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.
Last Updated:
Gold and silver prices in India eased after a rally driven by Middle East conflict. 24-carat gold is Rs 1,70,020 per 10gm, silver below Rs 3,00,000.
Amid escalating tensions in the Middle East, gold and silver prices have witnessed a sharp surge, with market experts warning of further increases if the conflict intensifies.
Gold and silver prices: Gold and silver prices across India eased slightly after rallying as investors rushed towards safe havens due to the conflict in the Middle East. The price of 24-carat gold stood at Rs 1,70,020 per 10 grams, while 22k gold was available at Rs 1,55,850 per 10 grams. These rates do not include GST and making charges.
Silver also fell by Rs 20,000 to come down below Rs 3,00,000.
On MCX, gold futures, whose expiry is on April 02, 2026, was traded at Rs 1,66,199 per 10 gram, with a rise of 2.53 per cent. While silver futures expiring on March 05, 2026, were trading at Rs 2,80,090 per kg, with a fall of 0.90 per cent.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On March 03?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,56,000 | Rs 1,70,170 |
| Jaipur | Rs 1,56,000 | Rs 1,70,170 |
| Ahmedabad | Rs 1,55,900 | Rs 1,70,070 |
| Pune | Rs 1,55,900 | Rs 1,70,070 |
| Mumbai | Rs 1,55,850 | Rs 1,70,020 |
| Hyderabad | Rs 1,55,850 | Rs 1,70,020 |
| Chennai | Rs 1,55,850 | Rs 1,70,020 |
| Bengaluru | Rs 1,55,850 | Rs 1,70,020 |
| Kolkata | Rs 1,55,850 | Rs 1,70,020 |
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
Click here to add News18 as your preferred news source on Google.
Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
March 03, 2026, 09:52 IST
Read More
Shop price inflation eased in February but consumers are still paying 3.5% more for food than a year ago, figures show.
Overall shop inflation fell slightly to 1.1% from January’s 1.5%, in line with the three-month average of 1.1%, as fierce competition between retailers kept price rises in check and customers benefited from promotions across health, beauty and fashion, according to the British Retail Consortium (BRC) and NIQ.
Prices of products other than food were down 0.1% year on year, a significant drop from January’s growth of 0.3%.
Overall food inflation fell slightly to 3.5% from 3.9% in January, while fresh food prices remained 4.3% higher than last February, a slight drop from January’s 4.4% and above the three-month average of 4.2%.
However falling global costs pushed ambient food inflation down to 2.3% – its lowest level in four years and a significant fall from January’s 3.1%.
BRC chief executive Helen Dickinson said: “Households got some welcome relief in February as shop price inflation eased.
“While the direction of travel is promising, prices are still rising, and many consumers remain under pressure.”
Mike Watkins, head of retailer and business insight at NIQ, said: “Since the start of the year, we have seen some competitive pricing across both the food and non-food channels which is helping to bring down inflation.
“Whilst the inclement weather and weak sentiment is making consumer demand rather unpredictable for retailers, at least shoppers are now seeing some of their cost-of-living pressures start to ease.”
The Chancellor has been urged to scrap the proposed hike in fuel duty as concerns have been raised about the conflict in the Middle East.
Rachel Reeves announced last year that the long-held discount in fuel duty would be scrapped from September, with a 1p hike followed by two increases of 2p each in subsequent years.
But following the US and Israeli attacks on Iran at the weekend – which killed the country’s Supreme Leader Ayatollah Ali Khamenei – concerns have been raised about the impact of oil price hikes which could hit consumers at the pumps.
Following the attack, the price of oil jumped to 80 US dollars a barrel, with some analysts suggesting it could rise above 100 dollars.
Speaking ahead of the spring statement, SNP economy spokesman Dave Doogan said: ““With real fears that prices at the pump are now set to soar because of the situation in the Middle East – instead of stubbornly doubling down, the Chancellor needs to scrap her price hike plans before motorists face a devastating double hit.
“Oil prices are already spiking – the last thing motorists and businesses now need is another damaging tax hike from the Labour Party.
“The Chancellor needs to see sense, recognise what is unfolding globally, and immediately scrap her plans to hike prices at pumps.
“Everyone knows that Keir Starmer’s Labour Party has broken their promise to cut energy bills by £300 – it would be another slap in the face for families if Labour made the cost-of-living crisis even worse with a plan that will inevitably increase prices.
“After 14 U-turns from this chaotic Labour Government – scrapping their plans to hike fuel duty is one U-turn motorists, businesses and families right across Scotland would actually welcome.”
A spokeswoman for the Treasury said: “We have extended the 5p fuel duty cut from this month to the end of August to support drivers across the country.”
Gold, Silver Prices Ease Across India After Mideast Conflict Rally; Check City-Wise Rates
Duke of Edinburgh rallies Commonwealth spirit ahead of Glasgow 2026
[CinePlex360] Some plugins have failed to updat
-
Politics5 days agoWhat are Iran’s ballistic missile capabilities?
-
Business6 days agoHouseholds set for lower energy bills amid price cap shake-up
-
Entertainment1 week agoTalking minerals and megawatts
-
Sports5 days agoSri Lanka’s Shanaka says constant criticism has affected players’ mental health
-
Business6 days agoLucid widely misses earnings expectations, forecasts continued EV growth in 2026
-
Tech6 days agoHere’s What a Google Subpoena Response Looks Like, Courtesy of the Epstein Files
-
Business6 days agoIncome Tax Draft Rules 2026: Key Changes On How And When Pan Card Will Be Required?
-
Fashion4 days agoPolicy easing drives Argentina’s garment import surge in 2025