The Oil Ministry has approved part sale of government's stake in Oil and Natural Gas Corp as well as Indian Oil Crop, a move that could fetch about Rs 24,000 crore (Rs 240 billion) for the Centre this fiscal.
The current price is among the lowest in Asia Pacific.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
This sharp Iranian response came after a series of uncompromising remarks from the US president.
Petroleum Secretary M S Srinivasan observed that smaller and more nimble companies are proving formidable and ONGC would have to register exploration successes and strengthen its systems to retain its position in the industry.
Close on the heels of a 70 paise per litre hike in petrol prices, the Oil Ministry is pushing for an increase in diesel and domestic cooking gas LPG prices, even though it is unsure of political support for the unpopular move with the ruling UPA alliance.
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.
Iran has blamed the US for disruptions in oil and gas shipping through the Strait of Hormuz, citing 'destabilising actions' as the cause amid the ongoing West Asia conflict and rising energy prices.
China has denied any links to the Iranian cargo ship seized by the US in the Gulf, which allegedly contained chemical materials for manufacturing missiles. The denial follows allegations by former US envoy to the UN Nikki Haley, who claimed the ship was headed from China to Iran.
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.
In a draft audit report on the KG-DWN-98/3, or KG-D6, block, the Comptroller and Auditor General said the Directorate General of Hydrocarbons allowed Reliance to hike capital expenditure for developing Dhirubhai-1 and 3, the largest of 18 gas finds in the block, by 117 per cent.
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.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
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.
Both Houses of Parliament were adjourned sine die, concluding a Budget session marked by the passage of key legislations and the defeat of a Constitution amendment bill on women's reservation. The session saw frequent opposition protests and discussions on various issues, including the West Asia conflict.
Anil Ambani group on Monday said the oil ministry's interference in marketing and pricing dampened investor interest in India's auction of oil and gas blocks and its chairman had warned the Prime Minister about the same.
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.
Ukraine claimed responsibility after explosions hit the vessels on Friday and Saturday.
Iranian forces fired upon three commercial vessels in the Strait of Hormuz, with one possibly headed for Gujarat, raising concerns about maritime security in the strategic waterway.
After the Israeli attack on Iran's South Pars Gas Field on Wednesday night, in retaliation, Iran struck Qatar's Ras Laffan Industrial City, resulting in extensive damage, as per the country's Ministry of Defence.
Hundreds of Indian seafarers are stranded on vessels carrying crude oil, LPG, and LNG in the Persian Gulf due to the ongoing conflict in the Middle East, causing disruptions to India's energy supplies.
Based on figures currently listed on the ministry of external affairs web site, a large number of Indians reside across West Asia.
The tanker reportedly switched off its Automatic Identification System (AIS) transponder while navigating the high-risk stretch of the strait and reappeared on tracking systems on March 9.
A senior government official confirms that Indian vessels do not require permission to navigate the Strait of Hormuz, despite regional tensions. Several Indian ships, including LPG tankers, have safely crossed the strait, ensuring continued supply of essential commodities to India.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
The US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman, escalating tensions as ceasefire talks face uncertainty. The incident raises concerns about the fragile ceasefire and the ongoing blockade of the Strait of Hormuz.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
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.
China and Pakistan have jointly proposed a five-point peace plan to address the ongoing conflict in West Asia, focusing on de-escalation and safe passage through the Strait of Hormuz.
The government has introduced a mandatory 25-day gap between LPG cylinder bookings due to supply concerns arising from global disruptions and tensions in the Strait of Hormuz. This measure aims to prevent hoarding and prioritise essential non-domestic sectors, while domestic LPG production is being increased to mitigate shortages.
The Indian government has allocated an additional 40,000 kilolitres of kerosene to states as an alternative fuel to LPG, amid the ongoing crisis in West Asia. The government assures a comfortable crude oil supply situation in the country.
The oil ministry is in fact of the view that the government should bear the entire burden of the revenue losses incurred by the oil marketing companies, after the increase in prices is effected.
Indian carriers have cancelled over 10,000 flights since the onset of the West Asia conflict, as escalating tensions and airspace restrictions disrupted international operations, a senior government official said.
While Moily refused to elaborate on the reasons for the deferment, sources said his ministry had raised concerns over pricing of IOC shares.
An India-flagged LPG tanker, Jag Vikram, has successfully crossed the Strait of Hormuz following a temporary ceasefire between the United States and Iran, marking a significant development for India's energy security.
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
The ministry of petroleum and natural gas on Friday reiterated that India has sufficient stock of crude oil, petrol and diesel, while ensuring an uninterrupted supply of LNG and LPG despite disruptions caused by the ongoing West Asia conflict.
Amid rising tensions in West Asia, China is urging all parties to cease military operations, following Trump's appeal for help in securing the Strait of Hormuz.
The family of Dixit Solanki, an Indian seafarer killed in a suspected attack on a merchant vessel off the coast of Oman, has filed a petition in the Bombay High Court seeking the return of his mortal remains.
A group of Indian sailors recount their harrowing experience of being detained in Iran on suspicion of smuggling, and their subsequent escape from the country as regional tensions escalated into open conflict.
