We cannot simply have a 60-65 per cent import dependency in LPG, the bulk of which comes from just one volatile region -- West Asia, points out R Jagannathan.
India's plans to ration the consumption of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) - in response to reduction in their import owing to war in West Asia - may fall short of what is needed to meet domestic needs.
The purge in Washington does not pause the war. Strikes continue, Hormuz remains closed, and Brent crude is still dancing around $109 a barrel. For India, the command chaos in the Pentagon is another layer of uncertainty piled on five weeks of conflict that was already straining every buffer Delhi has.
"The US President's statements are within the framework of efforts to reduce energy prices and gain time to implement his military plans," the ministry stated.
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.
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.
Rupee slumped 69 paise to an all-time low of 92.18 against the US dollar in early trade on Wednesday, as a sharp spike in crude oil prices amid geopolitical tensions following the escalation of the US-Iran conflict weighed on investor sentiment.
The US President clarified that these negotiations do not involve the new Supreme Leader, Mojtaba Khamenei.
Congress leader Rahul Gandhi has accused Assam Chief Minister Himanta Biswa Sarma of corruption and land grabbing, promising action if the Congress party wins the upcoming elections in Assam. Gandhi also criticised the BJP's governance and economic policies.
'If movement remains stalled for three to four months, more than 300,000 recruitments from India could be affected.'
Maharashtra minister Mangal Prabhat Lodha defends his request for LPG cylinders for Jain temples, claiming criticism is part of a larger anti-Hindu narrative.
India has condemned the escalating attacks on commercial shipping in West Asia, particularly after a Thai-flagged vessel en route to India's Kandla Port was targeted in the Strait of Hormuz. The attacks have disrupted global oil and gas supplies, impacting India's energy imports.
The government has assured citizens that there is no need to panic book LPG cylinders, as uninterrupted supply to households is being ensured despite the ongoing conflict in West Asia.
According to the Pentagon, the vessels were targeted as part of efforts to prevent the deployment of naval mines in the strategically vital passage through which a significant portion of global crude oil shipments transits.
The LPG squeeze on India's restaurant sector is the quotidian face of a deeper crisis.
Delhi should keep all its options open in what is essentially a transitional period in the geopolitics of energy rather than remain a gatekeeper serving Trump's 'America First', suggests Ambasssador M K Bhadrakumar.
Saudi Arabia and the UAE are actively pushing Trump to take the war to its bitter finish and 'erase' Iran's presence in the geopolitics of the region. Simply put, the two most powerful Sunni Arab oligarchies are on the same page as Israel. Such interference increases the risk of a breakdown in dialogue between the US and Iran, points out Ambassador M K Bhadrakumar.
His remarks come after Trump warned Iran of severe consequences if it fails to reopen the strategically vital Strait of Hormuz, a key global energy transit route.
'Our diplomacy should have been focused on preventing war and avoiding the inevitable disruptions it would cause, posing a real risk to India's growth story,' asserts former foreign secretary Shyam Saran.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
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.
Indian private sector and State-run refiners continued to receive crude oil from Russian suppliers even after November 21 -- the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October -- as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.
The Indian government has convened an all-party meeting to discuss the ongoing crisis in West Asia, following Prime Minister Modi's address to Parliament on the situation and its potential impact on India.
The pause gives the US time to breathe, to regroup, to move its expeditionary force into position without risk of interception along the way. It gives Iran nothing -- on the ground, attacks against its infrastructure continue apace. Prem Panicker in his must read daily blog on the Gulf War.
Taking Kharg would give the US control over virtually all of Iran's oil exports and thus provide significant leverage, notes Prem Panicker in his must read daily blog on the Gulf War. It would also put American troops within range of Iran's remaining missiles, drones, and artillery on a piece of real estate that is just eight square miles in size, and just 15 miles from the Iranian mainland.
Amidst escalating tensions in West Asia, India strongly condemns the recent attacks on energy infrastructure, warning of further destabilisation to the already uncertain global energy market.
Tech Mahindra, HCL Tech, State Bank of India, UltraTech Cement and HDFC Bank were also among the gainers. In contrast, Eternal, Asian Paints, Bharat Electronics, Sun Pharma and Maruti were among the laggards.
Precious metal prices surged in futures trading, with silver hitting Rs 2.93 lakh per kg and gold nearing Rs 1.68 lakh per 10 grams, driven by safe-haven demand following US-Israel strikes in Iran and retaliatory attacks.
Discovering the stunning land of breathtaking temples.
Iran has not closed the Strait. It remains open; however, due to current conditions and circumstances, ships are unable to pass through the Hormuz. Otherwise, Iran never wanted the Strait to be closed or blocked, the supreme leader's representative said.
IndiGo airline will face near-term pressure on profitability from rising fuel prices following the escalation of conflict in West Asia, though it is likely to pass on higher costs to passengers over time because its ticket booking cycle is relatively short, according to a report by Moody's Ratings.
Alliances fight wars effectively only when they share an endgame. If Israel acted without US knowledge, then the military alliance is operating without real coordination at the level of strategic targeting. Neither picture is reassuring in a war that is no longer regional in its consequences. Prem Panicker continues his must read daily blog on the Gulf War.
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.
To meet liquidity pressure because of advance tax outflows this month, the Reserve Bank of India (RBI) has adopted a measured approach with its latest announcement of open-market operations (OMOs), worth Rs 1 trillion.
In an event-heavy week ahead, stock markets are expected to track Q3 corporate earnings from several blue-chip firms, including TCS and Infosys, while inflation data and global trends would also dictate investors' sentiment, analysts said.
Revenue collection next financial year may be affected, and, along with this, subsidies on food and fertilisers can go up if the war in West Asia drags for long, according to experts.
Equity benchmark indices Sensex and Nifty experienced a significant decline, primarily driven by a selloff in IT stocks due to concerns about AI disruption and renewed worries over global trade.
The Indian government has revised its natural gas allocation priorities, placing LPG production alongside CNG and piped cooking gas at the top, due to disruptions in imported gas supplies caused by the conflict in West Asia.
Mumbai hotels and restaurants are facing potential closures due to a critical shortage of commercial LPG cylinders, with similar disruptions reported across India. The crisis stems from revised government priorities for domestically produced natural gas, impacting the hospitality sector and potentially affecting tourism.
Prime Minister Narendra Modi held a virtual meeting with chief ministers to review preparedness and plans in light of the West Asia conflict, emphasising the importance of national unity and enhanced security measures.
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