India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
The rupee has been among the The RBI uses the Iran-US peace deal to bolster its forex reserves.
'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.'
Analysts predict that the ongoing US-Iran conflict, fluctuations in crude oil prices, and foreign institutional investor (FII) flows will be the primary factors influencing Dalal Street this week, with inflation concerns adding to investor anxiety.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
In her first interview to CNN-IBN's Suhasini Haider after taking over as the US Ambassador to India in April 2012, Nancy J Powell, compared India's 'lower'oil cuts unfavourably to Japan that has already received an American sanction waiver after it cut oil imports by a whopping 80 per cent in April. India has announced a 34 per cent cut so far.
The Reserve Bank of India (RBI) is widely expected to keep its benchmark repo rate unchanged in the August monetary policy review, with economists citing elevated inflation risks and the pending closure of the FCNR(B) deposit scheme as key factors. Most anticipate a 'Neutral' policy stance but with a hawkish tone due to geopolitical tensions, high crude oil prices, and an uneven monsoon.
United States President Donald Trump on Wednesday claimed that India will significantly reduce Russian oil imports by year-end, citing Prime Minister Narendra Modi's assurance.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
The Indian rupee crashed to a record closing low against the US dollar due to rising global crude oil prices, a strengthening dollar, and geopolitical tensions in the Middle East.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
Indian stock markets are set to be influenced by developments in US-Iran negotiations, crude oil prices, and foreign investor activity in the upcoming holiday-shortened week, according to market analysts.
'FPIs are unlikely to return unless there is equilibrium between valuation premium and earnings growth.'
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
'Healthy double-digit returns are still possible, though a sharp rally is unlikely.'
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The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
A flight may be cancelled for reasons beyond an airline's control. The chaos that follows need not be, points out Air Commodore Nitin Sathe (retd).
'Trump is likely being purposefully vague, hoping that this lack of clarity will pressure India, fearing the worst, to agree to scale back its imports of Russian oil.'
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.
'Buy on dips, buy on dips and sell on rise.'
'Think of the brain like a machine, and Alzheimer's is like rust.'
'Like a rusty machine breaks down, a rusty brain also breaks down. And when it breaks down, you have memory loss, cognitive issues and so on.'
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
Indian benchmark indices, Sensex and Nifty, rallied significantly following a sharp decline in crude oil prices. This decline was triggered by US President Donald Trump's announcement of progress in negotiations with Iran towards a peace agreement, which led to renewed optimism in global markets.
US Vice-President J D Vance's unexpected phone call to Prime Minister Narendra Modi on August 8 has ignited speculation about a potential diplomatic overture, possibly seeking India's support amidst the escalating US-Iran conflict and a shifting global power landscape, suggests Ambassador M K Bhadrakumar.
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.
Members of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) have indicated that interest rate hikes may be necessary sooner rather than later, as headline inflation is projected to rise from its current benign levels in the coming months, according to the minutes of the August review.
Global oil prices fell on Thursday to their lowest levels since before the outbreak of the Iran conflict, offering a significant economic tailwind for India, the world's third-largest crude importer, by easing inflation risks, reducing the import bill and improving the government's fiscal position.
In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
Petrol price has been increased by 87 paise in Delhi from Rs 98.64 to Rs 99.51 per litre. Diesel rates have gone up by 91 paise from Rs 91.58 to Rs 92.49.
India's crude oil import bill almost doubled between April and August this financial year compared with the same period a year ago as average oil prices rose 75 per cent over the year-ago period.
Global energy markets saw a significant correction as oil prices nosedived following Iran's announcement that the Strait of Hormuz has been fully reopened, dismantling the 'war-risk' premium that had gripped the market.
The escalating conflict in West Asia has resulted in 19 ships carrying essential energy resources for India being stranded in the Strait of Hormuz, raising concerns about potential disruptions to the country's energy supply.
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
Jackfruit is one of India's most versatile ingredients, moving effortlessly between savoury and sweet. Used both raw and ripe, Jackfruit finds a place in regional kitchens across the country in remarkably different forms.
Analysts predict that the US-Iran geopolitical conflict, upcoming quarterly earnings announcements, and fluctuations in crude oil prices will be the primary drivers of investor sentiment in the Indian equity markets.
The United States and India are on the verge of finalising a landmark bilateral trade deal, aiming to boost trade to USD 500 billion by 2030, according to US Deputy Assistant Secretary of State Bethany Poulos Morrison. The agreement seeks to open India's 1.4 billion-strong market to American goods on reciprocal terms, with ongoing high-level discussions to recalibrate the pact after recent changes in US tariff policy.
The basket of crude oil India imports averaged $99 a barrel on Tuesday, the lowest level since April 2, a petroleum ministry official said. It had averaged $96.52 a barrel on April 1 and crossed the $100 mark on April 7.
