Global energy prices are soaring due to Middle East conflict, with Hong Kong experiencing the world’s highest petrol costs. Despite this, authorities assure supply stability, largely from mainland China. The high prices, driven by duties and land costs, impact logistics and inflation, prompting some drivers to refuel across the border.
Amid Middle East supply disruptions, Indian refiners have resumed Iranian crude oil purchases after a seven-year hiatus, securing their energy needs. The government confirmed no payment hurdles exist for these imports, assuring India’s crude oil requirements for the coming months are fully met. This strategic shift diversifies sourcing amidst global supply chain challenges.
Global energy prices are soaring due to the Middle East conflict and Strait of Hormuz issues. This is significantly impacting India’s economy. Road construction costs are rising, and airlines face higher fuel expenses. Hotels and restaurants are also feeling the pinch with increased LPG prices. Businesses are adjusting to these escalating costs, with some considering
A prolonged Middle East conflict could significantly impact India’s exports, both regionally and globally, due to supply chain disruptions, Commerce Secretary Rajesh Agrawal warned. He urged the pharmaceutical industry to reduce reliance on imported raw materials and build stronger domestic capacities to mitigate these risks and ensure continued growth in the sector.
India’s pharmaceutical exports are thriving, reaching $28.29 billion in April-February FY26, a 5.6% rise despite global challenges. The sector, currently valued at $60 billion, is projected to hit $130 billion by 2030. Leaders are optimistic about continued growth, even with potential US tariff impacts on future exports.
External Affairs Minister S Jaishankar emphasized strengthening national capabilities amidst global volatility. He highlighted India’s foreign policy focus on market access and resource security, noting geopolitical shifts and disruptions like the pandemic and conflicts. Jaishankar stressed building internal strengths as crucial for de-risking and enhancing leverage, underpinning India’s quest for a ‘Viksit Bharat’.
Delhi’s commercial LPG supply now requires users to register for piped natural gas (PNG) where available, or declare intent to switch. Oil marketing companies will verify these applications, sharing data with IGL. Businesses needing both can seek exemptions, ensuring compliance with the government’s push for PNG adoption.
Reports of an Iranian crude oil shipment rerouted to China due to payment issues have been officially denied by India’s Petroleum Ministry. The ministry clarified that such diversions are common in global oil trade for optimization and assured that Indian refiners have secured their energy supplies, including from Iran, with no payment hurdles.
IFFCO has achieved its highest-ever Profit Before Tax, projected to exceed Rs 4,106 crore for FY 2025-26, driven by robust fertiliser production and sales. The cooperative saw significant dispatches of both conventional and nano fertilisers, including new nano zinc and copper variants. IFFCO remains committed to farmer prosperity through innovation and balanced crop nutrition.
Pakistan grapples with soaring fuel prices, prompting free public transport in Islamabad and Punjab for 30 days. Despite a revised petrol price, public anger persists. The government aims to ease economic burdens amid global energy disruptions and IMF pressure, with similar measures seen in Karachi and Bangladesh.
