possible that the rates will remain low in the near to medium term, but that will depend on how conditions evolve," said RBI Governor Sanjay Malhotra.
'FPIs are unlikely to return unless there is equilibrium between valuation premium and earnings growth.'
India's plans to ration the consumption of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) - in response to reduction in their import owing to war in West Asia - may fall short of what is needed to meet domestic needs.
The Federation of Indian Export Organisations (FIEO) has appealed to the Reserve Bank of India (RBI) for liquidity support to Indian exporters, citing a significant increase in freight costs and extended payment cycles due to the ongoing West Asia conflict.
Iran has issued a defiant response to United States President Donald Trump's claims regarding the conclusion of hostilities, asserting that it alone will 'determine' the end of military actions against American and Israel targets.
A senior Russian official has stated that Russia is prepared to supply fertilisers and other agricultural products to countries in the Global South and East, following concerns about the closure of the Strait of Hormuz impacting global fertiliser exports and food security.
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.
Mumbai police have arrested a key supplier in connection with the deaths of two MBA students from suspected drug overdose at a concert in Goregaon. The arrest brings the total number of people in custody to nine as the investigation continues.
Jindal Steel has successfully deployed syngas in its galvanising and colour coating line furnaces to combat shortages of natural gas, LPG, and propane. This innovative approach allows the company to sustain operations and promotes energy self-reliance.
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.
The government has dismissed speculation of an imminent increase in petrol and diesel prices, assuring citizens that there are no plans for a hike despite rising crude oil costs.
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.
It may now be time to question the price India is paying for Israel's disregard of the serious undermining of India's energy security, asserts former foreign secretary Shyam Saran.
A French soldier was killed while several others were injured in an attack in the Erbil region of Iraq, French President Emmanuel Macron confirmed. Macron, in a post on X, confirmed that Chief Warrant Officer Arnaud Frion of the 7th Battalion of Chasseurs Alpins lost his life in the attack.
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.
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
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.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
A foreign brokerage warns that sustained crude oil prices above USD 100 per barrel could push India's inflation above the RBI's tolerance level, potentially triggering interest rate hikes.
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.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
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.
Brokerage Bernstein has warned Prime Minister Narendra Modi that India risks squandering recent economic gains unless it accelerates structural reforms, particularly in jobs, manufacturing and innovation.
Egypt, Pakistan, Saudi Arabia and Turkey met in Islamabad in what analysts say is the formal opening of a new diplomatic formation that could reshape the post-war regional order. Their immediate goal is a ceasefire; their larger ambition is to ensure that neither Iran nor Israel emerges from this war in a dominant position. Pakistan's foreign minister then flew directly to Beijing and mooted a Chinese role as guarantor of any eventual agreement. Prem Panicker continues his must read daily blog on the Gulf War.
US Energy Secretary Chris Wright said that long-term oil supplies are 'abundant' and there are no worries regarding that, but in the short term, there is a need to get oil on the market.
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.
Prime Minister Narendra Modi addressed Parliament on the West Asia crisis, advocating for dialogue and diplomacy, ensuring the safety of Indians in the region, and addressing concerns about fuel and food security.
Aseem Mahajan, Additional Secretary (Gulf) in the Ministry of External Affairs, on Saturday informed that five Indians have been killed and one is missing due to the ongoing conflict in West Asia. He added that Indian missions remain open round the clock and are constantly working to provide assistance.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
A US Air Force officer was rescued from deep inside Iran after his jet was shot down, following a two-day mission involving US Special Operations forces. The officer evaded Iranian forces for over 24 hours, hiding in a mountain crevice and hiking to high altitudes before being rescued.
Iran has announced the Strait of Hormuz is open to commercial vessels, coinciding with a ceasefire between Lebanon and Israel.
