Business
Petrol, diesel prices: How US-Iran war, excise cuts and global oil prices affect you & economy – top things to know – The Times of India
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. The government has cut excise duty on petrol and diesel 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.The ongoing US-Iran conflict has disrupted oil supply chains and sent crude prices soaring worldwide. 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 price hike or cutThe excise duty cut will not result in petrol and diesel prices at the pump going down, since the intent of the cut is to prevent the need for a hike in prices in line with international rates. Oil marketing companies (OMCs) are absorbing the higher input costs, ensuring that retail prices do not spike amid global volatility.Financial implications of duty cutsCBIC Chairman Vivek Chaturvedi said this reduction is expected to result in a revenue loss of about Rs 7,000 crore over the next 15 days. 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.Chaturvedi said on Friday that the government will reassess the special additional excise duty, also known as windfall tax, on diesel and aviation turbine fuel every two weeks. Addressing the media, he explained that the levy has been introduced to ensure sufficient domestic supply of these fuels.He noted that the government expects to collect around Rs 1,500 crore from this duty in the first fortnight. To discourage overseas sales and prioritise local availability, export duties of Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel have been imposed, with the revised rates coming into force from Friday.The windfall tax was initially introduced in July 2022 to limit extraordinary gains made by refiners after the Russia-Ukraine conflict and was later withdrawn in December 2024. 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.The government has also constituted seven empowered groups to manage fuel, supply chains, and logistics.
A United Airlines plane approaches the runway at Denver International Airport on March 23, 2026.
Al Drago | Getty Images
United Airlines flight attendants approved a new five-year labor contract with 31% average raises to base pay by August and other improvements, marking the last of the major carriers with unionized flight crews to reach a deal post-Covid.
The labor deal would give United’s roughly 30,000 flight attendants their first raises in close to six years. The company and the flight attendants’ union reached a preliminary deal in March. Crews had rejected a contract last year.
The union said the contract won 82% approval from the flight attendants, with close to 90% of them voting.
“The contract will immediately change the lives of United Flight Attendants, especially our thousands of new hires who have been hired since the pandemic,” said Ken Diaz, president of the United chapter of the Association of Flight Attendants.
The contract also includes boarding pay, or pay for when the aircraft’s door is open and travelers are getting on. Airlines had for years started flight attendants’ pay clock once the boarding door was closed.
The contract comes with a roughly 7% to 8% increase in compensation and $741 million in back pay, as well as quality-of-life improvements like restrictions on red-eye flights and “sit pay” during disruptions of more than 2½ hours.
Stocks struggled on Tuesday, although blue chips proved resilient, amid a triple whammy of domestic political strife, surging US inflation and a lack of progress in the Middle East.
The FTSE 100 closed down just 4.11 points at 10,265.32. The FTSE 250 ended down 341.66 points, 1.5%, at 22,466.20, and the AIM All-Share fell 11.75 points, 1.4%, at 810.66.
The pound fell to 1.3505 dollars on Tuesday afternoon from 1.3651 dollars on Monday. Against the euro, sterling was lower at 1.1517 euros from 1.1584 euros on Monday.
The yield on UK 10-year gilts traded at 5.10%, up from 5.01% the day before.
Prime Minister Sir Keir Starmer defied calls for him to quit, despite a growing number of Labour MPs demanding that he steps aside.
“The Labour Party has a process for challenging a leader and that has not been triggered,” Sir Keir told ministers during crunch talks over his future, as no one person has stepped forward to challenge him yet.
“The country expects us to get on with governing. That is what I am doing and what we must do as a Cabinet,” he added.
More than 80 of Labour’s 403 MPs have now called for Sir Keir to quit immediately, or to set out a timetable for his resignation, including some ministers.
Banks sold off, amid reports of a possible windfall tax on the sector should there be a change at the top of the Government.
“Banks narrowly avoided a higher tax rate at the last budget, but our base case now assumes the UK banking surcharge to increase from 3% to 5%,” said the banking team at JPMorgan.
NatWest fell 3.2%, Lloyds Banking Group dipped 4.4% and Barclays declined 3.6%.
Meanwhile, the surging bond yields weighed on interest rate-sensitive housebuilders, with Barratt Redrow down 4.1% and Taylor Wimpey 2.4% lower.
Adding to the uncertain mood was another spike in the oil price as the impasse in the Middle East carried on.
Iran’s chief negotiator said on Tuesday that Washington must accept Tehran’s latest peace plan or face failure, after US President Donald Trump warned a truce was on the brink of collapse.
“Relations between Washington and Tehran appear to be more strained than at any time since the original ceasefire was announced just over a month ago,” observed David Morrison at Trade Nation, suggesting that hostilities could “resume at any time”.
Brent crude for July delivery was trading at 108.07 dollars a barrel on Tuesday, up compared with 103.70 dollars at the time of the equities close in London on Monday.
In Europe on Tuesday, the CAC 40 in Paris ended down 1.0%, and the DAX 40 in Frankfurt declined 1.6%.
In New York, the Dow Jones Industrial Average was down 0.5%, the S&P 500 fell 1.0% while the Nasdaq Composite was 1.7% lower.
The yield on the US 10-year Treasury widened to 4.46% on Tuesday from 4.39% on Friday. The yield on the US 30-year Treasury stretched to 5.02% from 4.97%.
The impact of the Iran war was reflected in soaring US inflation figures for April.
Annual CPI inflation sped up to 3.8% in April from 3.3% in March, above FXStreet-cited expectations of a 3.7% rise.
Monthly, energy costs were up 5.6% in April after a 21.3% jump in March.
Excluding food and energy costs, core CPI was up 2.8% year-on-year in April, up from 2.6% in March and higher than an expected 2.7%.
Analysts explained that much of the upside in core inflation came from a spike in shelter costs.
TD Economics said the numbers reinforce why the Fed needs to remain “patient”.
“Even assuming a ‘more normal’ reading on shelter prices last month, core inflation would’ve still firmed relative to March. With secondary price effects from higher energy prices likely to intensify in the months ahead, we’re likely to see core measures of inflation drift a bit higher and hover around 3% through year-end,” the broker said.
While Bank of America said the latest increase means inflation is getting “very uncomfortable” for the Fed.
Following the data, Fed futures now place a 60% probability of a rate hike by March next year.
The euro traded slightly lower against the greenback, at 1.1729 dollars on Tuesday from 1.1782 dollars on Monday. Against the yen, the dollar was trading at 157.73 yen, higher than 157.01 yen.
Back in London, Vodafone fell back 7.0% after mixed full-year results with adjusted earnings short of hopes but adjusted cash flow ahead.
“In the stock market it’s often said that it’s better to travel than arrive, hence why shares in Vodafone dipped on robust-looking full-year results after a strong rally in the past 12 months,” said Dan Coatsworth, head of markets at AJ Bell.
Vodafone shares have risen 60% in the last 12 months.
Intertek led the risers, up 6.4%, as it said it was “reviewing” the latest takeover proposal from suitor EQT Fund Management Sarl.
Intertek has turned down three previous approaches from EQT.
On the FTSE 250, Greggs rose 8.0% after reporting higher sales in the opening weeks of 2026 and maintaining full-year expectations.
But Wickes plunged 12% after reporting mixed trading as wet weather weighed on retail demand at the start of 2026.
Gold traded lower at 4,663.87 dollars an ounce on Tuesday, from 4,733.27 dollars on Monday.
The biggest risers on the FTSE 100 were Intertek, up 320.00p at 5,300.00p, British American Tobacco, up 255.00p at 4,634.00p, Compass Group, up 1.74p at 31.93p, Imperial Brands, up 104.00p at 2,832.00p and London Stock Exchange Group, up 328.00p at 9,348.00p.
The biggest fallers on the FTSE 100 were Vodafone Group, down 8.45p at 111.95p, 3i Group, down 116.00p at 2,400.00p, St James’s Place, down 52.50p at 1,154.50p, Lloyds Banking Group, down 4.28p at 94.06p and Marks & Spencer, down 13.60p at 308.90p.
Wednesday’s global economic calendar has eurozone industrial production and GDP data, the King’s Speech in the UK and US PPI figures.
Wednesday’s local corporate calendar has a trading statement from Spirax Group.
Contributed by Alliance News
Joni Lamb, the president of Daystar Television Network, a televangelism broadcaster she founded with her husband, Marcus Lamb, turning their family into stars of Christian entertainment, died on Thursday. She was 65.
In an announcement posted on Daystar’s website, the company described the cause as “serious health matters” exacerbated by a recent back injury. It did not say where she died.
On a trip to Jerusalem in 1983, shortly after the couple married, Mr. Lamb visited the Mount of Olives and felt God telling him to move to Montgomery, Ala., and start a Christian TV station. He and Ms. Lamb poured their energy and modest finances into the effort and began appearing on the air two years later.
By the time they founded Daystar — in Texas in 1997 — they were experienced entrepreneurs and performers. After just a few years, they owned 24 stations around the country. By 2010, they had become the second-largest Christian broadcaster, after Trinity Broadcasting Network, and were reaching more than 200 countries, The Dallas Morning News reported.
Compared with other televangelists, the Lambs “are younger and come across as more ordinary folks,” David Clark, the president of a rival Christian broadcaster, told The Fort Worth Star-Telegram in 2001. “They come across as being sincere.”
Mr. Clark added: “Marc is sharp, and his wife, Joni, is a big asset.”
The Lambs frequently appeared on their own network in a talk show format, discussing the pleasures and challenges of domestic life in a Christian idiom. Ms. Lamb, who liked to break into song, was Daystar’s leading talk show host, over the decades moderating shows like “Taking a Break With Joni” and “Joni Table Talk.” She would often be surrounded by other female regulars, putting questions to a male guest who had wisdom to impart.
The prominent pastor Jentezen Franklin visited earlier this year, for example, to discuss his new book, “The Power of Short Prayers.” The conversation slipped easily into evangelism.
“For someone watching right now: You’ve been listening; God’s opened your heart,” Ms. Lamb said. “In fact, your heart’s already been opened for some time, as you’ve been looking, searching, and you tried everything else. Always say, ‘Why don’t you try Jesus?’ A simple prayer: That will change your life for eternity.”
During the episode she was flanked, as she often was, by her two daughters, Rachel Lamb Brown and Rebecca Lamb Weiss, and referred to her husband by his first name, as if the viewers at home were family friends.
In 2021, Mr. Lamb died, at 64, of Covid-19, after having frequently suggested that people should pray instead of getting vaccinated. Ms. Lamb announced his death on air.
The travails of the Lamb family were often incorporated into the station’s programming. In 2010, Mr. Lamb admitted on live TV to an extramarital affair and described an attempt to extort millions of dollars in blackmail.
“Christian TV took a soap opera turn,” The Dallas Morning News wrote of the episode.
In 2020, Daystar returned a $3.9 million Paycheck Protection Program loan after the CBS program “Inside Edition” investigated the company’s purchase of a Gulfstream jet used by the Lamb family for beach and golf trips.
Four years later, a panel of Ms. Lamb’s talk show regulars questioned her on air about an accusation by her son, Jonathan, that there had been a coverup of a family member’s sexual molestation of his infant daughter. Ms. Lamb denied that any abuse had occurred, and after an investigation, no charges were filed.
Joni Lynn Trammell was born on July 19, 1960, in Greenville, S.C., where she grew up. Her father, Billy Frank Trammell, worked for a local refrigeration and heating company and would evangelize with friends he made playing basketball. Her mother, Sandra (Hudson) Trammell, competed in the Miss Greenville beauty pageant.
The Lambs met at a Greenville church in 1980, when Mr. Lamb, a traveling Pentecostal preacher, was visiting. They married in 1982.
Their early investments in TV stations came fortuitously, at a time of deregulation that The Star-Telegram would describe as “market bottom.” They later made money buying and selling small broadcast towers, and selling airtime to ministries and churches.
In 2023, Ms. Lamb married Doug Weiss, a sex therapist who became a co-host on Daystar. He survives her; other survivors include her three children and several grandchildren.
On air earlier this year, Ms. Lamb told viewers that the Christian faith guaranteed a posthumous reward.
“When you pray that prayer, and you receive Jesus, he forgives your sins,” she said. “When you die, you’re going to heaven.”
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