West Asia crisis oil impact - newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra https://newsmantra.in/tag/west-asia-crisis-oil-impact/ Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra Mon, 06 Apr 2026 06:50:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 https://newsmantra.in/wp-content/uploads/2019/05/cropped-newmantra-logo-32x32.png West Asia crisis oil impact - newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra https://newsmantra.in/tag/west-asia-crisis-oil-impact/ 32 32 OMCs Face Losses as Global Crude Prices Surge Past $100 https://newsmantra.in/omcs-losses-crude-oil-price-surge-india-petrol-diesel/ Fri, 03 Apr 2026 06:17:06 +0000 https://newsmantra.in/?p=79419 NEW DELHI. Oil Marketing Companies (OMCs) in India are incurring significant losses on fuel sales as global crude oil prices rise above $100 per barrel amid the West Asia conflict, while domestic retail prices remain unchanged. According to Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas,...

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]]> NEW DELHI. Oil Marketing Companies (OMCs) in India are incurring significant losses on fuel sales as global crude oil prices rise above $100 per barrel amid the West Asia conflict, while domestic retail prices remain unchanged. According to Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, OMCs are facing under-recoveries of about Rs 24 per litre on petrol and Rs 104 per litre on diesel. The government has reduced excise duty to shield consumers, with a portion of the burden being absorbed by the companies.

Despite the sharp increase in Brent crude prices from around $65 to over $100 per barrel, fuel supply across the country remains stable, with adequate inventories secured for the next 60 days. Domestic refineries are operating at full capacity, and there is no shortage of sulfur. The government has also assured uninterrupted natural gas supply and is promoting expansion of Piped Natural Gas (PNG) infrastructure, along with an additional 10% commercial LPG allocation to states supporting PNG growth.

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]]> GOVT reduced domestic levies on petrol and diesel https://newsmantra.in/india-petrol-diesel-levy-cut-export-duties-fuel-policy-west-asia-crisis/ Mon, 30 Mar 2026 06:06:50 +0000 https://newsmantra.in/?p=79144 NEW DELHI. Government has reduced domestic levies on petrol and diesel, imposed export duties on diesel and aviation fuel, and introduced additional taxes to prioritize domestic supply and shield consumers from rising global oil prices due to the West Asia crisis. Officials stated that these steps aim to maintain energy...

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]]> NEW DELHI. Government has reduced domestic levies on petrol and diesel, imposed export duties on diesel and aviation fuel, and introduced additional taxes to prioritize domestic supply and shield consumers from rising global oil prices due to the West Asia crisis. Officials stated that these steps aim to maintain energy security, with sufficient crude inventories and increased LPG production, while carefully monitoring the situation and adjusting policies as needed. The  government also assured the safety of Indian nationals in the Gulf region, with recent repatriations completed, and emphasized ongoing diplomatic discussions  with global partners to address regional challenges.

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