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.
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
The Indian government has reduced excise duty on petrol and diesel to mitigate the impact of rising global crude prices, triggered by geopolitical tensions in the Middle East. This move aims to provide relief to consumers and oil companies amidst volatile international oil markets.
An Indian-flagged crude oil tanker, Jag Laadki, safely sailed from the UAE's Fujairah port despite an attack on the terminal and is scheduled to reach India. The Indian government is working to ensure the safe passage of remaining Indian-flagged vessels in the region.
India has refuted claims of payment issues hindering crude oil imports from Iran, clarifying that refiners have the flexibility to source oil from various global suppliers. The Ministry of Petroleum and Natural Gas addressed reports of a tanker rerouting to China, emphasising standard industry practices and secured oil requirements.
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.
Tea planters in Darjeeling have raised that a shortage of commercial LPG, triggered by the ongoing conflict in West Asia, could hit tea processing during the first flush, the delicate early-season harvest that commands the highest premiums and often sets the tone for the year.
IRGC said vessels seeking to sail through the strategically critical Strait of Hormuz must obtain Iran's approval; otherwise, they could become targets of Iranian attacks.
'It would be similar to what happened during COVID-19.' 'They are not just losing income, but being pushed into distress.'
The Ministry of External Affairs has confirmed that nearly 880 Indian nationals, including students, have been evacuated from Iran via Armenia and Azerbaijan due to the ongoing conflict in West Asia.
The gas well blaze near the Irusumanda village in Dr B R Ambedkar Konaseema district in Andhra Pradesh will be doused in a week's time, an official said on Tuesday, citing information from ONGC officials.
Two Indian ships carrying liquified petroleum gas (LPG) from the Gulf countries crossed the Strait of Hormuz early on Saturday morning, raising the number of Indian vessels safely passing through the war-hit, narrow shipping lane to three.
The rates set would be excluding cess, transportation charge, marketing margin/service charge and taxes.
Prime Minister Narendra Modi and US President Donald Trump discussed the Middle East crisis, with a focus on the Strait of Hormuz.
The Delhi high court has ordered the removal of defamatory social media content falsely linking Union Minister Hardeep Singh Puri's daughter to convicted sex offender Jeffrey Epstein, protecting her reputation from malicious online attacks.
The government may levy a cess on domestically produced natural gas to fund construction of gas pipeline network, Petroleum Secretary R S Pandey said on Wednesday.
The government is planning to rationalise multiple prices of natural gas in the country to make fuel costs uniform for all consumers, Oil Secretary S Sundareshan said on Wednesday.
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
Nayara Energy, a private fuel retailer in India, has increased petrol and diesel prices following a surge in global oil prices due to Middle East tensions. This move contrasts with state-owned retailers who continue to freeze prices.
An Indian-flagged crude tanker safely departed from the UAE's Fujairah after loading oil, despite an attack on the oil terminal. The Indian government is closely monitoring the situation in West Asia to ensure stable fuel supplies and maritime safety.
The authority has termed it an unfair trade practice under the Consumer Protection Act, 2019, pointing out that only applicable taxes can be added to the price mentioned in the menu.
"The world might face a food crisis if the war continued till the end of April, as it could have a dramatic impact on planting in Europe and North America," said Matt Simpson, CEO of Brazil Potash.
India's economy is projected to maintain growth above 7 per cent in 2026-27 (FY27), supported by strong domestic consumption and investment, even as global growth faces risks from geopolitical tensions, according to industry body Assocham.
India addresses the escalating conflict in West Asia, outlining its diplomatic efforts to ensure energy security, the safety of its citizens, and advocating for a peaceful resolution through dialogue.
For weeks, the war skirted the edge of catastrophe without tipping over. Missiles flew, there was much destruction, commanders were assassinated, cities across the Gulf and even in Israel struggled to absorb the shock. But one line held: Energy infrastructure, the arteries of the global economy, remained largely untouched. That is no longer true. Prem Panicker continues his must read daily blog on the Gulf War.
Seeks declared goods status to Natural gas; extension of tax holiday benefits to find and sale of natural gas
A drone designed to tranquilise violent elephants without close human contact has been unveiled, marking a significant advancement in using indigenous UAV technology for mitigating human-wildlife conflict.
Availability of natural gas, including imported LNG, is likely to increase in the country by over 52 per cent to 271.92 million cubic meters a day by 2013-14, Oil Minister Murli Deora said on Thursday.
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 restaurants are grappling with a severe LPG shortage due to the West Asia conflict, forcing them to innovate with menus and cooking methods or face potential closures, impacting the food industry and consumers across the country.
PNGRB, the oil regulator, which as per its enacting legislation has powers to levy fee, has levied a minimum tax of Rs 2 crore per annum on turnover that companies like GAIL and Reliance Industries earn from selling CNG to automobiles and piped natural gas to households and industries.
The rupee plunged to a fresh low of 93.72 against the dollar on Friday, falling 1.15 per cent in a single session - its sharpest one-day decline since February 24, 2022 - as elevated crude oil prices and strong dollar demand from oil-marketing companies and foreign portfolio investors (FPIs) weighed on the currency.
Defying high court orders, oil PSU executives on Wednesday stopped work forcing stoppage of natural gas supplies to industries on the nation's main trunk pipeline but aviation services and fuel supplies continued to be normal.
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.
The OECD projects India's GDP to grow at 7.6% in the current fiscal year and 6.1% in 2026-27, despite global economic challenges stemming from the Middle East conflict and energy price volatility.
The government has raised natural gas prices by 20 per cent to Rs 3,840 per thousand cubic metre following a June 5 Cabinet decision to this effect.
Multi Commodity Exchange of India Ltd has emerged the second largest Natural Gas Exchange globally, next to New York Mercentile Exchange.
The Ministry of External Affairs (MEA) has stated that Prime Minister Narendra Modi and External Affairs Minister S Jaishankar are actively engaged with world leaders to promote dialogue and diplomacy for peace in West Asia, while also ensuring the safety and well-being of the Indian community in the region.
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