An $1 per barrel change in crude price impacts the net import bill by Rs 3,513 crore.
Indian benchmark indices, Sensex and Nifty, extended their rally for the fourth consecutive day, driven by a significant drop in crude oil prices and strong performance from IT firms, despite mixed global cues.
Pakistan is considering a proposal to limit oil imports from India to 5-10 per cent of the total requirement till confidence-building measures between the two countries take root, according to a media report.
Two commercial vessels, an oil tanker and a cargo ship, carrying a total of 22 Indian nationals, were hijacked by armed pirates in separate incidents off Yemen and Somalia. All Indian crew members on both vessels are reported to be safe, according to the latest information from the shipping ministry and the External Affairs Ministry.
The harsh truth is that the US is no longer a reliable partner, cautions Ramesh Menon.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
The Indian government has defended its E20 ethanol blending programme, stating that extensive testing and field experience show no evidence of abnormal engine wear, corrosion, or reduced vehicle life, despite a potential 2-6% reduction in fuel economy.
That means making it easier to invest, protecting investors through predictable rules, and avoiding policy reversals after investments have been made, notes Rajeswari Sengupta.
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.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
Amidst the ongoing conflict in West Asia, the Oil Ministry assures citizens that India's LPG supply remains secure, with no need for panic booking of cylinders. The normal delivery cycle of two-and-a-half days is being maintained, and crude oil is being sourced from diverse routes.
Analysts predict that the Reserve Bank of India's interest rate decision, the evolving situation in West Asia involving the US-Iran conflict, and crude oil prices will be the primary factors influencing investor sentiment in the Indian stock market this week.
"When Royal Enfield turned 100, we were struggling for survival"
Analysts predict that developments in West Asia, their impact on crude oil prices, and the trading activity of foreign institutional investors (FIIs) will be crucial factors influencing the Indian stock market this week.
India's procurement of Venezuelan crude oil has picked up momentum since April and the South American nation has already emerged as the third largest oil supplier to the country.
India's wholesale price index (WPI) inflation marginally eased to 9.78 per cent in July 2026, down from 9.87 per cent in June, primarily due to a cooling in the prices of fuel, power, and food items, marking the first month-on-month drop under the new 2022-23 base year.
India's gold demand saw a 6 per cent year-on-year decline in the April-June quarter of 2026, reaching 131.4 tonnes, primarily due to subdued seasonal sales, increased Customs duty, and Prime Minister Narendra Modi's call to reduce gold purchases, according to a World Gold Council report.
India has gained the least since Russia invaded Ukraine in February 2022 and was penalised the most, while the US, China and the European Union emerged as the biggest beneficiaries from the war.
Indian benchmark equity indices Sensex and Nifty surged in early trade, driven by a sharp correction in crude oil prices below USD 100 per barrel and a rally in global markets, fuelled by improving sentiment surrounding US-Iran negotiations.
Foreign Portfolio Investors (FPIs) withdrew nearly Rs 33,000 crore from Indian equities in May, bringing the total outflow for 2026 to Rs 2.25 lakh crore, driven by weak earnings growth, rupee depreciation, and more attractive opportunities in other global markets.
India's oil import bill is likely to jump 16 per cent to $18 billion in 2003-04 fiscal as refiners imported larger quantities of crude for exporting petroleum products.
India Inc's first-quarter earnings season was significantly impacted by the West Asia conflict, leading to rising costs, calibrated price increases, and margin pressures across various sectors including FMCG, automotive, steel, and cement. Companies are implementing price hikes to protect profitability, with many anticipating further escalations if input costs remain elevated.
India, with the increases already made in the January-March loading plans from Iran, has to cut its purchases of the crude to about 110,000 barrels per day.
Prime Minister Narendra Modi flagged off India's first hydrogen-powered train connecting Jind to Sonipat in Haryana, marking a significant milestone in the country's journey towards clean and sustainable railway mobility and showcasing the success of the 'Make in India' initiative.
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.
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.
US Vice President JD Vance and Prime Minister Narendra Modi held a phone call to discuss expanding the India-US comprehensive global strategic partnership, focusing on trade, defence, energy security, emerging technologies, and critical minerals. The discussion comes amidst rising tensions in West Asia and recent regional realignments, with both leaders reaffirming their commitment to strengthening cooperation.
Indian equity benchmark indices Sensex and Nifty experienced a significant tumble in early trade, with the Sensex tanking nearly 700 points, driven by uncertainty surrounding US-Iran negotiations, a fresh spike in crude oil prices, and persistent foreign fund outflows.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
Oil-marketing companies (OMCs) are set to significantly expand the sale of flex fuel (E85) across India, with plans to reach 5,000 outlets in major cities by the end of next year, according to Petroleum Minister Hardeep Singh Puri. This move aims to boost ethanol demand, reduce crude oil imports, and cut carbon emissions, coinciding with the launch of India's first flex-fuel vehicles by Maruti Suzuki and Hero MotoCorp.
'Once you're wrestling with making a merger of that scale value-accretive, you're also under pressure to keep growing the balance sheet and chasing liabilities, and other things start to slip as a consequence.'
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.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Formerly Iran's second-largest oil customer, Indian financial institutions were forced to withhold crude oil payments following the 2018 US sanctions.
Zesty, spicy, tasty recipe to try this monsoon.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
