Iran has reportedly allowed select "friendly nations" including India and Pakistan limited access to the Strait of Hormuz amid ongoing conflict, easing some energy supply concerns. Here's what the move means for global trade and oil routes.
Against the backdrop of the Trinamool Congress' threat to pull out of United Progressive Alliance over the petrol price rise, Nationalist Congress Party chief Sharad Pawar on Sunday backed the government on the issue.
Prime Minister Narendra Modi and US President Donald Trump discussed the Middle East crisis, with a focus on the Strait of Hormuz.
India's top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states, including Uttar Pradesh, Moody's Investors Services said on Thursday. State fuel retailers did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $120 per barrel compared to around $82 in early November when the hiatus began. "Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively," Moody's said in a report.
The government on Sunday ruled out rolling back increase in fuel prices, even as the Opposition National Democratic Alliance called for an all-India bandh on Monday to protest the price hike and rising inflation.
No more lavish meal choices, no pampered check-ins and fewer options in flight timings. Call it Plan B or an effort by the airlines in India to cope with the crisis caused by soaring aircraft turbine fuel prices.
This weekend, Donald Trump has begun to say the quiet part out loud -- that he wants to take control of Iran's oil, a formulation more in line with his robber-baron style of international relations.
'The next two to three weeks will not be decided in Washington.' 'They will be decided in Tehran, in whatever calculation Iran makes about the costs of continued resistance against the costs of appearing to have yielded.'
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.
Oil marketing cos rightly passed on the burden to buyers.
India's power demand rose 4.5 per cent year-on-year (Y-o-Y) to 143 billion units (BUs) in January, marking the highest consumption for the month since 2010, primarily on the back of severe cold wave conditions across northern and eastern regions of the country.
Indian stock markets recovered from early losses to close higher, driven by value buying in IT and banking shares and a rebound in the rupee.
Haryana Chief Minister Nayab Singh Saini has launched development projects worth 253 crore in Jind district, focusing on irrigation, infrastructure, health, and water supply.
The Indian rupee weakened against the US dollar due to rising crude oil prices, geopolitical tensions in the Middle East, and foreign fund outflows.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
The Maharashtra municipal elections showed a troubling shift, where votes were traded for cash, convictions no longer mattered, and ideology became an afterthought, observes Ramesh Menon.
Wholesale price inflation (WPI) fell to (-) 1 .21 per cent in October, driven by a decline in prices of food articles like pulses and vegetables, as well as lower fuel and manufactured items' prices, government data showed on Friday.
Pattali Makkal Katchi founder S Ramadoss said that Prime Minister Narendra Modi should meet the expectations of the people that prices will go down if he took over and 'it is the duty of the new government to do that.'
In a major decision to bring petroleum products in line with market rates, the government on Friday freed petrol from all pricing controls and hiked diesel prices by Rs 2 a litre.
The party says it has trained over 1,00,000 workers in the last one year.
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.
The Rajya Sabha witnessed a heated debate between the opposition and the government regarding a discussion on the West Asia crisis, with accusations of political maneuvering and failure to uphold the dignity of parliamentary positions.
Retail inflation eased to 7.04 per cent in May, mainly on account of softening food and fuel prices as the government as well as the RBI stepped in to control spiralling price rise by way of duty cuts and repo rate hike. However, the inflation print stayed above the Reserve Bank's upper tolerance level of 6 per cent for the fifth month in a row. The Consumer Price Index (CPI) based retail inflation was 7.79 per cent in April.
Party leader Jayalalithaa said protests would also be held in states like Maharashtra, Delhi, Karnataka and Puducherry, where her party was functioning.
Faced with opposition from within the ruling coalition, the government has put-off till at least next week a decision on raising fuel prices that have been necessitated due to crude nearing $100 a barrel globally. The petroleum ministry has planned to take to the Cabinet this week a proposal to either marginally raise petrol and diesel prices or cut duties to offset the impact of raising international oil prices but the proposal is not being pursued this week.
Let us start with ourselves. If we can reduce our LPG consumption by half, the problem is solved. Reduce wastage. Alter eating styles. Diversify methods of food preparation, suggests Vice Admiral Biswajit Dasgupta (retd).
Foreign portfolio investors (FPIs) infused Rs 22,615 crore into Indian equities in February, marking the highest monthly inflow in 17 months, driven by factors such as the interim India-US trade deal, correction in domestic market valuations, and strong corporate earnings.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
She charged the government with profiteering at the expense of the people, saying its duty was to help them in times of crisis and not make profits out of their hard-earned money.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
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.
When asked if it would not be good for farmers as they would be rid of an anti-farmer government, CPI general secretary A B Bardhan said that the farmers would continue to die as there would be nobody to save them.
The Central government is stuck between the devil and the deep blue sea as far as the runaway fuel prices are concerned.
Within a day of the announcement of the increase in fuel prices by Union government, the electronic-bike manufacturers have witnessed record sales in their bikes and received lot of enquiries for setting up dealers network across the country. "Hike in petrol prices is a positive development for the e-bike industry and we expect it will boost the sales of battery driven bikes by at least 5-10 per cent," Avon Cycles Senior Manager (Marketing), U S Dubey said.
The next review to raise rates rates in slated in December.
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.
The Election Commission on Wednesday issued notice to Petroleum Minister Murli Deora for his remarks on effecting a fuel price cut after the conclusion of assembly elections next month. The opposition Bharatiya Janata Party had approached Chief Election Commissioner N Gopalaswami over the issue contending that the announcement amounted to violation of the Model Code of Conduct enforced by the commission.
The 'rescue' operation occurred within kilometres of Iran's underground tunnel complex at Isfahan, assessed by the IAEA and US intelligence as holding a substantial portion of the country's 60 per cent enriched uranium stockpile. Retired senior US military officers have highlighted that the mission's footprint -- hundreds of special operators, multiple heavy-lift aircraft deep inside Iran -- appears outsized for recovering a single airman. Prem Panicker continues his must read blog on the Iran War.
