Congress on Friday slammed the BJP government over the steep Rs 993 hike in commercial LPG prices, alleging insensitivity to common citizens and small businesses, and criticised the Centre for failing to cushion global energy shock triggered by the West Asia conflict
Despite conflict, nearly 90 ships have crossed the Strait of Hormuz as Iran sustains oil exports amid selective restrictions. “Dark” vessels and diplomatically cleared ships continue transit, while tensions involving Donald Trump keep global energy markets volatile
Global oil prices eased slightly after the US allowed a 30-day waiver for countries to buy Russian oil already in transit. Brent and WTI declined marginally, while India assured adequate crude supplies through diversified sourcing and reduced dependence on the Strait of Hormuz route
According to Indian Oil Corporation Limited (IOCL), the largest supplier of ATF in the country, on Thursday reported price hiked by 3.6 per cent in the Delhi region.
The proposed price stabilisation fund could be triggered in times like what is prevailing now to check extreme volatility and provide relief to both consumers and oil companies.
