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Government has revised its fuel duty structure, lowering the special additional excise duty on petrol to Rs 3 per litre while removing it entirely on diesel. The decision comes against the backdrop of ongoing disruptions in global oil supply chains due to the conflict in the Middle East, where Iran continues to tighten control over…
As the war between the United States and Iran edges towards a critical phase, Washington has steadily increased its military footprint across the Middle East. While no US troops are officially stationed inside Iran, tens of thousands are either already deployed across the region or now moving closer as part of a broader build-up ordered…
The escalation of the Middle East conflict could push US inflation to 4.2% this year–the highest among G7 economies– while also slowing global growth, the Organisation for Economic Cooperation and Development (OECD) has said, underlining the widening economic costs of the US-Israel war with Iran, the Financial Times reported.In its interim economic outlook, the Paris-based…
Wall Street’s key indices opened lower on Thursday after gains in the previous session, as investors turned cautious over evolving developments in the Middle East and weighed the prospects of any de-escalation in the conflict.At the opening bell, the Dow Jones Industrial Average slipped 84.8 points, or 0.18%, to 46,344.64. The S&P 500 declined 36…
NEW DELHI: India’s largest private fuel retailer Nayara Energy on Thursday raised its prices by Rs 5 per litre and diesel by Rs 3 a litre amid the ongoing Middle East crisis. Nayara Energy, which operates 6,967 of India’s 102,075 petrol pumps, has decided to pass on part of the increase in input costs to…
India’s premium basmati rice trade has come under severe strain as the escalating conflict in West Asia disrupts exports, blocks consignments at ports and leaves payments worth thousands of crores pending, raising concerns for traders and farmers alike.A Bhopal-based businessman told ANI that consignments of Premium 1121 Basmati rice, earlier exported regularly, are now stuck…
NEW DELHI: Prime Minister Narendra Modi will hold a virtual meeting with chief ministers on Friday evening to review preparedness and response plans in light of the ongoing Middle East conflict.The interaction, to be conducted via video conferencing, is aimed at ensuring coordination between the Centre and states and assessing readiness across key sectors, including…
File photo: US President Donald Trump with Ukrainian President Zelenskyy The Pentagon is considering whether to divert some weapons originally intended for Ukraine to the Middle East as the war in Iran puts pressure on US stockpiles of key munitions, The Washington Post reported, citing three people familiar with the matter. Air defence interceptors among…
NEW DELHI: Home minister Amit Shah is heading an informal Group of Ministers (GoM) dealing with “overall strategic issues” that have emerged because of the ongoing conflict in West Asia, including fall in supply of cooking gas and LNG, the primary feedstock for urea production.Shah has already held a meeting with other ministers, including fertiliser…
MUMBAI: The US move to send a 15-point proposal to Iran aiming at ending the war in West Asia, combined with a slowdown in hostilities between the warring nations on Wednesday sent oil prices sliding and precious metals rallying.In late trades on Wednesday, Brent was trading at $97.2/barrel, down 3% on the day. In the…
