The government has urged citizens to avoid panic buying of petrol, diesel, and LPG. It stated that despite disruptions related to the closure of the Hormuz Strait, fuel supply is sufficient and the situation is under control.

The Ministry of Petroleum and Natural Gas mentioned that active measures are being taken to ensure the uninterrupted availability of petroleum products and cooking gas in the country. People have been advised to rely only on official information and to conserve energy. The government has prioritized domestic LPG and piped natural gas (PNG), especially for households, hospitals, and essential services.

Refineries have increased production to balance demand and enhance supply, and the interval for filling gas cylinders has also been extended. Strict measures have been implemented to curb hoarding and black marketing, with over 3,700 raids conducted so far, and nearly 1,000 show-cause notices issued to LPG distributors, of which 27 dealers have been suspended. The supply of commercial LPG has been limited to about 70 percent of previous levels, while the use of alternative fuels like kerosene and coal is being increased to alleviate pressure.

In terms of natural gas, full supply is being provided to households and the transport sector, while supply to the industry and fertilizer sectors is being gradually increased. The ministry reported that all refineries are operating at high capacity and sufficient stocks are available at petrol pumps across the country. To provide relief from rising global prices, the government has reduced excise duty on petrol and diesel by 10 rupees per liter and imposed a duty on exports.

Meanwhile, an Indian LPG tanker carrying nearly half a day's supply of cooking gas has successfully crossed the war-torn Hormuz Strait, while another Iranian vessel has reached Mangalore port. The government informed about the situation in West Asia, stating that the LPG ship named 'Green Sanvi' has safely crossed the Hormuz Strait with 46,650 tons of cooking gas and 25 crew members. Green Sanvi is the seventh Indian-flagged LPG tanker to cross this crucial maritime route.

This strait has been in a near-closure situation since February 28, following attacks by the US and Israel on Iran and Tehran's subsequent retaliation, significantly affecting ship movement. Separately, it was mentioned that a ship carrying cooking gas from Iran has reached Mangalore port and is currently unloading gas. This is possibly the first energy purchase from Iran in the last seven years.

The Ministry of Petroleum and Natural Gas posted on the social media platform 'X' that the LPG ship named 'Sea Bird', which brought approximately 44,000 tons of Iranian cooking gas, arrived at Mangalore port on April 2 and is currently unloading gas. This purchase occurred at a time when the US recently granted temporary relief from sanctions imposed on Iranian oil and related products to control rising prices amid the West Asia crisis. Despite the passage of 'Green Sanvi', 17 Indian-flagged ships remain stranded in the western part of the strait.

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New Delhi, June 23 — Global oil prices soared to their highest levels since January 2025 following US airstrikes on Iran's nuclear facilities and Iran’s threat to close the Strait of Hormuz, a crucial maritime passage that handles nearly 20 percent of global crude oil flow.

During early Monday trading, Brent crude futures jumped by $1.92, or 2.49 percent, reaching $78.93 per barrel. Simultaneously, US West Texas Intermediate crude rose by $1.89, or 2.56 percent, to hit $75.73 per barrel. At one point, Brent crude spiked nearly 5 percent before retracting some gains, unable to sustain its peak amid volatile geopolitical developments and unexpected shifts in oil reserves.

As per agency report, the rising hostility between Israel and Iran has heightened fears over potential disruptions in oil supplies from the Middle East, a region central to global energy exports. The US Energy Information Administration (EIA) revealed a significant drop of 11.5 million barrels in crude oil reserves last week, far exceeding the anticipated 2.3 million barrel drawdown, further fueling price pressure.

Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd, noted that crude oil is currently finding support at $74.20–$73.40 and facing resistance around $75.65–$76.20. In rupee terms, support levels are seen at ₹6,400–₹6,320, with resistance projected between ₹6,580–₹6,690.

Although Iran's threat to close the Strait of Hormuz has rattled markets, analysts caution that such threats have historically remained theoretical, and the strategic waterway has never actually been shut. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented that a closure of the strait would ultimately hurt Iran and its allies, particularly China, more than its adversaries.

Meanwhile, India's Petroleum and Natural Gas Minister Hardeep Singh Puri sought to reassure domestic consumers about potential supply disruptions. Addressing concerns about the geopolitical fallout, he affirmed that India has diversified its energy supply sources under Prime Minister Narendra Modi’s leadership. He emphasized that a substantial portion of India’s current crude imports no longer pass through the Strait of Hormuz.

Puri added that the government has been closely monitoring the evolving situation in the Middle East over the past two weeks and is confident in its preparedness to manage any adverse effects on India's oil supply chain.

New Delhi, Jan 2 (IANS) The government has raised the windfall tax on crude oil and reduced the tax on diesel and aviation turbine fuel.

The government has hiked the windfall tax on petroleum crude oil to Rs 2,300 ($27.63) a tonne from Rs 1,300 earlier, according to the official notification.

Upstream oil companies ONGC and Oil India Ltd (OIL) stand to lose as they will not get the full benefit of rising international prices for their crude.

However, the government on the other hand will get more resources to help to keep its fiscal deficit in check.

A tax of Rs 0.5 per litre on diesel and aviation fuel has been scrapped in the review.

The government had first imposed the windfall tax on crude oil in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners started making gains from robust refining margins in overseas markets, instead of selling in the domestic market.

New York, Dec 28 (IANS) Gas prices across the US are projected to fall in the new year in 2024 for the second successive year resulting in a net saving of about $32 billion on fuel costs for the Americans.

Oil experts predict that US gas prices will average $3.38 a gallon in the key election year of 2024 representing a significant improvement from this year's average of $3.51 a gallon and an even bigger drop from the average of 2022 of $3.95.

Gas prices skyrocketed to record highs that year as Russia's invasion of Ukraine set off global shockwaves, media reports said.

Gas stations around the country boosted prices by an average of 26 cents a gallon over the past month, as irregular temperatures made fuel-making more challenging due to the slowing of cooling processes needed to refine crude oil.

Even as the Russia-Ukraine war still lingers and there is a risk the Israel-Hamas war spills into a regional conflict, GasBuddy, an oil and gas analyst, is betting drivers will get more relief in 2024.

GasBuddy expects Americans will spend about $32 billion less on fuel than in 2023 and $79 billion less than in 2022.

"Next year should represent a continued march towards what most Americans would consider normal prices at the pump," Patrick De Haan, GasBuddy's head of petroleum analysis, told CNN.

The price drop forecast bodes well for consumers. White House can exercise caution as optimism emerges while fighting an uphill battle trying to sell its economic message to a sceptical public, CNN analysts wrote.

Cheaper gas prices would give the Federal Reserve a carte blanche as it seeks to pull off a rare soft landing of the US economy by taming inflation without starting a recession. The Feds closely monitor gas prices but it's not included in its "core" inflation gauge.

"Gas prices may still be a bit elevated but considering wage growth, it is taking less of Americans' hard work to pay for that gallon of gasoline," De Haan said.

GasBuddy doesn't see gas prices averaging $4 a gallon in any single month next year.

The US is an energy power house that pumps more oil than any other country in the world , according to S&P Global Insights.

In December 2022, GasBuddy projected gas prices would average $3.49 a gallon in 2023. That forecast was nearly spot-on, with actual gas prices averaging $3.51 a gallon so far this year.

New Delhi, Nov 30 (IANS) Crude oil prices have started firming up again in the international market as the OPEC+ cartel is reported to be on the verge of signing an agreement to cut production by 2 million barrels per day.

OPEC+ members agreed to make 1 million barrels a day of additional oil-supply cuts to go alongside Saudi Arabia’s much-anticipated extension of a voluntary reduction of the same size, financial news agency Bloomberg reported.

The members have agreed to this in principle and it now goes to a vote at the meeting, the report added.

Oil prices rose by 1.4 per cent to $84.22 a barrel on Thursday as the market factored in the OPEC+ meeting.

India imports over 80 per cent of its oil requirement and any increase in price causes the oil import bill to shoot up and weakens the rupee as the demand for the US dollar also goes up to finance the oil purchases of crude.

Saudi Arabia has been pushing for production cuts as oil prices have dropped from near $98 in late September amid concerns over slower economic growth and increased supply in the market.

OPEC+ fears have been stoked by forecasts, including by the International Energy Agency, about oil prices declining further in 2024 due to a sharp slowdown in demand growth.

Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million bpd in a series of steps that started in late 2022 and see this as the way to prop up prices.

New Delhi, Nov 1 (IANS) India’s crude oil imports from Russia fell by more than 4 pe rcent in October compared to September, according to figures compiled by energy cargo tracker Vortexa.

India imported 1.55 million barrels per day (bpd) of crude oil from Russia in October down from 1.62 million bpd in September.

However, Russia continues to be the largest oil supplier to India, accounting for more than one-third of the country’s total crude imports.

The fall in imports during October is attributed to the lower discounts being offered by Russia which has tended to raise the price above the West-imposed cap of $60 a barrel for Russian oil and as a result of which buyers face difficulties in making payments, according to market analysts.

However, while reducing imports from Russia, India has increased crude purchases from Saudi Arabia in October to 924,000 barrels a day from 523,000 bpd in the previous month, Vortexa data show.

India’s imports of crude oil from Russia steadily increased after the Ukraine war and the country has surpassed Saudi Arabia and Iraq, the earlier top two suppliers to India.

India’s total imports of crude oil which also comes from the US and Africa touched 4.56 million bpd in October. 

New Delhi, Oct 18 (IANS) The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs 12,200 a tonne to Rs 9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).

The windfall tax on petroleum crude was raised to Rs 12,100 a ton from Rs 10,000 with effect from September 30 as oil prices at the time had soared to $95 a barrel. Oil prices came down but have started heading north again in the wake of the Israel-Hamas conflict.

The windfall tax on aviation turbine fuel has also been cut from Rs 3.50 a litre to Re 1 and that on diesel from Rs 4 a litre to Rs 3 which is expected to benefit the downstream oil refiners that export petroleum products.

The government first imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners started making gains from robust refining margins in overseas markets, instead of selling at home.

New Delhi, Oct 16 (IANS) Concerns regarding the spread of the Israel-Hamas conflict have triggered a sharp spike in Brent crude to above $90 and safe-haven buying has pushed gold to above $1900, says V.K. Vijayakumar, the Chief Investment Strategist at Geojit Financial Services.

The anxiety of the market is reflected in the CBOE VIX spiking above 19. "From the geopolitical perspective, we are in uncharted territory and, therefore, prudence demands that investors remain cautious," he said.

Holding cash would be a good strategy in this uncertain time. The cash component in the portfolio may be increased as a measure of caution. Also, this will enable investors to buy when there is a big dip in the market, and it is important to note that big dips can happen since valuations are high, he added.

Paints, tyres and aviation stocks will be under pressure from the rising crude. HDFC Bank results Monday will be keenly watched by the market, he said.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said the Nifty after opening on a weak note and hovering near the 19,670 zone recovered to some extent but once again witnessed resistance near the 19,800 zone and ended near the 19,750 levels with bias still remaining cautiously positive.

The index needs to maintain the near-term support zone of 19,600 levels while on the upside 19,850 zone is acting as a resistance barrier which needs to be breached decisively. The support for the day is seen at 19,650 levels while the resistance is seen at 19,900 levels, Parekh said.

BSE Sensex is down 35 points at 66,247 points on Monday. HCL Tech is up more than 1 per cent.