Business
Iran war oil shock: India buys 30 million barrels of Russian crude after US waiver – The Times of India
India has purchased around 30 million barrels of unsold Russian crude after the United States issued a 30-day waiver allowing the country to buy shipments already stranded at sea, Bloomberg reported citing sources.According to the report, Indian refiners moved quickly to secure the available cargoes, many of which were already positioned in Asian waters, offering an immediate alternative as disruptions hit oil flows from the Middle East.India had earlier scaled back purchases of Russian oil, replacing part of those supplies with crude from Saudi Arabia and Iraq. While New Delhi has never officially said it would stop buying Russian oil and a significant volume continues to flow. Though the overall import levels had declined in recent months.The widening conflict in the Middle East has since disrupted traditional supply routes, with shipping traffic through the Strait of Hormuz severely affected after US and Israeli strikes on Iran.Although the Strait of Hormuz is one of the world’s most critical oil shipping lanes, only about 40% of India’s crude imports pass through the waterway. Still, the disruption has pushed Indian refiners to secure alternative crude supplies to maintain stable energy flows.
Indian refiners move quickly to secure cargoes
Following the waiver, Indian refiners including Indian Oil Corporation and Reliance Industries bought up nearly all available Russian cargoes in the spot market, according to sources cited by Bloomberg.Much of the crude had already been loaded onto tankers and was moving through Asian waters but had not yet been committed to buyers.Traders said Indian Oil purchased around 10 million barrels, while Reliance bought at least another 10 million barrels, with other Indian refiners taking the remaining volumes. Russian crude offered included a range of grades such as Urals, ESPO and Varandey. The prices were offered at premiums of $2 to $8 per barrel over London’s Dated Brent benchmark, a sharp shift from earlier months when Russian oil traded at discounts to the global marker.The surge in purchases comes amid major disruptions to global energy supplies caused by the escalating Middle East conflict. The Strait of Hormuz, which connects Gulf oil producers to global markets, has been effectively closed since US and Israeli strikes on Iran began, limiting access to Middle Eastern crude.The disruption has forced importers such as India to quickly secure alternative supplies.
Tankers change course toward India
Several oil tankers that had initially been sailing away from the subcontinent have reversed course toward India following the waiver.Among them are the vessels Maylo and Sarah, which recently changed their destination from Singapore and are now heading to Indian ports, according to shipping data cited by Bloomberg.India traditionally imported little Russian oil before the Russian invasion of Ukraine, but the purchase increased after Western sanctions forced Moscow to offer crude at steep discounts.At its peak in mid-2024, India’s imports of Russian oil exceeded 2 million barrels per day. However, purchases fell to about 1.06 million barrels per day in February, according to data from analytics firm Kpler, as India cut back under pressure from Washington.
US says waiver is temporary
The United States has earlier described the waiver as a temporary measure aimed at stabilising global energy markets during the ongoing Middle East crisis.White House press secretary Karoline Leavitt said the move was intended to address short-term supply disruptions.Responding to a question about the waiver, Leavitt said, “They came to this decision because our allies in India have been good actors and have previously stopped buying sanctioned Russian oil,” she said. “So as we work to appease this temporary gap of oil supply around the world because of the Iranians, we have temporarily permitted them to accept that Russian oil and this Russian oil was already at sea,” she added.She noted that the shipments would not boost Russia’s revenue, stating that, “It was already out on the water. So this short term measure, we don’t believe it will provide significant financial benefit to the Russian government at this time.”
Business
8th Pay Commission: How Much Will Central Govt Employees’ Salaries Rise? What We Know So Far
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The government has begun consultations for the 8th CPC to review salaries, pensions, and allowances for central employees and retirees. Suggestions are open until April 30.
8th Pay Commission.
8th Pay Commission: The government has started the consultation process for the 8th Central Pay Commission, which will review salaries, pensions and allowances for millions of central government employees and retirees.
The Ministry of Finance has invited suggestions from employees, pensioners, staff unions and other stakeholders as part of the exercise. Inputs can be submitted through an online portal until April 30, 2026.
The Terms of Reference for the commission were notified on November 3, 2025, and the panel has been given 18 months to submit its recommendations. Once the report is submitted and approved by the government, it could lead to a revision in pay structures and pension benefits.
The proposed revision is expected to affect around 50 lakh central government employees and nearly 69 lakh pensioners.
What Is The 8th Pay Commission?
Pay commissions are constituted periodically by the government to review the salary structure of central government employees and recommend changes based on inflation, economic conditions and fiscal capacity.
India’s first pay commission was set up in 1946, and since then seven such panels have revised pay and allowances.
Under the 7th Pay Commission, implemented in 2016, the minimum basic salary of central government employees was increased to Rs 18,000 per month, while the maximum basic salary was fixed at Rs 2.5 lakh.
How Salaries Have Changed Over Time
Each pay commission has significantly revised government salaries over the decades.
The 1st Pay Commission (1946-47) fixed the minimum basic salary at Rs 55, while the maximum salary was Rs 2,000.
The 2nd Pay Commission (1957-59) raised the minimum salary to Rs 80, with the maximum reaching Rs 3,000.
The 3rd Pay Commission (1972-73) increased the minimum pay to Rs 196, while the maximum salary was set at Rs 3,500.
The 4th Pay Commission (1986) raised the minimum basic salary to Rs 750 and the maximum to Rs 8,000.
Under the 5th Pay Commission (1996), the minimum salary increased to Rs 2,550, while the maximum rose to Rs 26,000.
The 6th Pay Commission (2006) pushed the minimum basic pay to Rs 7,000, with the maximum salary reaching Rs 80,000.
Finally, the 7th Pay Commission (2016) raised the minimum basic salary to Rs 18,000 and the maximum basic pay to Rs 2.5 lakh.
Will Minimum Salary Rise To Rs 46,000?
There has been speculation that the minimum basic salary could rise significantly under the 8th Pay Commission, depending on the fitment factor used to revise pay.
Some estimates suggest that if the fitment factor is set at a higher level, the minimum basic salary could increase substantially from the current Rs 18,000, potentially crossing Rs 40,000.
However, government officials have clarified that no final decision has been taken on the revised pay levels.
Long Process Before Pay Hike
The government has also said that financial provisions for implementing the new pay structure will only be made after the commission submits its report and the recommendations are approved.
For now, the consultation phase marks the first step in what is expected to be a lengthy process before any changes in salaries or pensions are implemented.
March 11, 2026, 16:34 IST
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Iran has 15 gold mines, with the largest being the Zarshouran mine located in the country’s northwest. PHOTO: PIXABAY
Gold prices increased in both international and local markets, while silver rates remains comparatively stable.
In the international bullion market, gold prices rose by $37 per ounce to reach $5,205.
However, spot gold prices in London are down 6% since the initial safe-haven spike at the start of the conflict on February 28. Bullion was last trading at $5,109 per troy ounce, even as oil prices surged.
In the local market, the price of gold per tola increased by Rs3,700 to reach Rs543,262.
Similarly, the price of gold per 10 grams rose by Rs3,172 to Rs465,759.
Meanwhile, silver prices remained stable. The price of silver per tola stayed unchanged at Rs9,354, while the price per 10 grams also held steady at Rs8,019.
Read: Gold prices rise in global and local markets after four-day break
Earlier on Monday, oil prices were up about 8%, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding US-Israeli illegitimate war with Iran.
Brent futures rose $7.21, or 7.8%, to $99.90 a barrel at 1643 GMT, while US WTI crude rose $4.50, or 5.0%, to $95.40.
In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high of $119.48.
Since the United States and Israel attacked Iran on February 28, Brent has surged by as much as 65% and WTI 78%.
Monday’s prices compare with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008, according to LSEG data.
Business
Middle East crisis: IEA proposes largest oil reserve release of 182 million barrels to ease crude prices – The Times of India
Amid soaring crude oil prices worldwide due to the ongoing US-Israel war with Iran, the International Energy Agency (IEA) has proposed the largest disbursement of oil reserves to help bring down prices.The release could exceed the 182 million barrels of oil that IEA member countries put on the market in two separate releases in 2022, when Russia launched its full-scale invasion of Ukraine.
According to a report by the Wall Street Journal, the proposal was circulated at an emergency meeting of energy officials from the organisation’s 32 member countries on Tuesday.Officials familiar with the matter said that the countries are expected to decide on the proposal on Wednesday. The plan will be adopted if no member objects; however, even if a single country objects, then the plan could be delayed.
Why it matters?
The IEA’s proposal aims to counter disruptions caused by the near-total closure of the Strait of Hormuz. The narrow waterway lies between the Persian Gulf and the Gulf of Oman and connects the region’s oil exports to global markets. According to the Wall Street Journal, around one-fifth of the world’s oil supply passes through the strait every day and the threat of tanker attacks by Tehran has halted ship traffic.Since February 28, when the United States and Israel began strikes on Iran, crude oil prices have surged by nearly 40%, briefly crossing the $100-per-barrel mark. However, prices fell this week as traders closely tracked statements by President Donald Trump about how long the conflict might last. On Tuesday, crude oil prices dropped to below $84 per barrel, although diesel prices have continued to rise.IEA Executive Director Fatih Birol said on Monday that member countries hold about 1.2 billion barrels in public oil stocks, along with another 600 million barrels in mandatory commercial inventories. According to him, this combined reserve could cover roughly 124 days of lost supply from the Gulf.The agency previously released crude oil reserves twice in 2022 after Russia invaded Ukraine. However, that move initially pushed oil prices up by nearly 20%, as traders interpreted the release as a sign that the crisis was more serious than expected.One of the most notable coordinated releases took place in 1991, when then US President George HW Bush ordered the first-ever drawdown of the Strategic Petroleum Reserve as a US-led coalition launched Operation Desert Storm against Iraq. IEA member countries also released oil from their stockpiles under a coordinated plan prepared ahead of the invasion.Oil prices fell by more than 20% on the first day of the US-led assault. By the time coalition forces entered Iraq and Kuwait in February, oil from the Strategic Petroleum Reserve had already reached the market.The IEA was established in 1974 following the Arab Oil Embargo. Western countries created the organisation due to the increasing Iranian attacks on oil tankers travelling through the Strait. It aims to coordinate energy policy and ensure oil supply security during market disruptions.The agency sets guidelines on the level of crude oil reserves member countries must maintain and coordinates emergency releases to stabilise global markets during crises.
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