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People rush to refuel their vehicles at a fuel station in Amritsar yesterday. (AFP) India has slashed excise duties on petrol and diesel to protect consumers and curb a potential spike in inflation, while imposing windfall taxes on aviation fuel and diesel exports, amid volatile global oil markets due to the Iran war.Global oil prices have surged past $100 per barrel after the near closure of the Strait of Hormuz, which serves as a conduit for 40% of India’s crude oil imports, since the US and Israel first struck Iran on February 28.In a government order late Thursday, India’s finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees. It also cut the duty on diesel to zero from 10 rupees per litre.The move comes ahead of elections next month in four Indian states and one federal territory, with voters very sensitive to higher prices.India will lose 70bn rupees ($739mn) a fortnight from the excise cuts, although it will recover part of this — 15bn rupees — through separate export taxes on some fuel products, Vivek Chaturvedi, chairman of Central Board of Indirect Taxes and Customs, told a press briefing.The net hit to government finances will be 55bn rupees per fortnight.The yield on 10-year government bonds rose 7 basis points to 6.95%, its highest level in 20 months on concerns that the government may struggle to meet its fiscal deficit target of 4.3% of GDP for the financial year beginning April.The tax cuts also ease the burden for oil marketing companies. While fuel prices in India are technically deregulated, state-run oil companies, which control 90% of the retail network, do not always raise prices when crude climbs.As a result, consumers are shielded from volatility, with either the government or the companies absorbing the increases.”Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies, approximately 24 rupees a litre for petrol and 30 rupees a litre for diesel, at this time of sky high international prices, are reduced,” Oil Minister Hardeep Singh Puri said in a post on X.The government said that at current crude rates, the combined daily under-recoveries being absorbed by oil firms stand at 24bn rupees.Shares of oil marketing companies such as Bharat Petroleum Corp and HPCL reversed early gains to close slightly higher.The diesel export tax was set at 21.5 rupees a litre, along with a 29.5 rupees a litre tax on aviation fuel exports, the order said.Between April 2025 and January 2026, India exported 14mn metric tonnes of gasoline and 23.6mn tonnes of gasoil. Most refiners have stopped exporting fuels. Reliance Industries is the country’s biggest fuel exporter.Finance Minister Nirmala Sitharaman said the government will ensure there is no shortage of petrol, diesel and jet fuel.It will support oil marketing companies so that citizens are spared price hikes and ensure that jet fuel prices do not rise, she told news agency ANI.India, the world’s third-biggest oil importer and consumer, relies heavily on overseas supplies.In a letter dated Thursday, the petroleum ministry said it will raise the allocation of liquefied petroleum gas to commercial and industrial users by 20%, taking total supply to 70% of pre-crisis levels.The increase builds on an existing 50% allocation, with priority to sectors such as steel, automobiles, textiles and other essential industries. India had cut gas allocation for non-cooking purposes after the start of the Iran war.India consumed 33.15mn tonnes of cooking gas last year, with imports covering about 60% of demand. About 90% of those imports came from the Middle East.Prime Minister Narendra Modi and his government have stressed adequate arrangements are in place, including for fertiliser supplies for the summer sowing season and coal to meet rising electricity demand.The government, in a separate statement, assured the public that retail petrol and diesel prices will not change. Source link
HMS Dragon, a Royal Navy Type 45 Daring-class air-defence destroyer warship, is guided by tug boats, as it departs from HM Naval Base Portsmouth, on the…
India approved proposals worth $25bn yesterday to buy transport aircraft, Russian S-400 missile systems and remotely piloted strike aircraft as it pushes its military modernisation and replenishes equipment after its conflict with Pakistan.The decision comes on the back of another major approval last month worth $40bn to purchase more French Rafale fighter jets for the air force and Boeing P-8I reconnaissance aircraft for the navy.Yesterday’s approvals also covered purchases of armoured piercing tank ammunition, gun systems and aerial surveillance systems for the army, increasing the life of the Sukhoi-30 fighter jets operated by the air force, and hovercraft for the coastguard, a statement from the defence ministry said.Separately, the ministry also signed a 4.45 billion rupees ($47mn) contract yesterday with Russia’s JSC Rosoboronexport to acquire Tunguska air defence missile systems for the army.In all, India has approved 55 proposals worth 6.73tn rupees ($71bn) and signed contracts for another 503 proposals amounting to 2.28tn rupees in the fiscal year ending March 31, the statement said, adding that both were the highest in a fiscal year.India is the world’s fifth-largest military spender and the second-largest arms importer after Ukraine, according to latest data from the Stockholm International Peace Research Institute.It has for decades been modernising its mostly Soviet-era equipment and increasingly looking to new sources including France, Israel, the US and Germany. In recent years, it has pushed to manufacture everything from guns and drones to fighter jets and submarines at home, either on its own or in collaboration with foreign partners. Last year, India and Pakistan were involved in a fierce four-day military conflict, their worst in decades, after an attack on Hindu tourists in Indian Kashmir. New Delhi said the militant attackers were from Pakistan. Pakistan denied the accusations.India’s ties with China have also been testy and they were locked in a military stand-off in the Himalayas for more than four years before they agreed to pull back in 2024 and repair relations. Source link
Australia’s leader said yesterday it was not consulted over the war with Iran which was having a “massive global economic impact”, responding to President Donald Trump’s swipe the US ally was not doing enough.Trump has urged nations to dispatch warships to secure crucial oil supply routes through the Strait of Hormuz.Although many have baulked at Trump’s proposal, the US president included criticism of Australia as he vented his frustrations over lack of British support.”Australia was not great. I was a little surprised by Australia”, he said Thursday during a cabinet meeting at the White House.Prime Minister Anthony Albanese said Australia was in close contact with Gulf states under attack from Iran, providing a surveillance aircraft to help defend the United Arab Emirates, where many Australians live.”There is no request been made to Australia that has not been agreed to,” Albanese told reporters in Canberra yesterday.”I make the point as well that Australia wasn’t consulted before this action was undertaken. I respect that, that’s a matter for the United States,” he added.The United States is Australia’s main security ally, and a partner with Britain in the trilateral AUKUS pact to build more nuclear submarines to counter China.”We do want to see a de-escalation and we do understand that this war is having a massive global economic impact,” Albanese said.War has engulfed much of the Middle East since the United States and Israel launched strikes against Iran on February 28.Australia made an early statement of support for the US acting to prevent Iran from obtaining a nuclear weapon.Australia had “abhorrence” for Iran’s regime, Albanese said Friday, pointing to its expulsion of Iran’s ambassador in August after attributing the fire bombing of a Melbourne synagogue a year earlier to Iran’s Revolutionary Guard. Source link
Isogo Thermal Power Station, a coal-fired power plant operated by the Electric Power Development Co, Ltd, is seen in Yokohama, Kanagawa Prefecture, yesterday. (AFP) Japan’s government plans to temporarily lift restrictions on coal-fired power plants as it seeks to ease an energy crunch caused by the Middle East war, officials said on Friday.Officials presented the plan at a meeting of a panel of experts, who approved the proposal, the industry ministry said on its website.”Given the current situation in the Middle East affecting fuel prices, we believe that uncertainty regarding future LNG procurement is increasing,” an industry ministry official said at the meeting, which was broadcast online.”We think it will be necessary, by increasing the operation of coal-fired power plants, to… ensure the reliability of stable supply,” he said.Power suppliers have previously been required to keep the operating rate of coal-fired thermal power stations that emit large amounts of carbon dioxide at or below 50 %.But the government now intends to allow the full operation of older, less efficient coal-fired plants, for a year from the new fiscal year starting April, according to the plan presented at the meeting.Japan relies on thermal power plants to generate around 70% of its electricity needs, with coal constituting 30% of their fuel.Liquefied natural gas (LNG) accounts for another 30%, and oil comprises seven %.The emergency measure to boost reliance on coal is estimated to “result in an LNG savings effect of approximately 500,000 tonnes”, the official added.But Yoko Mulholland of climate think-tank E3G told AFP that the plans to lift coal power restrictions “deepen the risk that Japan will not meet its goal of phasing out inefficient coal plants by 2030”.Not only threatening climate health, the move can also “lock Japan into a vicious cycle of fossil-fuel dependence” and delay progress toward Prime Minister Sanae Takaichi’s stated goal of 100% domestic energy self-sufficiency, she said.”This crisis has laid bare the risks of relying on imported fossil fuels, and now is the time for Japan to shift course to fully embrace renewable energy as a strategic national asset.”Since the Middle East war prompted Iran to partially close the crucial Strait of Hormuz trade route and target energy facilities in the Gulf, many Asian nations have pivoted towards coal to power their economies.South Korea plans to lift a cap on coal-powered generation capacity while also increasing nuclear plant operations.The Philippines also intended to boost the output of its coal-fired power plants to keep electricity costs down as the war wreaks havoc with gas shipments.Japan is the fifth-biggest importer of oil with more than 90 % of it coming from the Middle East.Around 10% of its LNG imports are also from the region.Tokyo purchases nearly 80% of its coal imports from Australia and Indonesia, according to the Agency for Natural Resources and Energy.Japan on Thursday said it had also started to release another part of its strategic oil reserves, as it faced supply challenges to its oil imports. Source…
The Sierra Leone-flagged Sara Sky, which is carrying crude oil from Russia, is seen anchored at Limay port, Bataan province, Thursday. (AFP) A ship carrying more than 700,000 barrels of Russian crude oil has arrived in the Philippines, a source with knowledge of the matter told AFP Thursday, days after the country declared a national energy emergency over the Middle East war.The purchase, unthinkable before long-time treaty ally the US eased sanctions tied to Russia’s war in Ukraine, comes as the import-dependent archipelago scrambles to expand its options in a suddenly volatile oil market.The Sierra Leone-flagged Sara Sky and its cargo from Russia’s ESPO pipeline arrived Monday, with documents showing the consignee as Petron Corp, operator of the Philippines’ sole oil refinery, said the source, who asked to remain anonymous as they were not authorised to speak to the press.The Philippines has seen the price of fuel hit historic highs since the US-Israeli war with Iran forced the partial closure of the Strait of Hormuz, with President Ferdinand Marcos saying the country’s dwindling stocks could last about 45 more days.Presidential spokeswoman Claire Castro later confirmed the Russian oil purchase to reporters in a group chat on a messaging app.An AFP journalist Thursday saw the Sara Sky at anchor in Limay port just outside Manila, where the Petron refinery is located. It is believed to be the first shipment of Russian oil to the country in five years.Ramon Ang, CEO of Petron, told AFP last week the company was “in talks” to potentially purchase Russian oil. Ang declined Thursday to confirm the arrival of the shipment.President Marcos said on Wednesday that the Philippines was casting a wide net in its search for fuel.”We have not only gone to our… traditional oil suppliers, we have tried to explore other sources that are not affected by the war that is ongoing in the Middle East,” he said in a press briefing addressing the state of emergency.”Nothing is off the table. We are looking at everything, everything that we can do.”Asked about the Russian oil, the Philippines’ foreign affairs department told AFP Thursday the country would co-operate with “all possible partners to contribute to regional and global stability, balanced with our duty to protect and secure Philippine national interests”.The US this month eased some restrictions on sales of Russian crude, allowing countries to purchase oil that was already at sea until April 11.Ateneo de Manila University economist Ser Pena Reyes said buying the Russian crude — equivalent to about two days of national demand — was a pragmatic move that might help stabilise prices in the short term.Ongoing geopolitical volatility, however, made Moscow less attractive as a long-term partner, he told AFP.”Russia can be a useful supplementary supplier… but the Philippines will likely benefit more from a balanced approach, maintaining strong ties with traditional partners while gradually investing in renewable energy and regional energy cooperation,” Pena Reyes said.The Department of Energy on Thursday separately announced the arrival of 142,000 barrels of government-procured diesel, part of its target of “up to 2mn barrels of additional supply for the country”, it said in a statement.Energy secretary Sharon Garin told AFP the shipment had come from Japan.Earlier in the day, Garin said the department had taken the “proactive step” of activating a 20bn-peso ($332mn) emergency fund aimed at securing fuel supplies. Related Story Source…
More than 370,000 children have been forced from their homes in Lebanon amid Israel's offensive against Hezbollah, with at least 121 children killed and 399 injured, UNICEF's representative in Lebanon, Marcoluigi Corsi, said on Friday. He further noted that displaced people in Lebanon are finding no safe shelter, even in the capital, Beirut, amid the ongoing Israeli offensive. Source link
Meta spokesperson Ashly Nikkole Davis speaks to the media outside the court in Los Angeles, California, yesterday. (Reuters) A Los Angeles jury found Alphabet’s Google and Meta liable for $3mn in damages yesterday in a landmark social media addiction lawsuit that will influence thousands of similar cases against the tech companies. Punitive damages for the companies will be decided next. The jury may consider whether Google or Meta’s products caused the plaintiff physical harm or whether the companies disregarded the health of other users, Judge Carolyn Kuhl said in court. The case involves a 20-year-old woman who said she became addicted to Google’s YouTube and Meta’s Instagram at a young age because of their attention-grabbing design. The jury found Google and Meta were negligent in the design of both apps and failed to warn about their dangers.“Today’s verdict is a referendum — from a jury, to an entire industry — that accountability has arrived,” the plaintiff’s lead counsel said in a statement. Shares of Meta were up 1% and Alphabet shares were up 0.2%, little changed after the verdict.Meta disagrees with the verdict and its lawyers are “evaluating our legal options,” a company spokesperson said. Google plans to appeal, said company spokesperson José Castañeda. The plaintiffs in the Los Angeles proceeding focused on platform design rather than content, making it harder for the companies to avert liability. Snap and TikTok were also defendants in the trial. Both settled with the plaintiff before it began. Terms of the agreements were not disclosed. Large technology companies in the US have faced mounting criticism in the last decade over child and teen safety. The debate has now shifted to courts and state governments. The US Congress has declined to pass comprehensive legislation regulating social media. At least 20 states enacted laws last year on social media usage and children, according to the nonpartisan National Conference of State Legislatures, an organisation that tracks state laws. The legislation includes bills that regulate the use of cellphones in schools and require users to verify their ages to open a social media account. NetChoice, a trade association backed by tech companies such as Meta and Google, is seeking to invalidate age verification requirements in court. A separate social media addiction case brought by several states and school districts against technology companies is expected to go to trial this summer in federal court in Oakland, California. Another state trial is slated to begin in Los Angeles in July, said Matthew Bergman, one of the attorneys leading the cases for the plaintiffs. It will involve Instagram, YouTube, TikTok and Snapchat. Source link
At least 18 people were killed after a passenger bus carrying about 40 people plunged into the Padma River in central Bangladesh while attempting to board a ferry.Local authorities reported that the accident occurred after the driver lost control of the bus as it approached the ferry. The bus was traveling from Kushtia to Dhaka.Rescue teams managed to recover the bus and continued the search despite difficult weather conditions. Bodies, including those of women and children, were recovered Thursday morning, while the fate of some passengers remains unknown.Officials fear that others may still be missing. Hundreds of people die every year in road and ferry accidents in Bangladesh. Source link
South Korea’s low-cost carriers (LCCs) are cutting international flights to mitigate the impact of surging fuel costs amid prolonged tensions in the Middle East.Aviation industry sources reported Thursday that some companies plan to suspend 50 flights between April 20 and May 31, citing limited local refueling conditions in Vietnam.The country’s three largest LCCs are also considering cutting services on select Southeast Asian routes, according to industry watchers.Jet fuel prices in Asia and Oceania rose 16.6% to $204.95 per barrel in the week of March 13-20, compared with the previous week, and were sharply higher than the prior month’s average, according to the International Air Transport Association (IATA). Source link