New Delhi, March 27 (IANS) As the Centre slashed excise duties on petrol and diesel by Rs 10 per litre each, bringing them down to Rs 3 per litre for petrol and zero for diesel, in a move aimed at cushioning the impact of surging global oil prices, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said the Modi government had two choices — either increase prices drastically for citizens as all other nations have done, or bear the brunt on its finances so that an Indians …
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Seoul, March 25 (IANS) The South Korean won rose further against the US dollar on Wednesday as US President Donald Trump continued to signal the possibility of a swift end to the ongoing Middle East conflict.The won opened at 1,493 per dollar, up 2.2 won from the previous session, reports Yonhap news agency.The currency had surged to 1,495.2 won per dollar Tuesday, recovering from a 17-year low of 1,517.3 won in the previous session after Trump said that he had ordered a five-day postponement of…
Mumbai, March 20 (IANS) The Indian rupee dropped to a record low on Friday to 93.12 against the US dollar, amid global supply chain disruptions due to escalating Middle East conflict.The domestic currency fell 0.55 per cent to 93.12, eclipsing its previous low of 92.63 on Wednesday.The rupee has depreciated nearly 2 per cent since the West Asia tensions began.According to experts, the USD/INR pair is trading above the 92.8 level, indicating continued pressure on the rupee amid elevated crude pri…
New Delhi, March 19 (IANS) Pakistan has limited petroleum reserves, with crude oil stocks sufficient for just 11 days, raising concerns over energy security amid disruptions caused by the ongoing Middle East conflict, a report has said.Briefing the Senate Standing Committee on Petroleum, the secretary petroleum said the country currently has diesel reserves for 21 days, petrol for 27 days, liquefied petroleum gas (LPG) for nine days and jet fuel for 14 days, according to a report in The Express …
New Delhi, March 18 (IANS) Global oil prices traded in the negative zone on Wednesday, slipping over 3 per cent after a sharp surge in the previous session, as escalating geopolitical tensions in West Asia kept markets volatile.Brent crude futures were trading 2.50 per cent lower, hitting an intra-day low of $100.85 per barrel by 9:45 am, while the US benchmark West Texas Intermediate (WTI) crude fell 3.40 per cent to an intra-day low of $92.83.So far this week, WTI futures have declined as much…
Tehran, March 14 (IANS) Iran on Saturday accused the United States of double standards over Russian oil, saying that Washington was now “begging” countries to purchase the same crude it had earlier tried to block through pressure and sanctions.In an X post, Iran’s Foreign Minister Abbas Araghchi slammed the US, alleging that it had spent months pressuring India to halt imports of Russian oil but had now shifted its position as tensions with Iran disrupted global energy markets.”The US spent mont…
New Delhi, March 13 (IANS) Global oil prices cooled down marginally on Friday after the US announced a 30-day waiver, allowing all countries to purchase Russian oil.Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.US Secretary of Treasury, Scott Bessent, said on X that “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase…
Islamabad, March 12 (IANS) Retailers in big cities of Pakistan have raised prices of confectionery and other daily-use commodities, including fresh fruits, citing the recent rise in petroleum prices, although the majority of the shops were still selling existing stock purchased at older prices, local media reported on Thursday. This has raised serious concerns for the consumers. People said that shopkeepers started asking for higher prices for commonly consumed products like noodles, toothpaste,…
New Delhi, March 11 (IANS) The Indian government is actively exploring support measures for domestic shipping companies and exporters as insurance costs have shot up due to the war-risk premium that is being levied due to the Iran war, which has engulfed the Middle East region, according to a senior Finance Ministry official.Industry stakeholders have flagged the sharp increase in insurance costs during consultations held by Shipping Secretary T.K. Ramachandran and Department of Financial Servic…
New Delhi, March 8 (IANS) The growing uncertainty over Iran’s leadership after the death of its Supreme Leader Ayatollah Ali Khamenei is drawing global attention, with analysts debating who will replace him, a report has said. However, many experts believe the more important question is what the crisis means for China’s long-term strategy, particularly as Beijing prepares for potential geopolitical tensions involving Taiwan, according to Taipei Times report.China has deep economic ties with …