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.
India's procurement of Venezuelan crude oil has picked up momentum since April and the South American nation has already emerged as the third largest oil supplier to the country.
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.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
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.
Reliance Industries Ltd (RIL) has expressed caution regarding 'extreme volatility' risks stemming from the West Asian conflict, which could impact global oil demand and the company's margins, while also noting that near-term retail consumption demand may remain sensitive to macro conditions. Chairman Mukesh Ambani, in the annual report, remained silent on the timeline for Jio Platforms' anticipated public listing, stating the group will 'continue to evaluate strategic pathways'.
Trump's remarks marks one of the most direct rebukes yet from Washington to its allies over their refusal to support US-led military operations in Iran and over the energy crisis triggered by disruptions in the Persian Gulf.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
Donald Trump defends the recent surge in global oil prices, arguing it's a necessary short-term cost to eliminate Iran's nuclear threat and ensure global security.
Ministry wants to abolish 2.5 per cent customer duty on petrol and diesel.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
The Israel Defence Forces (IDF) confirmed the missile launches in a statement on Telegram, noting that defensive systems were actively operating to intercept the threat.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
The petroleum ministry on Friday reaffirmed the government's commitment to maintaining stable petrol and diesel prices, despite India's high dependence on imports.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
Two India-bound LPG tankers have crossed the Strait of Hormuz amid heightened tensions in the region, while an India-flagged vessel sank after being hit near the strategic shipping corridor.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Israel wishes to continue its bombing campaign until Iran's military and industrial infrastructure are degraded to a point where it ceases to pose a threat to Israel. Iran, for its part, has learnt from its experience in the 12-day war of last June. Any ceasefire, it believes, will only be a prelude to another attack on itself. It is determined to convey that any attack on Iran will impose heavy costs on Israel, the US, America's allies in the Gulf -- and on the world at large, points out T T Ram Mohan.
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.
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
Production growth in India's eight core infrastructure sectors slowed to a three-month low of 2.3 per cent in February, impacted by contractions in crude oil, natural gas, and refinery products output.
Air India group announces fuel surcharges on domestic and international flights due to rising Aviation Turbine Fuel (ATF) prices, following the government's decision to cap domestic ATF price hikes.
India's core sector output contracted by 0.4 per cent in March, marking the first decline in five months, with coal, crude oil, fertiliser, and electricity production falling, according to official data.
Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.
The Indian government has refuted claims of fuel shortages, asserting that the country possesses approximately 60 days of fuel stock cover and that all petrol pumps are adequately stocked and operating normally.
Reliance Industries' digital arm, Jio Platforms, may see its initial public offering (IPO) delayed to the second half of fiscal 2027, according to CreditSights. The delay is primarily attributed to ongoing geopolitical tensions in the Middle East, which could impact market conditions and investor sentiment.
Iranian President Masoud Pezeshkian maintained a stance of defensive necessity, noting that Tehran is "forced to retaliate to attacks" but clarified that this does not imply a dispute with neighbouring countries
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 US embassy in Saudi Arabia and the US consulate in Dubai were reportedly targeted by suspected Iranian drone attacks amid heightened tensions in the Middle East following US and Israeli strikes on Iran.
The threat has raised concerns about possible asymmetric attacks outside the region. Iran has also stepped up attacks on energy infrastructure in Gulf countries.
Finance Minister Nirmala Sitharaman announces increased domestic LPG production to offset import disruptions caused by Middle East tensions, alongside assurances of fertiliser availability and the clearing of UPA-era oil bonds.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
Cooking oil is often discarded after being used for frying at home or in restaurants. However, a refinery of IndianOil has now won a certification to use the same oil to produce sustainable aviation fuel (SAF), the company chairman Arvinder Singh Sahney said.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
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.
State-run oil-marketing companies (OMCs) are unlikely to significantly raise petrol and diesel prices despite crude oil nearing $100 a barrel, leading to potential margin pressure, while CLSA analysts project a 65 per cent upside for ONGC's stock.
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.
