Minister of Foreign Affairs of Japan Motegi Toshimitsu on Wednesday welcomed the decision made by the International Energy Agency (IEA) to implement a collective release totaling 400 million barrels of oil by the member countries, a statement by Japan's Foreign Minister said.
Amid rising geopolitical tensions in West Asia and concerns over global crude oil supply, Kotak Mahindra Asset Management Company Managing Director Nilesh Shah said India is likely to manage the situation effectively, while urging citizens to avoid hoarding LPG cylinders.
Paint prices in India could increase by 2 to 5 per cent in April if crude oil prices continue to remain at current high levels, according to a report by Systematix Research.
The domestic stock markets opened with modest gains on Wednesday as easing crude oil prices supported investor sentiment, even as geopolitical tensions in the Middle East continued to remain in focus.
Samajwadi Party MP Ram Gopal Yadav on Sunday alleged that the Union government is "misleading" the public with respect to the fuel concerns arising out of the disruption of maritime traffic in the Strait of Hormuz as the military escalation in the Middle East enters into the second week.<
"First, this government increases the prices of commercial and domestic LPG. The war has been going on nine or ten days and there is a gas shortage. Along with this, there is an instruction that domestic gas will not be booked before 25 days in cities. For this shortage, the Petroleum Min
The Indian benchmark indices opened with significant gains on Tuesday. BSE Sensex rose by 591.41 points or 0.76 per cent to reach 78,157.57 at 9:17 am, while NSE NIFTY 50 climbed 158.20 points or 0.66 per cent to 24,186.25.
The Aam Aadmi Party (AAP) MP has said that the ongoing conflict "poses serious risks" for India's trade, economy and energy security, as crude prices shot up due to uncertainty in maintaining safety over global shipping routes.
In order to stop hoarding and black marketing, the government has increased the minimum waiting period for booking domestic LPG gas cylinder refill to 25 days from the existing 21 days.