The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
India is the only significant power that all parties trust, or at least do not distrust, notes former defence secretary Ajay Kumar.
India offset the decline in exports to traditional destinations by sharply ramping up shipments to Jordan (18,086 per cent), Hong Kong (17,006 per cent), Spain (13,436 per cent), the Philippines (2,235 per cent), and Namibia (1,068 per cent) in H1FY26.
'Even last year, when India bought gold, the physical quantity was much less than the previous years.'
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
'If 5% of the total revenue was spent on LPG (pre-war), it is now expected to double. The overall food cost in restaurants is expected to rise by 4-6%.'
The Indian government has refuted claims of an impending Rs 25-28 per litre hike in petrol and diesel prices post-assembly elections, stating no such proposal is under consideration by the Ministry of Petroleum and Natural Gas.
A tanker carrying liquefied petroleum gas (LPG) for India has successfully navigated the Strait of Hormuz and is en route to Visakhapatnam, India, carrying enough cargo to meet half a day's requirement for the country.
The government has dismissed speculation of an imminent increase in petrol and diesel prices, assuring citizens that there are no plans for a hike despite rising crude oil costs.
The United States has extended a waiver from sanctions to allow countries to buy petroleum products from Russia by a month, days after it ruled out renewal of the special measure.
The closure of the Strait of Hormuz has disrupted some 20 per cent of the global flows but even if it opens, damages to production facilities in the region will take time to repair, points out Sunita Narain.
'...especially pressure on the rupee, the current account deficit, and foreign exchange outflows.' 'The key question over the next several months is whether the government can prevent external turbulence from feeding into domestic economic pessimism.'
India's manufacturing sector experienced a mild recovery in April, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) rising to 54.7 from 53.9 in March. However, inflationary pressures intensified, with input costs increasing at the fastest pace since August 2022, largely attributed to the Middle East conflict.
Bajaj Auto is set to launch new Pulsar motorcycles in the 125cc and 150-250cc segments in Q2 FY27, aiming to capitalise on the upcoming festival season surge. This move follows strong growth in the 150cc-plus segment, where refreshed Pulsar models already account for over 50 per cent of Bajaj's sales.
A new report suggests that blending 20 per cent dimethyl ether (DME) with LPG could significantly reduce India's LPG imports, leading to substantial savings in foreign exchange.
'At the first sign of real trouble, that money will move. There will be a run.'
A major fire near the main unit of the newly built Rajasthan refinery of HPCL has postponed the inauguration by Prime Minister Narendra Modi. The fire, which broke out near the crude distillation unit, was doused in about two hours with no reported casualties.
Police in Hoshiarpur have arrested two men for allegedly stealing LPG from tankers and illegally selling it. The suspects were caught in Dasuya during a raid where they were transferring LPG into domestic cylinders.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are reportedly incurring losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel, as they continue to absorb rising crude oil costs without increasing retail prices. This situation is leading to expectations of a fuel price hike after upcoming state elections.
Reliance Industries is expected to report largely flat performance for its fourth quarter (January-March, Q4) of FY26, with weakness in the oil-to-chemicals (O2C) business and muted retail growth likely to offset steady gains in the telecommunications segment.
India and New Zealand have signed a comprehensive Free Trade Agreement (FTA) aimed at significantly boosting bilateral commerce and investments, providing duty-free access for 100 per cent of India's exports to New Zealand and securing duty-free inputs for India's manufacturing sector.
The United Arab Emirates has announced its decision to withdraw from OPEC and the wider OPEC+ alliance, effective May 1, 2026, signalling a significant policy-driven evolution in its long-term energy strategy aimed at aligning with domestic economic goals and increased production investment.
The United Arab Emirates has announced its decision to withdraw from OPEC and the wider OPEC+ alliance, effective May 1, 2026, signalling a significant policy-driven evolution in its long-term energy strategy aimed at aligning with domestic economic goals and increased production investment.
Delhi Police arrested a gas agency owner for allegedly hoarding and black marketing LPG cylinders, seizing 459 cylinders in a raid.
The Indian government is actively developing a policy for flex-fuel vehicle adoption and aiming for 100 per cent ethanol blending in petrol to enhance energy self-reliance, particularly in light of supply disruptions from the West Asia conflict.
US President Donald Trump's call to Prime Minister Narendra Modi signals a concerted effort to reset strained Washington-New Delhi ties, with a focus on 'big-ticket' energy and trade deals, including increased Indian imports of US LNG and LPG, and potential cooperation on small modular reactors.
India's fertiliser subsidy bill for the current financial year (FY27) is projected to increase by approximately 20% due to surging global prices, primarily driven by the West Asia crisis, a senior official confirmed. Despite this, retail prices for urea and di-ammonium phosphate (DAP) will remain unchanged, ensuring adequate supply for the kharif season.
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.
Even if there is an early agreement on a cessation of hostilities in West Asia, the price shock will not go away easily, points out A K Bhattacharya.
'It was diminishing even before Trump came to power.' 'The US was at the centre of the global economy. That position is going to become less and less important and less central.'
Delhi Police have arrested a 61-year-old man and busted an illegal LPG refilling racket in southwest Delhi's Dabri area, seizing 17 cylinders.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
Prime Minister Narendra Modi convened a meeting with senior ministers to assess the impact of the evolving situation in West Asia on India's crude oil, gas, petroleum, power, and fertiliser sectors, focusing on ensuring uninterrupted supply and stable logistics.
Nath's comments came amid the Congress party's continuous attack on Centre for the recent hike in commercial LPG cylinders and the Aviation Turbine Fuel (ATF).
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
Moody's Ratings has downgraded India's growth forecast for financial year 2026-27 (FY27) to 6 per cent from 6.8 per cent, attributing the revision to weaker consumption and industrial activity, elevated energy prices, and rising input costs stemming from the West Asia conflict.
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.
At least 18 people were charred to death, and six others sustained grievous injuries following a massive explosion at a private firecracker manufacturing unit near Virudhunagar, the police said on Sunday.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
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