India’s retail inflation climbed to a 13-month high of 3.48% in April, primarily fueled by soaring food prices. Consumer Food Price Index accelerated to 4.20%, with rural inflation outpacing urban rates. While silver and gold jewellery saw significant price hikes, tomatoes surged, but potatoes and onions experienced deflation. This marks the second consecutive monthly rise,
Indian consumers are shielded from soaring global crude prices, but state fuel retailers are facing immense financial strain. Companies are losing approximately Rs 1,000 crore daily, with cumulative under-recoveries reaching nearly Rs 1.98 lakh crore. This price freeze, while ensuring supply, puts significant pressure on their balance sheets and future operations.
Facing a widening trade deficit, India’s Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation’s vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.
Wall Street’s market sentiment has shifted from ‘TACO’ (Trump Always Chickens Out) to ‘NACHO’ (Not A Chance Hormuz Opens), reflecting growing pessimism about the Strait of Hormuz crisis. Investors now anticipate a prolonged period of elevated oil prices and shipping risks, moving away from assumptions of a quick resolution.
Union Minister Hardeep Singh Puri assured stable fuel and cooking gas supplies, stating the country holds 69 days of crude oil and LNG reserves and 45 days of LPG. Daily LPG production has been significantly increased to 54,000 tonnes amid Middle East geopolitical tensions. Puri also echoed Prime Minister Modi’s call for austerity to mitigate
The US and UK have imposed separate sanctions targeting individuals, companies, and networks involved in Iran’s oil sales, financial transactions, and alleged hostile activities. These measures aim to disrupt Iran’s oil exports to China and cut off funding for the IRGC, while the UK focuses on shadow banking and destabilizing operations linked to criminal networks.
The Indian Rupee hit a record low of 95.63 against the US dollar amid escalating geopolitical tensions and fragile investor sentiment. Intensifying Middle East conflict, rising oil prices, and sustained foreign fund outflows are pressuring the currency. This economic uncertainty is also reflected in a significant dip in domestic stock markets.
The Indian government has rationalised royalty rates and methodologies for crude oil, natural gas, and casing head condensate to simplify regulations and boost the upstream energy sector. This move aims to bring greater clarity, consistency, and predictability to the oil and gas regime, encouraging fresh investments in exploration and production activities.
India has reportedly rejected Russian LNG cargoes under US sanctions, despite energy security worries. A sanctioned Russian LNG shipment is now stranded near Singapore as India navigates compliance risks. While India continues to import Russian crude, LNG is harder to conceal from global tracking systems. Discussions are ongoing for non-sanctioned Russian supplies.
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