The year is not yet over and a few more duty hikes are not ruled out.
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
Saudi Arabia's deep pockets and a strong financial system could help the country to ride out a low-price environment in order to protect its market share.
Oil prices hit two-and-a-half-year highs in Asian trade on Friday as violence continued to wrack the Middle East and threatened to spread to other bigger oil producers in the region, analysts said.
During a visit to the UK, former US President Donald Trump reiterated his claim of intervening to resolve a conflict between India and Pakistan, linking it to trade negotiations. He also discussed tariffs on India for buying Russian oil and the Russia-Ukraine conflict.
Wholesale price inflation dropped to 0.85 per cent in April as prices of food articles, manufactured products, and fuel eased, government data showed on Wednesday. WPI-based inflation was 2.05 per cent in March. It was 1.19 per cent in April last year.
From the 30-Sensex firms, Trent, Larsen & Toubro, Reliance Industries, InterGlobe Aviation, Maruti, ITC, Adani Ports and Bharat Electronics were among the biggest laggards. In contrast, Eternal, ICICI Bank, Tech Mahindra, State Bank of India and Tata Consultancy Services were among the gainers.
Global supply is staying in excess of demand.
India's Petroleum Minister Mani Shankar Aiyar has predicted that the 'oil bubble' will burst soon.\n\n
Daily essentials and food products will be cheaper from Monday, as leading FMCG companies have slashed prices, extending GST cut benefits to consumers.
US crude oil futures edged down on Tuesday after hitting an 8-week high of $82 a barrel on Monday.
"This year (2009-10), our WPI is low and I don't see any problem on the horizon which could destabilise us except oil prices which remain a question," said Rajya Sabha MP and former Reserve Bank Governor Bimal Jalan. On the high fiscal deficit, Jalan said he did not think stimulus packages posed a problem. On taxation, he said it would not be good for the country not to have a reasonable rate of tax on profit and dividend.
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
The best way for India to prepare is by preserving and strengthening the RBI's hard-won credibility, point out Rajeswari Sengupta and Vaishali Garga.
The real benefits can be seen when prices stabilise, preferably at levels acceptable to both consumers and producers.
Communist Party India on Thursday asked the government and the public sector oil companies to share the burden of the surge in crude oil prices and expressed the desire to be consulted before any final decision on fuel pricing is taken.
Marico is expected to post high single-digit volume growth in the India business in the July-September quarter. However, it is expected to moderate sequentially, the company said in its quarterly update on exchanges.
The task of Union Finance Minister Arun Jaitley to keep inflation under check, even when the country reeled under severe drought for two years in a row, and reduce the current account deficit, was made easier by low crude oil prices.
The price of jet fuel (ATF) was sharply increased by 7.5 per cent on Tuesday, while the cost of LPG used in commercial establishments was reduced by Rs 58.50 per cylinder, reflecting shifts in international benchmark rates. After three rounds of price cuts, aviation turbine fuel (ATF) price was increased by Rs 6,271.5 per kilolitre, or 7.5 per cent, to Rs 89,344.05 per kl in the national capital - home to one of the busiest airports in the country, according to state-owned fuel retailers.
Merrill Lynch warned that oil prices could fall as low as $25 a barrel next year if the recession affecting the US, Europe and Japan extended to China, the main driver of demand growth in commodity markets in recent years.
Rising crude oil prices along with hardening interest rates in the domestic market have taken a toll on India Inc's growth outlook in the first quarter of the current fiscal.
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
Fears of an economic slowdown in the US, and a consequent spread of the crisis to Europe and other parts of the world, resulted in oil prices falling over 12 per cent since Monday, the largest weekly fall since early 2004.
"The prime minister is thinking of having a meeting of all political leaders and it could take place in the second week of next month," sources in the government said. While the agriculture scenario was comfortable spiralling crude oil prices in the international market was causing a concern, they said. Crude oil reached $96 a barrel mark early this month. However, it has come a notch lower now.
Leading industrialist, Mukesh Ambani,on Friday said the trend of rising energy prices is a matter of great concern and that it could rise further to three-digits going forward.
Wholesale price inflation (WPI) came in at (-) 0.32 per cent in November, driven by an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday.
Rising oil prices, sharp slowdown in mutual fund inflows and steep valuations remain the key risks for Indian investors going ahead.
Surging oil prices are unlikely to restrain the strong economic growth in India and China, Haruhiko Kuroda, president, Asian Development Bank said.
New York City Mayor Zohran Mamdani has voiced his opposition to the capture of Venezuelan President Nicols Maduro by the US military, calling it an 'act of war' and a violation of international law. Congressman Raja Krishnamoorthi also criticized the action, citing lack of congressional authorization.
Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
The rupee slumped 5 per cent in 2025 as persistent capital outflows from foreign investors, alongside heightened dollar demand from importers, making it one of the worst-performing Asian currencies.
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.
Crude prices, which has become a big concern for the government fighting inflation, softened to about $104 to a barrel on the New York Mercantile Exchange after touching $107 a barrel, its highest level since September 2008.
Palm oil prices are rising to record levels these days because China and India are stepping up purchases.
Ahead of the Budget, the Survey made a case for gradual exit of stimulus provided to the industry.
The rupee plunged 26 paise to an all-time low of 90.75 against the US dollar in intra-day trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
The Reserve Bank of India on Thursday said that the economy had enough resilience to absorb rise in global oil prices and said it is keeping a close watch on inflation.
'As matters stand, Russia and Saudi Arabia, two of the world's biggest oil producers, are set for a hard landing as they didn't diversify their economies as much as they should have when the oil prices were booming.'
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