Stock markets today (March 27, 2026): Which are the top gainers and losers in Nifty50 and BSE Sensex today? Check list
Equity benchmark indices Sensex and Nifty plunged over 2% on Friday, snapping a two-day rally, as global weakness and rising geopolitical tensions dented investor sentiment.The 30-share BSE Sensex dropped 1,690.23 points, or 2.25%, to close at 73,583.22. During the session, it fell as much as 1,739.04 points, or 2.31%, to 73,534.41. The NSE Nifty declined 486.85 points, or 2.09%, to settle at 22,819.60.Market breadth remained weak, with 3,544 stocks declining, 822 advancing and 135 remaining unchanged on the BSE. In the holiday-shortened week, the Sensex lost 949.74 points, or 1.27%, while the Nifty slipped 294.9 points, also down 1.27%.Analysts attributed the sell-off to a mix of global and domestic headwinds, including elevated crude oil prices, a sharp fall in the rupee and continued foreign fund outflows. Nifty50 top gainers ONGC (4.35%) Wipro (1.35%) TCS (0.53%) Bharti Airtel (0.50%) Coal India (0.31%) Power Grid (0.17%) Nifty50 top losers Shriram Finance (-5.47%) Tata Motors (-4.64%) RIL (-4.60%) InterGlobe Aviation (-4.55%) Bajaj Finance (-4.42%) SBI (-3.88%) Eternal (-3.73%) Adani Enterprises (-3.38%) HDFC Bank (-3.34%) Bajaj Finserv (-2.95%) BSE Sensex top gainers TCS (0.53%) Bharti Airtel (0.50%) Power Grid (0.17%) BSE Sensex top losers RIL (-4.60%) InterGlobe Aviation (-4.55%) Bajaj Finance (-4.42%) SBI (-3.88%) Eternal (-3.73%) HDFC Bank (-3.34%) Bajaj Finserv (-2.95%) HUL (-2.83%) M&M (-2.78%) Asian Paints (-2.77%) “Investor sentiment remained fragile due to a lack of clarity surrounding geopolitical tensions between the US and Iran, which once again pushed crude oil prices above the USD 100 mark. In addition, persistent FII outflows and sharp weakness in the rupee further weighed on risk appetite,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said, PTI quoted.Broader markets also came under pressure, with the BSE MidCap Select index falling 2.12% and the SmallCap Select index declining 1.77%.All sectoral indices closed lower. PSU Bank index dropped 3.88%, realty fell 3.10%, services 2.86%, auto 2.79%, Bankex 2.70%, financial services 2.69%, consumer discretionary 2.52% and consumer durables 2.50%.Brent crude, the global oil benchmark, rose 1.72% to USD 109.9 per barrel, adding to inflation concerns and dampening market sentiment.The rupee weakened sharply, tumbling 86 paise to settle at a fresh all-time low of 94.82 (provisional) against the US dollar.Global cues remained negative. In Asia, South Korea’s Kospi and Japan’s Nikkei 225 ended lower, while Shanghai’s SSE Composite and Hong Kong’s Hang Seng closed in positive territory. European markets were trading in the red, and US markets had ended sharply lower on Thursday.“Profit booking set in after the recent two-session rally as the rupee fell to an all-time low amid sustained FII selling, while escalating tensions in the Middle East heightened caution among investors ahead of the weekend,” Vinod Nair, Head of Research, Geojit Investments Limited, said, PTI quoted.Markets were closed on Thursday on account of Ram Navami.Foreign Institutional Investors (FIIs) sold equities worth Rs 1,805.37 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,429.78 crore, according to exchange data.“Indian markets witnessed a sharp and uneasy session, with heavyweight energy stocks leading the decline amid a complex mix of policy changes, rising crude prices, and persistent geopolitical uncertainty.“Adding to the pressure, the Indian rupee weakened further to record lows against the US dollar, underscoring the macro stress building beneath the surface,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.In the previous session on Wednesday, the Sensex had surged 1,205 points, or 1.63%, to close at 75,273.45, while the Nifty gained 394.05 points, or 1.72%, to end at 23,306.45.
Gold price today (March 25, 2026): How much 24K and 22K gold cost in Delhi, Mumbai & more- Check rates
Gold futures traded higher on the Multi Commodity Exchange (MCX) on Friday with key contracts registering gains of up to 1.6 per cent amid firm buying interest and supportive global cues.The April 2026 gold contract rose by Rs 2,290, or 1.64 per cent, to trade at Rs 1,41,783 per 10 grams. The contract moved between an intraday low of Rs 1,40,287 and a high of Rs 1,42,800. The June 2026 contract, which saw higher trading activity, gained Rs 1,921, or 1.35 per cent, to Rs 1,44,435 per 10 grams. During the session, it touched a low of Rs 1,43,652 and a high of Rs 1,45,773. Meanwhile, the August 2026 contract advanced by Rs 1,480, or 1.02 per cent, to Rs 1,47,100 per 10 grams, with an intraday range of Rs 1,47,040 to Rs 1,48,600.Here is how gold prices stand across major cities today: Gold price in Delhi today Gold prices in the national capital declined, with 24K gold quoted at Rs 14,486 per gram, down Rs 218, while 22K gold slipped Rs 200 to Rs 13,280 per gram. Gold price in Mumbai today Mumbai bullion markets also saw a drop, with 24K gold priced at Rs 14,471 per gram, down Rs 218, and 22K gold at Rs 13,265 per gram, lower by Rs 200. Gold price in Chennai today Chennai recorded a sharper decline, with 24K gold selling at Rs 14,651 per gram, down Rs 262, while 22K gold dropped Rs 240 to Rs 13,430 per gram. Gold price in Kolkata today In Kolkata, 24K gold was quoted at Rs 14,471 per gram, down Rs 218, while 22K gold stood at Rs 13,265 per gram, lower by Rs 200. Gold price in Hyderabad today Hyderabad markets reflected a similar trend, with 24K gold priced at Rs 14,471 per gram, down Rs 218, and 22K gold at Rs 13,265 per gram, slipping Rs 200. Gold price in Bangalore today In Bangalore, 24K gold was quoted at Rs 14,471 per gram, down Rs 218, while 22K gold was selling at Rs 13,265 per gram, lower by Rs 200. Gold price in Ahmedabad today Ahmedabad bullion markets showed declines, with 24K gold at Rs 14,476 per gram, down Rs 218, while 22K gold fell Rs 200 to Rs 13,270 per gram. Gold price in Lucknow today In Lucknow, 24K gold was priced at Rs 14,486 per gram, down Rs 218, while 22K gold moved lower by Rs 200 to Rs 13,280 per gram. Gold price in Patna today Patna markets also recorded weaker rates, with 24K gold quoted at Rs 14,476 per gram, down Rs 218, and 22K gold at Rs 13,270 per gram, lower by Rs 200. Gold price in Jaipur today In Jaipur, 24K gold was quoted at Rs 14,486 per gram, down Rs 218, while 22K gold stood at Rs 13,280 per gram, down Rs 200.
Middle East crisis: Govt levies export duties on diesel, turbine oil; eyes over Rs 1,500 crore collection in fortnight
NEW DELHI: The government has imposed export duties on diesel and turbine fuel, a move aimed at improving availability of these products in the domestic market, according to the CBIC chairman’s statement on Friday.The decision is also expected to strengthen the country’s energy security by ensuring adequate supplies amid evolving global conditions.Revenue collections from the new duties are estimated at around Rs 1,500 crore over a fortnight.In a parallel measure, the government has reduced special excise duties on petrol and diesel to address under-recoveries faced by Oil Marketing Companies (OMCs). This step is intended to provide cushion for consumers, with officials indicating that retail prices of key fuels will remain unchanged.The government revised its fuel duty structure, reducing the special additional excise duty on petrol to Rs 3 per litre and eliminating it entirely on diesel.The move comes amid ongoing disruptions in global oil supply chains linked to the Middle East conflict, with Iran tightening its control over the Strait of Hormuz.According to a government order dated Thursday, “the additional excise duty on petrol was cut to Rs 3 per litre from Rs 13 per litre earlier. Meanwhile, the excise duty on diesel was cut to Rs 0 from Rs 10 per litre earlier.”Meanwhile, global crude oil prices eased on Friday after US signalled that negotiations with Iran were “going very well,” extending the deadline with the country by 10 days. The development weighed on sentiment, pushing major benchmarks down by around 2 per cent in early trade. Brent crude, which had earlier surged to $108 per barrel, slipped 2.08 per cent to $105.75 per barrel. West Texas Intermediate (WTI) fell 1.94 per cent to $92.67 as of 7:50 am IST. The decline follows a sharp rally in the previous session, when Brent had jumped 4.8 per cent to $101.89 per barrel amid concerns over disruptions in the Strait of Hormuz. Prices remain significantly higher than pre-conflict levels of roughly $70 per barrel, with WTI also up 4.6 per cent to $94.48 in the previous session. Domestically, Nayara Energy, India’s largest private fuel retailer, raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre on Thursday, citing rising input costs linked to the Middle East tensions. The company operates 6,967 of India’s 102,075 petrol pumps and has passed on part of the cost increase to consumers, according to PTI sources.Additionally, looking at overall issues arising from Middle East, govt set up an inter ministerial group, which’ll be lead by defence minister Rajnath Singh, according to ANI sources. Union home minister Amit Shah, union finance minister Nirmala Sitharaman, and union petroleum minister Hardeep Singh Puri will be among the members.
How recent Foreign Tax Credit changes impact salaried taxpayers earning from abroad
FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income. (AI image) With the rise in global workforce mobility, an increasing number of Indian professionals are earning income across multiple jurisdictions. Employees of multinational companies undertaking overseas assignments, or cross-border roles receive regular salaries along with various forms of compensation such as allowances, performance-linked variable pay, stock-based incentives, and benefits-in-kind arising from employment outside India. In such cases, the same income may be taxed in the foreign country where it arises and in India, if the individual taxpayer qualifies as a Resident and Ordinarily Resident (ROR) under the Indian tax system. To mitigate double taxation, the Indian tax framework provides relief through Double Taxation Avoidance Agreement (DTAA) or tax treaty either by way of exemption or foreign tax credit (FTC). Tax treaties allocate taxing rights between countries based on factors such as place of employment, duration of stay, entity bearing the cost, etc. While exemption applies where one country has the primary taxing right, FTC allows credit of foreign taxes where income is taxed in both jurisdictions. This article focuses on FTC, its impact on salaried taxpayers and recent developments.FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income, thereby reducing the tax payable in India. The statutory foundation for this relief is provided under the Income-tax Act, 1961 (‘the Act’), while the procedural aspects are governed by the Income-tax Rules, 1962. In recent years, administrative amendments and judicial pronouncements have significantly shaped the manner in which FTC claims are filed and processed, particularly for salaried taxpayers.India is also progressing towards a comprehensive overhaul of its direct tax framework through the newly proposed Income-tax Act, 2025 and the draft Income-tax Rules, 2026. These proposed reforms seek to simplify the tax law, enhance ease of compliance, and modernise tax administration, which could also influence the procedural framework governing FTC claims.Current framework In addition to the provisions of the existing Act, DTAA between India and foreign countries generally determine the manner in which relief from double taxation may be sought. In most cases, India adopts the credit method, as per which taxes paid in the foreign jurisdiction are allowed as a credit against the Indian tax payable on the same income. In simple terms, the credit available in India is typically restricted to the lower of foreign tax paid or Indian tax attributable to the doubly taxed income. In situations where ‘no’ treaty exists between India and the relevant country, unilateral relief is enshrined in Section 91 of the Act allowing Resident taxpayers to claim credit for foreign taxes paid, subject to specified conditions.Also, under treaty scenarios, the mechanism for granting relief may vary depending on the method prescribed in the DTAA with the specific country. To illustrate, the table below provides an indicative mapping of how these methods apply in practice: Accordingly, ROR taxpayers must carefully examine the provisions of the relevant DTAA to determine the extent of FTC can be claimed in India.Illustration 1: Payroll shift case – ROR is on assignment to a country with which India has a DTAA and receives salary in a foreign country, which is subject to tax in both jurisdictions. Illustration 2: Payroll continues in India – ROR is on assignment to a country with which India has a DTAA, continues to receive salary (after TDS) in India and also liable to tax in foreign country. Form 67 and Compliance requirementsTaxpayers claiming FTC must comply with certain procedural requirements when filing their personal Income tax return (ITR) in India. A key compliance requirement is filing of Form 67 as prescribed in Rule 128, electronically through the Income tax e-filing account. It requires detailed information of – Country where income is earned Source and nature of income, such as – salary, capital gains, dividend, interest etc. Amount of income earned outside India Amount of income offered to tax in India Details of foreign taxes paid Tax identification number in the foreign country Relevant treaty provisions relied upon Supporting documents evidencing payment of foreign taxes. Taxpayers are required to upload documentary evidence such as foreign tax returns or tax payment confirmations. In situations where foreign tax returns are not available, employer-issued withholding certificates may be relied upon, for instance Form W-2 in the US, P60 statements in the UK or PAYG income statements in Australia.As a last milestone, the taxpayer must provide a self-declaration confirming the accuracy of information furnished digitally and electronically verify the Form 67 using digital signature or electronic verification code.Failure to file Form 67 or inadequate reporting may lead to denial of FTC claims or queries raised during assessment proceedings. In practice, FTC claims are frequently examined by tax authorities, and disputes may arise where documentation is incomplete or where the timing of the foreign tax payment does not align with the India reporting year. Recent judicial rulings have also shaped the interpretation of FTC provisions. In a taxpayer-friendly ruling delivered in December 2025, the Income Tax Appellate Tribunal, Delhi clarified that mere delay in filing Form 67 should not automatically lead to denial of FTC, provided other conditions for claiming the credit are satisfied. Such rulings emphasize that procedural lapses should not override substantive tax relief.Over the past few years, several changes have been introduced by the tax authorities to simplify FTC compliance and address practical difficulties faced by taxpayers. Earlier, taxpayers were required to file Form 67 before the due date of filing the ITR. Missing this deadline resulted in disallowance of FTC claims. In 2022, the tax authorities amended Rule 128, whereby Form 67 can now be filed on or before the end of the relevant assessment year. This change provided significant relief to taxpayers who had missed the original deadline.Practical challenges in FTC claimsOne of the most common challenges for salaried taxpayers arises due to differences between India’s financial year reporting system and varying tax
RIL shares fall over 4% as windfall tax returns on fuel exports; Rs 82,000 crore wiped off market value
Shares of Reliance Industries Ltd (RIL) fell more than 4% on Friday after the government reintroduced windfall taxes on diesel and aviation turbine fuel (ATF) exports, eroding over Rs 82,000 crore from the company’s market capitalisation in intra-day trade.At 3:30 pm, shares of Reliance Industries Ltd were trading at Rs 1,350.80, down Rs 62.30 or 4.41% for the day, reflecting sharp selling pressure in the stock.The decline in the Mukesh Ambani-led company’s stock also dragged benchmark indices lower, with the Sensex and Nifty slipping nearly 2% during the session.According to an order issued on Thursday, the government reversed its earlier decision to scrap such levies, as it looks to recalibrate revenue from the energy sector amid heightened volatility in global oil markets.Finance minister Nirmala Sitharaman said the revised duties –Rs 21.5 per litre on diesel exports and Rs 29.5 per litre on ATF –are aimed at ensuring adequate domestic availability of these fuels.The move was accompanied by a reduction in excise duty on fuels meant for domestic consumption. The government cut the special additional excise duty on petrol to Rs 3 per litre and scrapped it on diesel.The policy shift came a day after Nayara Energy, India’s largest private fuel retailer, increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre. The company, majority-owned by Russia’s Rosneft, operates over 7,000 fuel outlets across the country.Dealers have flagged concerns over the price hike, warning of potential impact on demand and indicating possible protests. Some also said fuel supplies had been curtailed in recent days.Reliance Industries, India’s most valuable company with a market capitalisation of over Rs 18 lakh crore, is a major exporter of diesel and ATF. Its twin refineries at Jamnagar produce nearly 5 million tonnes of ATF, a significant portion of which is exported, accounting for about one-fourth of India’s total ATF output.Separately, the company on Thursday dismissed media reports claiming it had purchased Iranian crude oil. “These claims are entirely baseless, factually incorrect, and misleading. We urge media outlets to verify facts thoroughly before publication and to refrain from disseminating unsubstantiated reports that can misinform stakeholders and the public,” it said in a statement.RIL shares have declined nearly 4% over the past five trading sessions and about 3% over the last month, adding to pressure on the broader market.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
US-Iran war: India prepares to re-start LNG buys from Russia; seeks Trump admin waiver, says report
India imports a big portion of its LPG and LNG needs and has been looking to step up procurement from alternative sources. (AI image) Amid Strait of Hormuz-linked supply disruptions, India has reportedly sought a waiver from the US for buying liquified natural gas (LNG) from Russia. According to a Reuters report, India has approached the Donald Trump administration, asking for the waiver that would help ease supply constraints.According to two individuals aware of the developments, India and Russia have agreed to begin preparations for restarting direct supplies of liquefied natural gas from Russia, something that has not occurred since the outbreak of the Ukraine conflict. One of the sources told Reuters that if India chooses to move ahead, discussions could wrap up within a matter of weeks, even though such an arrangement may risk breaching Western sanctions. India Looks To Russian LNG To Ease Hormuz Supply Disruptions The understanding to explore an LNG agreement was reached during a March 19 meeting in New Delhi between Russian Deputy Energy Minister Pavel Sorokin and India’s Petroleum and Natural Gas Minister Hardeep Singh Puri, the sources said according to Reuters. Separately, India has advised domestic energy importers to prepare for a possible restart of Russian LNG purchases, one of the sources said. India has also reached out to the United States to explore the possibility of securing a waiver from sanctions, according to this source and another individual familiar with the matter.According to one of the sources, any fresh LNG agreement is expected to be less advantageous for India compared to the long-term supply contract signed between state-run GAIL and Russia’s Gazprom in 2012. “It is now a seller’s market,” the person said.Also Read | US-Iran war impact: India’s crude imports from Russia near all time highs; will such high numbers continue?Foreign ministry spokesperson Randhir Jaiswal stated last week that India is in discussions with multiple countries to ensure energy security, including sourcing LNG. Officials have also noted that India continues to import Russian liquefied petroleum gas, which is primarily used for cooking and is not subject to sanctions.India has already aggressively stepped up procurement of Russian crude oil after the US-Israel-Iran war disrupted supply of crude oil via the important maritime route Strait of Hormuz. Estimates from Kpler suggest that India has already bought around 50-60 million barrels of Russian crude since the start of the war in late February. The US has said that it has granted a 30-day waiver to India for purchasing Russian crude oil with an aim to keep global oil prices in check. Apart from crude oil disruptions, the supply of LPG and LNG have also been hit. India imports a big portion of its LPG and LNG needs and has been looking to step up procurement from alternative sources. Global LNG Supplies Hit Due To Middle East Conflict Yet another factor that has impacted LNG supplies is the attack on Middle East energy infrastructure. The US-Iran conflict has triggered consequences that extend well beyond the immediate spike in global oil and gas prices. Escalating tensions in the Middle East have resulted in damage to critical energy infrastructure across Gulf nations, raising concerns over future liquefied natural gas production and supply.The turmoil has unsettled the global LNG market, with higher prices, disruptions to key export facilities in Qatar and potential delays in upcoming projects creating uncertainty around demand outlook, particularly among cost-sensitive buyers in Asia.Also Read | Petrol, diesel price today: After excise duty cuts, will petrol and diesel rates in your city come down?“We expect this gas price crisis will lead some countries to reconsider growing their gas demand at the rate we previously forecast and so LNG demand growth will be lower than our pre-war forecast,” said Lucien Mulberg, an analyst at S&P Global.Supply constraints are expected to persist as Iran’s closure of the Strait of Hormuz, a vital route handling around 20% of global LNG trade, and damage to Qatar’s liquefaction infrastructure have disrupted flows. The affected facilities could take 3 to 5 years to restore, sidelining about 12.8 million tonnes per year of capacity. As a result, consultancies including S&P Global, ICIS, Kpler and Rystad Energy have lowered their global supply estimates by as much as 35 million tonnes.This shortfall is equivalent to roughly 500 LNG cargoes, sufficient to meet over half of Japan’s annual LNG imports or cover Bangladesh’s requirements for nearly five years.Before the conflict, analysts had expected global LNG supply to grow by up to 10% this year, reaching between 460 million and 484 million metric tonnes, supported by new capacity additions mainly in the United States and Qatar, with demand projected to rise at a similar pace.S&P Global now estimates that exports from Qatar and the United Arab Emirates could decline by about 33 million tonnes this year. It has also cut its supply outlook by a further 19 million tonnes annually between 2027 and 2029, citing likely delays in Qatar’s North Field expansion and ADNOC’s Ruwais LNG projects currently under development.
Centre announces extra 20% LPG allocation to states amid global energy crisis — what it means
As ongoing Middle East conflict continues to weigh energy supplies across the globe, the Centre has approached states to step up commercial LPG allocation, inceasing the distribution to 70%. In a letter to chief secretaries of all states and Union territories, secretary of the ministry of petroleum and natural gas, Dr Neeraj Mittal, outlined a revised plan to expand LPG availability for industrial use. The letter read, “in addition to the existing 50% allocation above, an additional 20% is now proposed, that would bring the total commercial LPG allocation to 70% of the pre-crisis level of the packed non-domestic LPG.” Which industries will benefit from the additional allocation? Commenting on the priority of the distribution, the minister laid out further propositions:Additional supplies are to be directed towards industries such as steel, automobile, textile, dye, chemicals and plastics, given their labour-intensive nature and their role in supporting other essential sectors. Within these, preference will be given to process industries or units that depend on LPG for specialised heating needs that cannot be replaced by natural gas.At the same time, industries will be required to meet conditions such as registration with oil marketing companies (OMCs) and applying for PNG connections with city gas distribution (CGD) entities in order to be eligible for LPG under the additional 20% allocation. In this case, if a certain sector uses LPG, such that it can not be substituted by natural gas, these requirements “would stand waived.”The official also called on all states to immediately utilise the 10% reform-based allocation, if they have not already done so. “I also urge all states to avail of the 10% reform-based allocation immediately, if they have not already done so.”“With this the allocation to commercial/industrial LPG will rise to 70% (with 10% reform based) and enable relief to industrial operations in the state,” the letter added. Government reassures sufficient energy supply The latest direction comes a day after the government issued a public assurance on fuel security, stating that there is no shortage of petrol, diesel or LPG anywhere in the country. The ministry said that the supply network remains firmly under control and cautioned against what it termed a coordinated misinformation campaign aimed at triggering panic among consumers. The ministry also reiterated its earlier clarification rejecting claims that LPG refill booking timelines had been altered. Responding to concerns amid the ongoing Middle East crisis, it said domestic LPG availability remains sufficient and output has been ramped up significantly following the LPG Control Order. Refinery production within the country has increased by 40% to 50 TMT per day, meeting more than 60 per cent of the estimated daily demand of around 80 TMT. This has reduced the need for imports to 30 TMT per day. The government has already secured 800 TMT of LPG cargoes, which are currently on their way from the United States, Russia and Australia, with deliveries being handled through 22 import terminals, compared to 11 in 2014. Officials said that the country currently has around one month’s LPG supply secured, while procurement efforts continue. Oil marketing companies are distributing over 50 lakh cylinders each day. Demand had briefly spiked to 89 lakh cylinders amid panic buying but has since stabilised. Earlier, commercial LPG allocation had been raised to 50 per cent in consultation with states to curb hoarding and black marketing. To cushion consumers from rising oil prices, the government has reduced central excise duty on petrol and diesel by Rs 10 per litre each for domestic consumption. Union Finance Minister Nirmala Sitharaman said in a social media post that the decision was taken in view of the West Asia crisis and would help protect consumers from rising prices. To ensure adequate domestic availability, export duties have been imposed on diesel at Rs 21.5 per litre and on Aviation Turbine Fuel at Rs 29.5 per litre.
Petrol, diesel price today: After excise duty cuts, will petrol and diesel rates in your city come down?
Despite the sharp rise in global oil prices, retail fuel rates have remained unchanged. (AI image) Petrol and diesel prices have been in focus since the start of the US-Iran war which has led to a huge rise in global crude oil prices. Several neighbouring countries have either raised petrol prices or rationed its use. In India, the government has cut the excise duty on both petrol and diesel, with an aim to absorb the global crude oil shock.The government has announced a reduction in excise duty on petrol and diesel. While excise duty on petrol has been cut, the levy on diesel has been removed altogether with an aim to cushion consumers from the surge in global crude oil prices triggered by the ongoing Middle East conflict. Global Price Hike That Led To Excise Duty Cut International crude prices have climbed nearly 50% since the United States and Israel carried out strikes on Iran on February 28, prompting strong retaliation from Tehran. Global oil prices had briefly surged to $119 per barrel earlier this month amid escalating tensions involving Iran, before easing to around $100 per barrel.India depends on imports for about 88% of its crude oil requirements and roughly half of its natural gas needs, much of which passes through the Strait of Hormuz. Following the attacks on Iranian government, military and nuclear facilities, Tehran warned vessels to avoid the route, while insurers withdrew coverage, effectively disrupting tanker movement.What the rising global crude oil prices have led to is a pressure on oil marketing companies which have not raised prices and have so far been absorbing the rise in crude prices.In a notification issued late on March 26, the Finance Ministry lowered the excise duty on petrol from Rs 13 per litre to Rs 3, while cutting the duty on diesel from Rs 10 per litre to zero. The revised rates came into effect immediately. Following the cut in excise duty, the total tax incidence on petrol now stands at Rs 11.9 per litre, which includes Rs 1.40 as basic excise duty, Rs 3 as special additional excise duty, Rs 2.50 as agriculture infrastructure and development cess, and Rs 5 as road and infrastructure cess. For diesel, the overall duty has been reduced to Rs 7.80 per litre, including Rs 1.80 basic excise duty, Rs 4 agriculture infrastructure and development cess, and Rs 2 road and infrastructure cess. Based on annual consumption of around 175 billion litres of automotive fuel, including 115 billion litres of diesel and 60 billion litres of petrol, the reduction in duties is estimated to have a financial impact of about Rs 1.75 lakh crore each year. This relief is being offset against the price increases of roughly Rs 24 per litre for petrol and Rs 30 per litre for diesel that would otherwise have been required due to rising global crude oil prices. Will Petrol, Diesel Prices Come Down After Excise Duty Cuts? Excise duty is a tax imposed by the central government on fuel, and it forms a significant part of the retail price of petrol and diesel. When this duty is high, it directly pushes up the price consumers pay at the pump. A reduction in excise duty lowers this tax component, which can either bring down retail prices or help oil companies offset rising crude costs without increasing prices, thereby easing the burden on consumers.Despite the sharp rise in global oil prices, retail fuel rates have remained unchanged, putting pressure on the finances of oil marketing companies. The duty reduction is intended to ease this strain and provide some relief to these firms.Earlier, rating agency ICRA had indicated that if crude prices average between $100 and $105 per barrel, fuel retailers could face losses of around Rs 11 per litre on petrol and Rs 14 per litre on diesel. It had also suggested that a reduction in excise duties could help maintain stable retail prices while giving companies more room to offset refining losses.The government’s intention of cutting excise duty and taking a tax revenue hit is to prevent a pass-on of higher crude prices to consumers in the form of a petrol and diesel price hike. Hence, the current excise duty cut is unlikely to result in petrol, diesel prices coming down for you. In effect, the aim is to maintain the petrol, diesel prices at current levels, so that consumers don’t bear the brunt of rising global oil prices.Hence, retail prices of petrol and diesel by state-run oil companies such as Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp are expected to remain the same: No cut, no hike!State-run fuel retailers account for around 90% of the market. In Delhi, petrol continues to be sold at Rs 94.77 per litre, while diesel is priced at Rs 87.67 per litre.Meanwhile, private fuel retailer Nayara Energy, which operates 6,967 outlets out of India’s 102,075 petrol pumps, has partially passed on higher input costs by increasing petrol prices by Rs 5 per litre and diesel by Rs 3 per litre. Petrol at its outlets is now priced at Rs 100.71 per litre, while diesel costs Rs 91.31 per litre.Jio-bp, the fuel retailing joint venture between Reliance Industries and BP Plc with 2,185 outlets, has not raised prices so far despite facing significant losses on fuel sales.Last week, state-owned oil marketing companies raised prices of premium petrol variants by over Rs 2 per litre. The hike applies only to high-performance fuels such as BPCL’s Speed, HPCL’s Power and IOCL’s XP95, with increases ranging from Rs 2.09 to Rs 2.35 per litre. What government said on excise duty cut Finance Minister Nirmala Sitharaman said in a post on X that the excise duty reduction “will provide protection to consumers from rise in prices,” adding that the government remains committed to shielding citizens from fluctuations in supply and costs of essential commodities. She also noted that export duties of Rs 21.5 per litre on diesel and Rs 29.5 per litre on
Gold price prediction: Will gold prices continue to move up on March 27, 2026 after crash? Check outlook amid US-Iran war
Gold is moving from the mid-band toward the upper band, suggesting strengthening momentum. (AI image) Gold price prediction today: Gold prices are seeing a steady recovery and Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities recommends a buy on dip strategy.Gold futures on MCX are trading near ₹1,45,500 after witnessing a steady recovery from recent lows. The price action suggests stabilization above key short-term supports, with momentum gradually turning positive. The structure indicates that dips are being bought into, keeping the intraday bias tilted towards a recovery move.Technical SetupPrice has reclaimed the short-term EMA cluster, with EMA 8 crossing above EMA 21, indicating improving bullish momentum. Sustaining above ₹1,45,000 keeps the short-term trend supportive.Gold is moving from the mid-band toward the upper band, suggesting strengthening momentum. Any pullback toward the mid-band is likely to attract fresh buying interest.The chart reflects higher lows formation after a recovery phase, indicating accumulation at lower levels and supporting a buy-on-dips approach.RSI is near 66, showing strong momentum but still below extreme overbought levels, leaving room for further upside.MACD is in positive territory with a bullish crossover, confirming strengthening upward momentum.Strategy: Buy on dips Entry Level: ₹1,45,000 Stop-Loss: Below ₹1,43,500 Target: ₹1,48,000 Bias: Bullish above ₹1,45,000; weakness only below ₹1,43,500 Gold’s intraday technical structure remains constructive, supported by bullish EMA alignment, strong RSI momentum, and positive MACD signals. The formation of higher lows indicates sustained buying interest at lower levels. Traders are advised to buy on dips near ₹1,45,000, maintain a strict stop-loss below ₹1,43,500, and look for an upside move toward ₹1,48,000 during the session.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
To keep fuel prices stable, govt hikes ATF duty, cuts excise on petrol, diesel
As the Middle East conflict continues to disrupt global oil supplies, the Centre has stepped in to ensure better fuel availability for citizens. In a bid to cushion local consumers from the ripples, the government has imposed fresh duties on fuel exports while easing the domestic excise duties. Finance minister Nirmala Sitharaman announced that export duties have been set at Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel (ATF), alongside a reduction in excise duty on petrol and diesel meant for domestic consumption. Watch Modi Govt Slashes Excise Duty On Fuel Even As Global Oil Crisis Hits Neighbours Like Pakistan In a post on social media platform X, the FM wrote, “In view of the West Asia crisis, the central excise duty on petrol and diesel for domestic consumption has been reduced by Rs 10 per litre each. This will provide protection to consumers from rise in prices. Hon. PM Modi has always ensured that citizens are protected from vagaries of supply and costs of essential goods.”“Further, duties have been imposed on exports of Diesel at Rs 21.5 per litre and on ATF at Rs 29.5 per litre. This will ensure adequate availability of these products for domestic consumption. The Parliament has been notified about the same,” Sitharaman further added. What’s new for aviation sector? The FM said that the excise rate on Aviation Turbine Fuel export had been raised to ensure that the fuel is prioritized for use in the domestic sector. “ATF is very important. It is necessary for India’s aircraft and our companies to get ATF. For that reason, there are many refineries in India that buy goods from abroad, refine them here, and also export them abroad and give them to us. But we have now increased the rate on that export, increased the excise duty, so that instead of exporting, they will sell it in India itself, which will ensure plenty of availability in India and people won’t feel a shortage,” she stated.The government has reworked the tax structure for Aviation Turbine Fuel (ATF). It has set an excise duty of Rs 50 per litre, but built-in exemptions mean the actual levy will come down to Rs 29.5 per litre in certain cases, offering some relief to the aviation sector. The official notification lists ATF at Rs 50 per litre under special additional excise duty, while also providing for exemptions that reduce the effective rate to Rs 29.5 per litre.These revised rules will not apply to exports, except in the case of supplies by public sector oil companies to neighbouring countries such as Nepal, Bhutan, Bangladesh and Sri Lanka, which will continue under the updated system.Changes to the Central Excise Rules, 2017, further state that rebate and export procedures will not be applicable to petrol, diesel and ATF, apart from such supplies to neighbouring nations by public sector firms.The government said that the measures are in public interest, aimed at striking a balance between consumer relief, revenue considerations and industry needs at a time of global energy uncertainty. Relief for consumers The finance ministry, in a notification issued late on Thursday, also revised the domestic duty cuts, bringing excise duty on petrol down to Rs 3 per litre from Rs 13 earlier, while diesel was fully exempted from the levy, which previously stood at Rs 10 per litre. The changes have taken effect immediately.The twin move, raising export duties while lowering domestic taxes, comes against the backdrop of a sharp surge in global crude oil prices. Oil prices have soared almost 50% since February 28, when the United States and Israel carried out strikes on Iran. Earlier this month, prices had climbed as high as $119 per barrel earlier this month before easing to around $100. India’s reliance on foreign fuels India, which imports 88% of its crude oil and around half of its natural gas requirements, remains particularly exposed to disruptions in the Strait of Hormuz. Following the strikes on Iranian government, military and nuclear facilities, Iran warned shipping away from the route, while insurers pulled back coverage, effectively halting tanker movements.Even as global prices climbed, retail fuel rates in India have largely remained unchanged, putting pressure on oil marketing companies. The reduction in excise duty is expected to ease some of this strain.Prior to the announcement, rating agency ICRA had flagged the financial stress on fuel retailers, estimating losses of Rs 11 per litre on petrol and Rs 14 per litre on diesel if crude prices averaged $100–105 per barrel. It had also suggested that a cut in excise duty could help keep pump prices stable while offering companies some relief.Among private retailers, Nayara Energy has already increased prices, raising petrol by Rs 5 per litre and diesel by Rs 3 per litre. Its petrol now sells at Rs 100.71 per litre and diesel at Rs 91.31. Jio-bp, however, has not revised rates so far despite incurring losses.State-run fuel retailers, which dominate nearly 90% of the market, have continued to hold prices steady. In Delhi, petrol is priced at Rs 94.77 per litre and diesel at Rs 87.67 per litre.
