How crude oil benchmark volatility, refinery economics and a broken supply chain are testing India’s energy resilience
“Energy can never be created, nor destroyed; it can only be changed from one form to another.”The first law of thermodynamics remains a quiet scientific truth despite a broken supply of crude oil due to the ongoing Middle East crisis. As geopolitical disruption tightens its grip around the Strait of Hormuz, that law reads less like classroom physics and more like a warning. The oil is still there, in the reservoirs beneath Kuwait, Iraq and the Emirates. What has changed is whether the crude oil can move without disruption.The disruption in the Middle East has exposed a deeper fault line in global oil markets. For India, it’s significant because the country imports nearly 90 per cent of its crude oil requirement. With roughly 50 per cent of its crude imports transiting the Strait of Hormuz, according to S&P Global Commodities at Sea data, India now finds itself at the intersection of simultaneous pressures: a disrupted supply route, a changing import mix since it began unwinding Russian crude purchases. According to the government, the supply is sufficient to cover 60 days of consumption. Watch ‘West Asia Crisis Poses New Challenges For India’: PM Modi Warns On Economy Energy And Security In a telephone call on March 21, 2026, Vinay, a professional working in NAPESCO, Kuwait-based upstream drilling support services, originally from eastern Uttar Pradesh described conditions on the Kuwait’s coast. “Operations are disrupted. Only about 30 per cent of employees are coming to the office. Offices have taken all safety measures, including fire safety, after the missile attack. The fire safety team can reach any office within 2-3 minutes ,”he told TOI. This disruption has changed the language of the market. The focus is no longer limited to supply and demand. It is about resilience, rerouting and the ability to sustain flows through disruption. In that recalibration, pricing benchmarks, refining systems and national strategies are being tested simultaneously.In March 2026, global crude flows through the Strait of Hormuz – the world’s most critical oil transit chokepoint–collapsed dramatically, triggering a chain reaction across markets. According to the International Energy Agency (IEA), nearly 20 million barrels per day (mb/d) of crude and petroleum product flows have been disrupted, while global oil supply is projected to fall by around 8 mb/d in the same month. Not all oil is the same: The chemistry that sets the price The first thing to understand about crude oil is that it is not a single substance. It is a complex mixture of hydrocarbons, and where a crude sits on that spectrum determines who buys it, at what price, and what can be made from it.Two measurements define any crude at the wellhead. The first is API gravity, a density scale developed by the American Petroleum Institute. Light crude, above 31 degrees API, flows easily and naturally yields a high proportion of petrol and jet fuel when refined. Heavy crude, below 22 degrees API, is viscous, requires more processing energy and tends to produce larger quantities of lower-value residues unless the refinery is specifically built to upgrade them. The second is sulphur content. Crude with less than 0.5 per cent sulphur is called sweet; it meets clean-fuel standards at a lower refining cost and commands a price premium. Crude above that threshold is called sour; it requires an additional desulphurisation stage before it can meet Euro-VI standards, and it trades at a discount. That discount has historically ranged from three to fifteen dollars per barrel depending on market conditions, according to S&P Global Commodity Insights.The Middle East produces primarily sour, medium-density crude. North Sea and North American shale formations tend to yield light, sweet grades. This is a geological fact that no trade agreement can change, and it explains much of why the global oil market is structured the way it is. The Three Benchmarks: Brent, WTI and Dubai/Oman With hundreds of crude grades traded globally, markets need reference prices. Benchmarks serve this function: widely traded, transparent contracts whose prices become the starting point for pricing almost every other grade as a premium or discount.Brent Crude, produced from a blend of North Sea fields known as BFOET (Brent, Forties, Oseberg, Ekofisk, Troll) and traded on the Intercontinental Exchange in London, is the world’s primary benchmark. ICE data indicates that Brent underlies the pricing of approximately two thirds of globally traded crude. Its authority rests on a structural quality: Brent cargoes are seaborne. Oil loaded at a North Sea terminal can reach any refinery in the world, making its price a genuine reflection of global supply and demand rather than regional logistics. West Texas Intermediate (WTI), traded on the NYMEX at Cushing, Oklahoma, is the primary US benchmark. It is marginally lighter and sweeter than Brent. But WTI is landlocked, its price reflects pipeline capacity and storage constraints at Cushing as much as global market conditions. When US shale output surged between 2012 and 2019, Cushing storage repeatedly filled, pushing WTI prices well below Brent even as world demand climbed. The US Energy Information Administration reports American crude production now exceeds 13 million barrels per day, making the United States the world’s largest producer, yet WTI’s geographic constraint has not fundamentally changed.Less visible in Western financial coverage but essential to Asia is the Dubai/Oman average, the benchmark for the sour, medium-density crude that flows east from the Gulf. It is the price marker against which more than three quarters of India’s imported crude is contracted. The Brent-WTI spread and the Brent-Dubai differential are among the most closely tracked numbers in the global energy trade, each reflecting a different kind of market signal. How oil travels: Upstream, Midstream, Downstream Every barrel of crude passes through three stages before it becomes a usable fuel. Understanding which stage is currently under the most stress is essential to understanding what is happening to prices in March 2026. Upstream is exploration and production. It covers geological surveys, drilling rigs and wellheads. In India, ONGC and Oil India are the principal domestic producers, but
Rubber industry seeks govt intervention amid rising costs in wake of West Asia war
Hyderabad: India’s rubber industry has sought urgent govt intervention as global supply disruptions linked to the West Asia conflict have pushed up raw material and freight costs, threatening thousands of small manufacturers and exporters across the country.In a representation to the commerce ministry, the All-India Rubber Industries Association said SMEs are facing severe stress as prices of natural rubber, synthetic rubber and rubber chemicals have shot up amid shipping delays, insurance hikes and uncertainty in crude-linked inputs.The industry body has urged the govt to ensure equitable raw material access for MSMEs, provide credit support, waive duties on certain synthetic rubbers, and speed up port clearances to protect jobs and export commitments. It has also urged the govt to facilitate alternative sourcing by granting temporary exemptions or easing imports from China and Southeast Asian countries.“The impact on the rubber industry is huge because all the raw materials we use to produce rubber components are oil-based, mainly carbon black, synthetic rubber oils. So anytime oil prices go up, everything goes up,” said Anay Gupta, president of the association.“At present there’s about 30% to 40% increase in raw material prices if we compare with before the war started,” Gupta said, adding that the sharpest increases have been seen in carbon black, synthetic rubber and processing oils, while natural rubber has also become costlier.“For natural rubber, increase is about 10% because though it’s not oil-based but demand-driven, about 40% of natural rubber used in India is being imported. Freight charges and insurance costs have gone up due to the conflict.”The association said shipping lines have imposed steep surcharges, worsening the burden on manufacturers. Gupta said, “Shipping lines have put $2,000 surcharge on 20ft containers and $3,000 on 40ft containers. Insurance costs also have increased and freight charges have nearly doubled.”He said India’s dependence on imports has made the sector especially vulnerable. Gupta said India produces only about 60% of the natural rubber it consumes, while synthetic rubber imports account for a very large share of domestic demand.Industry data shows India consumed 8,56,900 metric tonnes of synthetic rubber in FY25, of which 4,13,627 metric tonnes, or nearly 48%, was imported.The impact of the conflict is expected to be significant for export-oriented segments such as automotive components, belting, footwear and sports goods. “Anybody and everybody who uses rubber and these inputs is affected badly,” Gupta said.In Telangana, the rubber industry largely comprises around 800 units, mostly MSMEs, with an annual turnover of around Rs 3,000 crore, contributing 0.5% to 1% of manufacturing output and less than 1% of GSDP.Clusters around Hyderabad and Mahabubnagar produce hoses, tubes, sheets and profiles, while reclaimed rubber units process waste tyres.
WTO talks: Sharp divide over e-commerce duty moratorium as India opposes permanent extension
A sharp divide has emerged at the ongoing World Trade Organisation (WTO) ministerial conference in Cameroon over the continuation of the e-commerce moratorium on customs duties, think tank Global Trade Research Initiative (GTRI) said on Saturday, reported PTI.It noted that while the US is pushing for a permanent extension of the moratorium, India and several developing countries are opposing the move, citing concerns over revenue loss and policy constraints.“The sharpest divide is there over the e-commerce moratorium on customs duties. A temporary compromise of 2-4 years appears the most likely outcome,” GTRI said.The third day of the WTO’s 14th Ministerial Conference (MC14) in Yaounde is emerging as crucial, with discussions taking place across four key tracks — fisheries subsidies, investment facilitation, e-commerce and agriculture.On the China-led Investment Facilitation for Development (IFD) pact, pressure on India is expected to intensify during small-group “green room” meetings, GTRI founder Ajay Srivastava said.“India’s concern is less about the pact itself than the precedent it sets, opening the door to plurilateral deals that once embedded within the WTO, act as Trojan horses gradually reshaping the institution’s multilateral character,” he said.He added that limited progress is likely on fisheries subsidies as divisions among members continue to persist.“With tensions spanning digital trade, IFD and plurilateral agreements, today’s discussions are set to determine whether MC14 ends in a modest compromise or exposes deeper fractures within the WTO,” Srivastava said.
Who is Ashok Kumar Panda? PESB recommends SAIL finance director for CMD post; top PSU role awaits ACC nod
Government head-hunter Public Enterprises Selection Board (PESB) has recommended Ashok Kumar Panda, Director (Finance) at Steel Authority of India Ltd (SAIL), for the post of Chairman and Managing Director (CMD) at the state-run steel major, PTI reported.Panda was among 10 shortlisted candidates interviewed for the top post at India’s largest public-sector steel-making entity.The position will fall vacant after the tenure of the current CMD, Amarendu Prakash, ends on April 2, 2026. Prakash had assumed charge as SAIL Chairman on May 31, 2023.In a notification dated March 28, PESB said it has recommended Ashok Kumar Panda for the CMD position. He is currently serving as Director (Finance) in the company.The final appointment, however, will be subject to approval by the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, which clears all top-level PSU appointments.Alongside Panda, several senior executives appeared for the interview process, including Manish Raj Gupta, Director (Mining) at SAIL; Alok Verma, Director In Charge of SAIL’s Rourkela Steel Plant; Bipin Kumar Giri, ED Mines Development; and Anish Sengupta, ED Projects.Other candidates included Krishna Gopal Agarwal, Director (Finance) at Rites; Anup Kumar Satpathy of South East Central Railway; Pui Hari Prasad; and Chetan Prakash Jain.PESB had invited applications for the SAIL CMD post in the first week of February.Panda is a seasoned finance professional with over three decades of experience across accounting, costing and budgeting, annual business planning, project commercial activities, treasury operations, superannuation trusts, taxation and strategic management.He began his career with SAIL as a Management Trainee after completing his B.E. in Electrical Engineering.
CBIC holds outreach on import duty deferment scheme for manufacturers
The Central Board of Indirect Taxes and Customs (CBIC) on Friday conducted a hybrid outreach programme in the national capital to familiarise stakeholders with the Duty Deferment Scheme for Eligible Manufacturer Importers (EMI), a key trade facilitation measure announced in the Union Budget 2026-27.The session, organised in New Delhi, brought together senior officials and industry representatives to discuss the framework, benefits and operational aspects of the scheme, according to a statement issued by the finance ministry, reported news agency ANI.Yogendra Garg, Member (Customs), CBIC; Manish Kumar, Chief Commissioner, Delhi Customs; Sanjay Gupta, Chief Commissioner, Delhi Customs (Preventive) Zone; and Akhil Kumar Khatri, Chief Commissioner, DIC, were among those present, along with representatives from trade bodies and industry.The programme featured a detailed presentation followed by an interactive session to address queries from participants.Addressing the gathering, Garg said the scheme is built on a trust-based approach aimed at enabling faster clearances and reducing dwell time. He emphasised that the initiative seeks to minimise the trust deficit and promote a more efficient and collaborative compliance environment, while encouraging stakeholders to avail its benefits and provide feedback.Manish Kumar noted that the scheme improves the commercial viability of manufacturer importers by facilitating better import scheduling and more efficient working capital management.Under the EMI scheme, eligible manufacturer importers can defer payment of import duties and clear goods without upfront payment, with duties to be settled on a monthly basis. The scheme is also extended to MSMEs and is aligned with the government’s Make in India initiative, aimed at strengthening domestic manufacturing through improved liquidity and faster cargo clearance.Among the key benefits highlighted were improved liquidity, reduced dwell time, enhanced import planning and inventory management, better payment discipline, stronger global competitiveness and improved supply chain efficiency.To be eligible, a manufacturer importer must have a valid Import-Export Code (IEC), file at least 25 Export-Import Bank (EXIM) documents in the preceding financial year (10 for MSMEs), remain GST compliant with no pending returns, and demonstrate financial solvency along with a clean compliance track record.Applications can be submitted online through the AEO portal, which has been operational since March 1, 2026, with the process being fully digital and requiring no physical interface.Approved applicants will be able to avail the scheme across all customs formations from April 1, 2026. The scheme will remain in force for two years, up to March 31, 2028.
Noida International Airport inauguration: Delhi-NCR gets new airport – all you need to know
PM Modi inaugurates Jewar airport NEW DELHI: Prime Minister Narendra Modi on Saturday inaugurated Phase I of the Noida International Airport at Jewar in Uttar Pradesh, marking a significant milestone in India’s expanding aviation infrastructure.PM Modi was accompanied by Uttar Pradesh chief minister Yogi Adityanath and Governor Anandiben Patel. Developed at an investment of around Rs 11,200 crore under a Public–Private Partnership (PPP) model, the project is expected to enhance both regional and international connectivity for the National Capital Region (NCR).The airport is being positioned as a key addition to India’s aviation network, aimed at easing pressure on existing infrastructure while supporting the country’s ambition of becoming a global aviation hub. Second international gateway for Delhi NCR Noida International Airport has been developed as the second international gateway for Delhi NCR, complementing the existing Indira Gandhi International Airport, which currently handles the majority of the region’s air traffic. . With rising passenger demand and capacity constraints at IGI Airport, the new facility is expected to play a crucial role in distributing traffic more efficiently.Together, the two airports will function as an integrated aviation system, helping reduce congestion, improve connectivity, and enhance the region’s standing among leading global aviation hubs. Phase I capacity and future expansion plans Phase I of the airport is designed to handle 12 million passengers per annum (MPPA), providing immediate relief to the region’s growing air travel demand.The project has been planned with scalability in mind, with provisions to expand capacity to 70 million passengers annually in subsequent phases. This long-term vision reflects the government’s strategy to future-proof infrastructure and accommodate sustained growth in air travel. Modern infrastructure and all-weather operations The airport features a 3,900-metre runway capable of handling wide-body aircraft, making it suitable for both domestic and international long-haul operations. . Equipped with advanced navigation systems such as the Instrument Landing System (ILS) and modern airfield lighting, the facility is designed to support efficient, all-weather, round-the-clock operations. These features ensure operational reliability even under challenging weather conditions. Cargo hub and logistics ecosystem In addition to passenger services, the airport includes a comprehensive cargo ecosystem aimed at strengthening logistics and trade.The Multi-Modal Cargo Hub comprises an Integrated Cargo Terminal and dedicated logistics zones, with an initial handling capacity of over 2.5 lakh metric tonnes annually. This capacity is expected to expand significantly to around 18 lakh metric tonnes in the future, positioning the airport as a major cargo and logistics centre in North India. Dedicated MRO facility to enhance efficiency A key component of the airport’s infrastructure is a 40-acre Maintenance, Repair and Overhaul (MRO) facility.This dedicated facility is expected to improve operational efficiency by enabling airlines to service and maintain aircraft locally, reducing turnaround times and operational costs. It also strengthens India’s capabilities in aviation maintenance services. Watch PM Modi To Inaugurate Noida International Airport Phase 1 On March 28: All You Need To Know Sustainability and future-ready design Noida International Airport has been designed as a sustainable and future-ready infrastructure project, with a focus on achieving net-zero emissions.The project incorporates energy-efficient systems and environmentally responsible practices, aligning with India’s broader climate goals. The airport’s development reflects a growing emphasis on green infrastructure in large-scale projects. Architecture inspired by Indian heritage Blending modern infrastructure with cultural aesthetics, the airport’s architectural design draws inspiration from traditional Indian elements such as ghats and havelis.This approach aims to create a distinctive identity for the airport while offering passengers a sense of place rooted in Indian heritage. Strategic location and multi-modal connectivity Strategically located along the Yamuna Expressway in Gautam Buddha Nagar district, the airport is planned as a multi-modal transport hub.It will feature seamless integration with road, rail, metro and regional transit systems, ensuring smooth connectivity for passengers and cargo.This connectivity is expected to significantly improve accessibility for travellers across Delhi NCR and neighbouring regions. Boost to India’s aviation ambitions The inauguration of Phase I of Noida International Airport is being seen as a major step in strengthening India’s aviation ecosystem.By expanding capacity, improving connectivity, and integrating modern infrastructure with sustainability, the project is expected to play a key role in positioning Delhi NCR as a major global aviation hub while supporting economic growth and regional development
Petrol, diesel prices today: With ongoing US-Israel-Iran war, what India’s fuel situation looks like – 10 things to know
Petrol prices today: Petrol prices in New Delhi on Saturday remained unchanged at Rs 94.77 per litre, while diesel is steady at Rs 87.67 per litre. Similarly, Mumbai sees petrol at Rs 103.54 per litre and diesel at Rs 90.03, with no change from yesterday. Kolkata reported a slight fall in petrol prices to Rs 105.41 per litre from Rs 105.45, and diesel is at Rs 92.02 per litre. In Chennai, petrol rose marginally to Rs 101.06 per litre and diesel to Rs 92.61 per litre.The ongoing US-Iran conflict has disrupted oil supply chains and sent crude prices soaring worldwide.Here are top 10 things to know: Global oil price surge The conflict in West Asia has triggered sharp increases in international crude oil prices. Since February 28, when US and Israeli strikes targeted Iranian facilities, Brent crude briefly surged to $119 per barrel before easing to around $100. West Texas Intermediate (WTI) similarly rose from $70 pre-conflict to over $92, creating supply shocks globally.India’s oil dependenceIndia imports around 88% of its crude oil requirements, with nearly half transported through the Strait of Hormuz, a critical maritime strait located between Persian Gulf and Gulf of Oman.Any disruption here poses an immediate risk to domestic fuel availability. Tehran’s warnings to vessels and insurer withdrawals have complicated tanker movement, impacting supply.Excise duty cut by governmentTo shield consumers from rising global crude prices, the Centre slashed excise duty on petrol from Rs 13 to Rs 3 per litre and removed it entirely on diesel (from Rs 10). The reduction aims to maintain stable retail prices and prevent a direct burden on citizens.No immediate price reliefDespite the excise duty cut, petrol and diesel prices at the pump have largely remained unchanged. Oil marketing companies (OMCs) are absorbing the higher input costs, ensuring that retail prices do not spike amid global volatility.Financial implications of duty cutsThe excise duty reduction is expected to cost the government roughly Rs 1.75 lakh crore annually. This measure offsets potential increases of Rs 24 per litre for petrol and Rs 30 per litre for diesel that would have been necessary due to rising international crude prices.Cargo and export measuresThe government imposed export duties of Rs 21.5 per litre on diesel and Rs 29.5 per litre on ATF to ensure domestic availability and prevent windfall gains in international markets. Private retailer pricing variationsNayara Energy, India’s largest private fuel retailer, increased petrol by Rs 5 per litre and diesel by Rs 3 per litre at its 6,967 outlets to offset input costs. In contrast, Jio-BP, operating 2,185 outlets, has maintained retail prices despite significant losses.Strategic domestic measuresPrime Minister Narendra Modi speaking at the Rajya Sabha said that India maintains strategic reserves of 53 lakh metric tonnes of crude oil, with plans to expand to over 65 lakh MT.Ethanol blending has reduced crude oil imports by 4.5 crore barrels annually. Increased refining capacity, metro expansion and railway electrification have also reduced dependency on diesel, helping stabilize domestic fuel consumption.Diplomatic efforts and global sourcingPM Modi has been actively engaging with Iran, the US, and other countries to secure safe transit of oil and LPG tankers. India has diversified import sources from 27 to 41 countries and procured Russian crude to fill supply gaps. Government initiatives include a Rs 70,000-crore shipbuilding project and the constitution of seven empowered groups to manage fuel, supply chains, and logistics.Consumer protection and public assuranceThe government’s overarching objective is to ensure stable prices, uninterrupted fuel supply, and minimal hardship for consumers. Finance minister Nirmala Sitharaman and petroleum minister Hardeep Puri have emphasised a “people-centric” approach. PM Modi has reassured citizens that India has adequate fuel reserves and supply mechanisms, while strategic interventions will continue to absorb global price shocks.
India’s remittance inflows double in a decade; US, UK, Canada, Australia drive surge
Rising remittance inflows to India have doubled in the past 10 years, with four advanced economies—the United States, the United Kingdom, Canada, and Australia—accounting for a growing share of the funds. Migration of higher-skilled Indians to these countries, combined with rising incomes among the diaspora, has helped reduce India’s dependence on any single region while enhancing financial resilience, according to a report by Indiaspora, a San Francisco-based NGO of global Indian-origin executives.“India’s diaspora sends home $138 billion annually, more than FDI inflows. The 35-million Indian diaspora generates over $700 billion in income globally,” Rajan Navani, a board member at Indiaspora, told ET.Beyond macroeconomic benefits, remittances play a key role at the household level. In states such as Kerala, for example, these funds are often directed toward housing upgrades, loan repayments, and education.Kerala receives about 20% of India’s total remittances despite accounting for just 3% of the 1.4 billion population.More than 70% of diaspora respondents expect transfers to India to either increase or remain stable over the next two years.Indian-origin professionals are also increasingly influencing the country’s start-up and philanthropic sectors. Over 75% of overseas angel investors backing Indian start-ups are of Indian origin, while Indian-origin leaders hold decision-making positions in more than half of the world’s largest foundations, collectively directing over $500 million annually to Indian non-profits.In the medical field, one in 10 physicians in the United States is of Indian origin. Indian-origin professionals are also leading major medical and pharmaceutical institutions, including the American Medical Association the Royal College of Physicians, and companies such as Novartis and Vertex Pharmaceuticals.
Strait of Hormuz disruptions: India’s crude buys from Russia may double from January levels; reach 40% of oil imports
Russian oil supplies to India could rise sharply, potentially doubling from January levels to account for at least 40% of India’s total imports. (AI image) As supply disruptions from the Strait of Hormuz continue due to the US-Iran war, India has stepped up its purchases of Russian crude oil. In fact, compared to the January levels, India’s procurement of Russian crude may actually double!Russian crude has once again taken centre stage amid the ongoing US-Iran conflict, as disruptions in global supply through the Strait of Hormuz have made it difficult for Middle Eastern producers to ship oil, driving prices sharply higher. This has had a significant impact on India, which depends on imports for nearly 90% of its crude oil needs.Traditionally, India has sourced most of its crude from the Middle East, particularly Iraq, Saudi Arabia and the UAE, owing to geographical proximity, established contracts and reliable shipping routes. Russian Crude Imports May Double! India and Russia are moving to strengthen their energy ties, with discussions underway to enable Moscow to restart direct liquefied natural gas sales to India for the first time since the Ukraine conflict began.According to a Reuters report, decisions on energy ties took place on March 19 in Delhi between Russian Deputy Energy Minister Pavel Sorokin and Petroleum and Natural Gas Minister Hardeep Singh Puri. Both sides explored expanding crude oil trade. According to three people aware of the deliberations, Russian oil supplies to India could rise sharply, potentially doubling from January levels to account for at least 40% of India’s total imports within about a month!Following the outbreak of the Russia-Ukraine war in 2022, Russia had emerged as a major supplier, accounting for about 35–40% of India’s crude imports at one point. However, by early 2026, sanctions led to a decline in these purchases. However, the situation has shifted again in March 2026 after the Donald Trump administration introduced a 30-day waiver allowing the purchase of Russian crude in an effort to stabilise global oil prices. While India never completely stopped importing Russian oil, volumes had dropped sharply after sanctions were imposed on major Russian producers. After Western sanctions following the Ukraine conflict limited Russia’s access to European markets, India increased its intake of Russian oil, attracted by discounted prices and compatibility with domestic refineries.Also Read | US-Iran war impact: India’s crude imports from Russia near all time highs; will such high numbers continue?This strategy helped lower import costs and diversify supply sources. However, towards the end of 2025 and into early 2026, India reduced purchases of Russian crude amid trade negotiations with the US and concerns over tariffs and sanctions. In August 2025, the US imposed a 25% tariff linked to India’s Russian oil imports, while sanctions on companies such as Lukoil and Rosneft further constrained procurement, leading to a gradual dip in volumes. That trend has now reversed.Data from Kpler indicates that India has already bought an estimated 45–50 million barrels of Russian crude since the onset of the Middle East conflict, with actual figures likely higher as April data is still pending. Current trends suggest that March imports could reach around 1.8 to 2.0 million barrels per day, marking one of the strongest months since India significantly increased purchases after the Ukraine war. This compares with earlier levels of about 1.0 million barrels per day.Historically, India’s peak monthly intake of Russian crude has been in the range of 2.0 to 2.1 million barrels per day since 2022. The latest surge indicates that imports are once again approaching those earlier highs, reversing the decline seen in recent months.
LPG crisis: No respite for restaurants yet
MUMBAI/BENGALURU: The restaurant industry is struggling to run regular operations due to the meagre supplies of LPG cylinders . With the govt’s move to hike commercial LPG allocation to up to 70%, it will take some time before the measure actually translates into sustained supply, executives said. “Supply is still hugely limited and erratic. A feeling of uncertainty looms large,” said Anurag Katriar, founder at Indigo Hospitality. The key question is how quickly this revised allocation will translate into on-ground availability, said Pradeep Shetty, vice-president at Federation of Hotel & Restaurant Associations of India (FHRAI). Watch Centre Pushes PNG: LPG Supply May Be Stopped Where Pipelines Are Available A walk along Indiranagar’s 12th Main, known for its cluster of independent restaurants, reflects the strain. “It is all hand-to-mouth at this point,” said Nikhil Gupta, who runs brands including The Pizza Bakery and Paris Panini . The move doesn’t directly help the restaurant sector which is still getting 20%-30% of LPG supplies, said Sagar Daryani, co-founder & CEO at Wow! Momo Foods and president at National Restaurant Association of India (NRAI). State-wise, the supply situation varies with some such as Maharashtra, Karnataka, Rajasthan restricting allocation for restaurants, hurting the sector , Daryani said. Poll How long do you predict it will take for improved LPG allocation to benefit restaurants?
