Business
West Asia conflict: Govt may ask companies to cut exports, increase auto fuel, LPG supplies – The Times of India
NEW DELHI: Amid fears of a shortage in crude supplies, govt is looking to nudge refiners to divert more auto fuel and LPG to the domestic market by cutting on exports and also increase cooking gas production so that there is no disruption in local supplies.While govt and oil companies insisted there’s no shortage, refiners are looking at alternate sources to partly compensate for crude coming from war-hit West Asia.
The tension has led to a spike in oil and gas prices, and given India’s dependence on imports, inflating the import bill and stoking inflationary pressures. Officials, however, said retail fuel prices may not rise immediately, as oil marketing companies follow a calibrated approach — absorbing losses when global prices are high and recouping them when prices soften. Retail petrol and diesel prices have remained unchanged since April 2022.Mantri meets oil cos to assess availability of crude and gasOn a day when Iranian drones damaged part of Saudi Aramco refinery and Qatar Energy’s facilities, the world’s largest LNG producer, announced an export pause, petroleum minister Hardeep Singh Puri and his team of officials met oil companies on Monday to assess the availability of crude and gas. “We are continuously monitoring the evolving situation, and all steps will be taken to ensure availability and affordability of major petroleum products in the country,” the oil ministry said in a post on X.India imports nearly 90% of its crude requirement. It also meets 60-65% of its LPG demand and about 60% of its LNG needs through imports, largely from West Asia, with shipments routed via Strait of Hormuz, which risks being choked due to the war.
According to the International Energy Agency, in 2023, 5.9% of the country’s production was being exported. Between April and Dec 2025, India exported petroleum products worth nearly $330 billion, with the Netherlands, UAE, the US, Singapore, Australia and China being the main destinations. In 2024, it also exported petroleum gas worth $454 million, mostly to Nepal, China, and Myanmar. The Reliance refinery in Jamnagar is the largest exporter in the country.An oil company executive said refiners are already in contact with traders to tie up capacities amid fears of the blockade of Strait of Hormuz. By Monday, the global market had caught the jitters from Qatar’s decision to suspend gas shipments.An oil executive said while disruption could cause difficulties in the immediate term, Indian players had a wide portfolio that they can tap for LNG, including the US, with vessels being routed through the Suez Canal.“Even if there is a force majeure, we have other sources of supply, which we can tap. Besides, no one is going to stop supplies indefinitely,” the executive said. While oil and gas prices rose Monday, the focus is on ensuring that supply lines remain open.
The UK’s biggest mobile providers have been outperformed by smaller rivals in an annual customer service survey by watchdog Which?
Three, O2 and Lycamobile were the lowest performing networks in the survey of more than 5,000 mobile users, receiving customer scores of 65%, 67% and 68% respectively.
Three received a two-star rating in every category including network reliability and technical support, the consumer group found.
O2 received just two stars for value for money and customer service, shortly after it increased its annual price rises from £1.80 to £2.50 a month for all customers.
Lycamobile received four stars for value for money but two stars in every other category.
EE and Vodafone achieved scores of 74% and 72% respectively, although Which? described them as “stuck in the middle to lower reaches of the table”.
Talkmobile topped the rankings with a customer score of 83% followed by Tesco Mobile on 81%, with both impressing customers with their network reliability, customer service and value for money.
Other top-rated networks included Giffgaff and Smarty, which both received a score of 79%, driven by their flexibility and affordable Sim-only deals.
Lebara and 1pMobile both achieved a score of 78%, with customers praising 1pMobile’s network reliability and value for money and Lebara earning five stars for value for money.
According to the survey, respondents using one of the ‘big four’ – EE, O2, Three and Vodafone – paid an average of £16 for a Sim-only contract, compared with just £9 on smaller networks.
For contracts including a phone, users paid an average £40 with the ‘big four’ compared with £28 with smaller providers.
Many smaller firms use the infrastructure of the ‘big four’, meaning customers often receive the same signal and coverage.
Which? head of home products and services, Natalie Hitchins, said: “Our latest research shows that smaller providers are consistently outshining the industry’s largest mobile firms by offering better customer service and far cheaper deals.
“Many top-rated challengers avoid mid-contract price hikes, offering households struggling with the cost of living much-needed certainty.
“Any customers nearing the end of their contract who are unhappy with their service, or simply looking to save money, should not hesitate to vote with their feet and move to a provider that actually delivers on value.”
India is rapidly strengthening its position in global electronics trade, now supplying about 40 per cent of the smartphones imported by the United States that were previously sourced from China.According to a recent report by McKinsey & Company, cited by ANI, the United States has been actively diversifying its import sources and has replaced about two-thirds of the goods it previously sourced from China, valued at more than $80 billion. India and ASEAN economies have played a significant role in this shift.“India, for example, increased smartphone exports to the United States to levels equal to roughly 40 per cent of what China had supplied,” the report stated.India’s rise in smartphone exports has been particularly notable, with shipments to the US increasing sharply despite the long geographical distance of around 13,000 kilometers. This reflects the country’s growing role in global electronics manufacturing and supply chains.The report also highlighted that ASEAN economies replaced about two-thirds of US laptop imports that had earlier come from China, pointing to a broader shift in manufacturing bases across Asia.It noted that global trade remained resilient in 2025 despite concerns of a slowdown. Both US imports and Chinese exports reached new highs during the year, while overall global trade grew faster than the global economy.Among emerging economies, India stood out for expanding trade across regions. However, while overall exports remained largely unchanged, smartphones were a key exception and drove export growth.The report said the shift in trade patterns is being driven by domestic priorities and geopolitical realignments. Advanced economies and China are increasingly reorienting trade away from geopolitically distant partners, while emerging economies like India continue to expand trade across markets.It also pointed to changes in other regions. ASEAN strengthened its position as a manufacturing hub by importing more inputs from China and exporting finished goods to the United States. Brazil increased commodity exports to China, replacing goods that China had earlier sourced from the US.
Business
Crude oil prices plunge over 10% as Iran reopens Strait of Hormuz, stocks rally – The Times of India
Crude oil prices plunged more than 10% on Friday after US President Donald Trump and Iran announced that the Strait of Hormuz is fully open again for oil tankers carrying crude from the Persian Gulf to customers worldwide, easing fears of supply disruptions.The sharp drop in oil prices lifted global markets, with US stocks rallying strongly. The S&P 500 rose 1% as it moved toward a third straight week of gains, while the Dow Jones Industrial Average jumped 722 points, or 1.5%, and the Nasdaq composite added 1.1% in morning trading.
The price decline came immediately after Iran’s foreign minister, Abbas Araghchi, said on X that the passage for all commercial vessels through the strait “is declared completely open” and would remain so for the duration of the current ceasefire period in Lebanon. US crude fell 10.2% to $81.88 per barrel, while Brent crude dropped 10.3% to $89.09. Despite the fall, prices remain above their pre-war levels, indicating lingering caution in markets.Optimism has been building on Wall Street in recent weeks, with stocks rising 12% since late March on hopes that the United States and Iran can avoid a worst-case economic outcome despite ongoing conflict. The reopening of the Strait of Hormuz is seen as the clearest sign yet of easing tensions, although the situation remains uncertain. President Donald Trump said in a speech late Thursday that the war “should be ending pretty soon.”Shortly after Iran’s announcement, Trump said on his social media platform that the US Navy’s blockade of Iran remains “in full force” until both sides reach an agreement. He added that negotiations “should go very quickly in that most of the points are already negotiated,” emphasizing the statement in all capital letters.Companies with high fuel costs led the market gains as oil prices fell. United Airlines rose 9.8%, while Norwegian Cruise Line and Royal Caribbean Group both climbed 9.3%.A solid start to the earnings season also supported investor sentiment. State Street gained 2.9%, and Fifth Third Bancorp rose 1.4% after reporting stronger-than-expected quarterly results.Not all companies benefited from the rally. Netflix fell 9.2% despite posting higher profits, as it did not increase its full-year revenue forecast. The company also said cofounder and chairman Reed Hastings will step down from its board in June when his term expires.European markets also moved higher following the development, with France’s CAC 40 rising 2% and Germany’s DAX gaining 2.2%.Asian markets, which had closed before the announcement, ended lower. Japan’s Nikkei 225 fell 1.8%, and Hong Kong’s Hang Seng dropped 0.9%.In the bond market, Treasury yields declined as lower oil prices reduced pressure on inflation. The yield on the 10-year Treasury fell to 4.24% from 4.32% late Thursday.
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