Petrol and diesel prices in India have been increased by Rs 3 per litre each, marking the first rate hike in over four years. This decision follows a period of stable prices during recent state elections, despite rising global crude oil prices and significant losses for fuel retailers.
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 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.
The Congress has strongly criticised the US government's temporary waiver allowing India to purchase Russian oil, raising concerns about continued 'American blackmail' and its impact on India's energy policy.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
The rupee recovered to 95.18 against the US dollar after hitting an all-time intra-day low of 95.44. The recovery was supported by possible RBI intervention amid renewed Gulf tensions and rising crude oil prices.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
A potential US-Iran peace deal, expected to be signed on June 19, is anticipated to ease geopolitical stress and benefit various sectors, particularly in India, with analysts suggesting investors await finer details before making significant moves.
India generates 9.3 million tonnes of plastic waste annually, nearly 20 per cent of the world's total.
India's foreign policy establishment is adjusting with alacrity in real time -- an extraordinary spectacle in itself, considering the manifest reluctance to indulge in public diplomacy critical of American moves, observes Ambassador M K Bhadrakumar.
India on Friday launched a highly coordinated, priority operation to safely guide 13 Indian-flagged commercial vessels out of the volatile Strait of Hormuz, the ministry of ports, shipping, and waterways announced on Friday.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
Foreign Portfolio Investors (FPIs) have withdrawn over Rs 62,853 crore from Indian equities in the first fortnight of June, bringing the total outflows for 2026 to Rs 2.87 lakh crore, surpassing the entire 2025 figure, driven by geopolitical tensions, global economic growth concerns, and a weakening rupee.
India's trade with West Asia saw a significant decline of over 28% in April, marking the second consecutive month of contraction. This downturn is attributed to severe shipping disruptions stemming from the ongoing conflict involving the US, Israel, and Iran, particularly impacting the crucial Strait of Hormuz waterway.
Indian benchmark indices Sensex and Nifty surged significantly in early trade, tracking a global rally fueled by US President Donald Trump's declaration of an end to the war with Iran and a subsequent drop in crude oil prices.
'I don't see fear becoming a dominant factor for retail investors.'
As US President Donald Trump claimed that India will significantly reduce Russian oil imports by year-end, Congress MP Shashi Tharoor on Thursday hit back by criticising him for making announcements on behalf of New Delhi.
Petrol and diesel prices in India have been increased for the second time in a week, following a long freeze on revisions. The increase comes as global crude prices surge and state-run oil firms look to recoup losses.
India's Central government is likely to see its fertiliser subsidy bill double to a record 3.4 trillion in FY27, up from the Budget estimate of 1.7 trillion, due to surging global fertiliser prices exacerbated by the West Asia war. This significant increase, coupled with revenue losses from excise duty cuts for oil-marketing companies, is straining the government's fiscal space, though capital expenditure plans remain unchanged.
US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
India's retail inflation rose to 4.38 per cent in June, driven primarily by costlier food items, pushing it above the Reserve Bank of India's median target of 4 per cent for the first time under the new series.
Foreign secretary Vikram Misri on Friday shared key details on agreements between India and the UAE, stating that the UAE will store up to 30 million barrels of crude oil in India's strategic petroleum reserve following Prime Minister Narendra Modi's visit.
'When we start describing somebody as an enemy that is the start of politics and emotion after which no business can take place.' 'We need to get out of this, allow Indian businessmen to do business with China.'
India Ratings and Research predicts the Reserve Bank of India (RBI) will maintain the repo rate at 5.25 per cent throughout FY27, despite potential inflationary pressures from higher fuel prices, with inflation expected to remain within the central bank's tolerance band.
The report notes that equities had faced pressure from elevated valuation premiums, subdued nominal gross domestic product (GDP) and earnings growth, sustained foreign portfolio investor (FPI) selling, artificial intelligence (AI) infrastructure euphoria, and external shocks including US tariffs and a spike in crude oil prices due to geopolitical tensions in West Asia. However, several of these factors are now reversing.
The primary objective should be to figure out a way to grow at 7 to 7.5 per cent with inflation around 4 per cent. Any policy that can help us get there must be experimented with. Those that work should stay. Those that do not should go, suggests Karan Bhasin.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
Mother Dairy has launched a naturally degradable milk pouch, a first in India, designed to break down in soil and reduce plastic waste. The new packaging will be used for cow milk across Delhi-NCR starting June 5th.
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
Indian benchmark indices, Sensex and Nifty, closed lower, primarily due to a sharp sell-off in IT stocks, a fresh surge in crude oil prices, and sustained outflows from foreign institutional investors. The Sensex dropped over 300 points, while the Nifty declined by 77.95 points.
'Investors shouldn't let fear dictate their decisions. The most important step is simply to begin investing.'
The government on Thursday restored liquefied petroleum gas (LPG) supplies to commercial consumers such as hotels, restaurants and other businesses to pre-crisis levels, and lifted sector-specific restrictions imposed during the recent West Asia conflict, in a sign that energy supply concerns are easing as global markets stabilise.
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.
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
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.
India's crude oil imports have jumped 5.3 per cent to 51.928 million tonnes in the first seven months of the current fiscal as against 49.289 million tonnes in the same period last fiscal.
'Neither do the Israelis. The two attacking parties have very little economic interest in Hormuz.'
'At the first sign of real trouble, that money will move. There will be a run.'
