India's fertiliser subsidy bill for the current financial year (FY27) is projected to increase by approximately 20% due to surging global prices, primarily driven by the West Asia crisis, a senior official confirmed. Despite this, retail prices for urea and di-ammonium phosphate (DAP) will remain unchanged, ensuring adequate supply for the kharif season.
A convoy of India-bound ships carrying crude oil and gas was stopped by the Iranian Revolutionary Guard Corps (IRGC) in the Strait of Hormuz, leading to several vessels returning to the Persian Gulf.
Iranian Foreign Minister Abbas Araghchi is in India for a BRICS foreign ministers' meeting, where discussions will focus on the escalating crisis in West Asia and its impact on global energy supply chains.
A Liquefied Natural Gas (LNG) carrier, chartered by an Indian firm, safely transited through the Strait of Hormuz -- the first Indian LNG tanker to cross the war-hit narrow shipping lane since the war in West Asia broke out more than three and a half months back.
India's EV ecosystem is growing, but remains too underdeveloped to cushion a major oil supply shock.
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 benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
Indian stock market benchmark indices Sensex and Nifty experienced a significant drop in early trade due to rising crude oil prices, bearish global market trends, and continuous foreign fund outflows.
India's crude oil imports soared over 8 per cent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.
'Once the market decides it wants to go up, it goes up -- no amount of bad news can really hold it back.'
Around one full month of supply is firmly arranged with additional procurement being continuously finalised, and oil companies are successfully delivering over 5 million cylinders every day.
The government said on Friday that India's edible oil imports would be higher this year on account of drought, but the shortfall could be bridged at the existing rate of import duty and a cut in tariff was unwarranted.\n\n\n\n
India's total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon, External Affairs Minister S Jaishankar said.
RBI Governor Sanjay Malhotra stated that the central bank is closely monitoring whether the supply shock from the West Asia conflict will lead to a generalised price rise, potentially necessitating monetary policy action.
'...especially pressure on the rupee, the current account deficit, and foreign exchange outflows.' 'The key question over the next several months is whether the government can prevent external turbulence from feeding into domestic economic pessimism.'
'Why not aspire for 8 or 9 or even 10 per cent?'
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
This is the time for India to plan forward fully, with the goal of Atmanirbharata, and energy security. The Persian Gulf is no longer a reliable source, points out Rajeev Srinivasan.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
Benchmark indices tumbled about 2 per cent on Friday, capping one of the most turbulent weeks for domestic equities as investors fretted that the West Asian conflict could drag on for weeks or even months.
Much will depend on how the protagonists use the current interlude to work proactively for the beginning of a durable settlement or, on the contrary, prepare for a new round of escalation, points out Ambassador M K Bhadrakumar.
Prime Minister Narendra Modi has offered India's support to bring peace to West Asia during talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both countries signed agreements to strengthen strategic collaborations in energy and defence.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
A new report suggests that prolonged conflict in the Middle East could significantly impact India's GDP growth and inflation.
India's fiscal deficit is projected to reach 4.5 per cent of GDP for the current fiscal year, exceeding the budgeted target, as the government's policy responses to the West Asia conflict are expected to strain public finances, according to research firm BMI.
India's crude oil import bill has jumped by about Rs 9,125 crore (Rs 91.25 billion) in the first nine months of current fiscal, the Rajya Sabha was informed on Tuesday.
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
S&P Global Ratings warns that a sustained rise in crude oil prices to $130 per barrel could significantly slow India's economic growth, weaken fiscal metrics, and strain corporate and banking sector performance, potentially reducing growth by up to 80 basis points.
Kerala Chief Minister Oommen Chandy on Wednesday said he would not appeal against the Vigilance Court order of a probe into his alleged role in the Palmolein oil import case. "I will not do anything that will hamper the investigation process," Chandy told reporters after a Cabinet meeting. He also rejected the Opposition's allegation that the vigilance probe would not be impartial as long as he (Chandy) continued to be the chief minister.
The Reserve Bank of India (RBI) has kept its key lending rate, the repo rate, unchanged at 5.25 per cent for the second consecutive time, citing concerns over rising energy prices, supply disruptions from the West Asia crisis, and potential inflationary pressures.
It took years and years to bump into a green banana and learn how to eat it.
'Refined carbohydrates are the quiet troublemaker in our diet.' 'We eat plenty of calories, but not enough nutrition.'
A US lawmaker has criticized President Donald Trump's tariff policy on India for purchasing Russian oil, urging him to reverse it immediately.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
Why would a country that requires close to $90 billion in net foreign capital annually to create jobs, build productive capacity, and sustain rapid growth permit $30 billion of capital to flow abroad, thereby contributing to pressure on the rupee? asks Debashis Basu.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
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.
Two more Indian-flagged LPG tankers have begun their journey from the Persian Gulf, navigating the Strait of Hormuz amidst regional conflict, following disruptions caused by recent tensions in the Middle East.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are reportedly incurring losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel, as they continue to absorb rising crude oil costs without increasing retail prices. This situation is leading to expectations of a fuel price hike after upcoming state elections.
