New Delhi, March 27: The government on Friday said retail pump prices of petrol and diesel will not change, and the excise reduction is not being passed on as a price cut at the pump.

Instead, it directly reduces the under-recoveries being absorbed by public sector oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — who have continued to supply fuel to Indian consumers at prices well below their cost of supply, the Petroleum Ministry said.

At current international crude prices, under-recoveries stand at approximately Rs 26 per litre on petrol and Rs 81.90 per litre on diesel.

The combined daily under-recovery being absorbed by OMCs is approximately Rs 2,400 crore.

The excise reduction offsets Rs 10 per litre of these losses, ensuring OMCs can continue to supply fuel without disruption while keeping retail prices unchanged, said the ministry.

The government has reduced excise duty by Rs 10 per litre on both petrol and diesel with immediate effect.

“This decision has been taken in response to the steep and rapid rise in international crude oil prices, which have surged from approximately $70 per barrel to around $122 per barrel over the past month — an increase of nearly 75 per cent in under four weeks, driven by the ongoing conflict in West Asia and associated disruptions to global energy supply chains,” the ministry said.

The contrast with global fuel markets is instructive. Fuel prices have risen by 30 to 50 per cent across South and South-East Asian countries, 30 per cent in North America, and 20 per cent in Europe since the onset of the current crisis. India has held the line. That stability carries a fiscal cost, and the government has chosen to bear it.

Earlier in the day, Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said that Prime Minister Narendra Modi decided to take a hit on government finances to safeguard the Indian citizen.

“The government has taken a substantial impact on its taxation revenues to reduce the high losses being faced by oil marketing companies at this time of sky-high international prices,” he mentioned.

Alongside the excise reduction, the government has simultaneously introduced an export levy on diesel. At a time when international diesel prices have surged sharply, the levy is designed to disincentivise exports and ensure that refinery output is directed first towards meeting domestic demand.

Keeping Indian pumps fully supplied takes precedence over export opportunities, however commercially attractive those may be at current global prices. The government will continue to monitor the evolving global energy situation and take all measures necessary to maintain supply stability and price protection for Indian consumers.

Mumbai, Domestic equity benchmarks opened sharply lower on Friday, tracking weak global cues and elevated Brent crude prices amid fading hopes of a resolution to the Iran conflict.

Nifty opened at 23,173.55, down 132.90 points or 0.57 per cent, while the Sensex fell around 400 points to 74,883.79 in early trade.

Broader markets also remained under pressure, with midcap and smallcap indices traded lower.

Sectorally, most indices traded in the red, led by realty, metal, PSU banks and auto stocks, which fell up to 1 per cent. Financials and consumer durables also witnessed selling pressure.

However, IT and oil and gas stocks bucked the trend and posted modest gains.

Among heavyweights, stocks such as HDFC Bank and Bajaj Finance were among the top laggards.

Market sentiment remained cautious amid ongoing geopolitical tensions. US President Donald Trump said the pause on attacks on Iran’s energy infrastructure would be extended, though uncertainty persists after Iran termed a US proposal “one-sided”.

Global markets also reflected a risk-off mood. US indices ended sharply lower, with the S&P 500 down 1.74 per cent and Nasdaq falling 2.38 per cent. Asian markets followed suit, with Japan’s Nikkei declining over 1 per cent and South Korea’s Kospi dropping around 3 per cent.

Crude oil prices remained volatile, although they eased slightly, with Brent crude falling 2.29 per cent to $105.53 per barrel, while WTI crude declined 2.54 per cent to $92.08.

According to analysts, markets are likely to remain volatile amid global uncertainties. Immediate support for Nifty is seen in the 23,050–23,000 zone, while resistance is placed around 23,450–23,500.

Foreign institutional investors (FIIs) continued to remain net sellers, while domestic institutional investors (DIIs) provided support to the market.

Notably, Indian markets resumed trading on Friday after a holiday on Thursday on account of Ram Navami.

Washington, March 25: Top American lawmakers and experts have warned that the country’s heavy reliance on foreign critical minerals, especially those from China, poses a direct threat to national security, and called for urgent steps to build resilient domestic supply chains.

At a House subcommittee hearing on Wednesday, Congressman Paul Gosar said the “very security of our nation relies heavily on a steady input” of minerals essential for defence systems, electronics and advanced technologies. He pointed to copper, rare earths and lithium as key inputs for fighter jets, missiles and batteries.

Gosar warned that the US remains heavily reliant on imports. “We import half of our supply of 20 of the 60 minerals… and we are entirely reliant on the importation of 13,” he said, adding that China dominates global processing and refining capacity.

Lawmakers from both parties agreed that the supply chain vulnerability has strategic implications. Representative Jared Huffman said the issue was not just about resources but governance, alleging that billions in federal investments lacked transparency and oversight.

Expert witnesses told the panel that China has effectively “weaponised” mineral supply chains. Gracelin Baskaran said the key question was no longer whether China controls critical minerals, but how quickly the US can build alternative supply chains.

“The question is what the United States does about it,” she said, calling for coordinated industrial policy and stronger alliances to secure supply.

Geologist Simon Jowitt said the US has “huge unrealised mineral potential” but remains underexplored due to limited geoscientific data and slow permitting. He stressed that exploration is the foundation of any supply chain and can deliver significant economic returns.

Jowitt also underscored the need for a full domestic ecosystem. “There’s no point in just having mineral deposits without having an entirety of a supply chain,” he said, arguing that processing and refining must accompany mining to ensure security.

National security expert Abigail Hunter highlighted structural challenges, noting that supply chains take years to build while disruptions can occur “overnight”. She said China’s control over processing creates a “choke point” that allows it to influence global markets rapidly.

“Capacity must be built in advance,” Hunter said, warning that relying on imports during crises could leave US defence systems vulnerable.

At the same time, watchdog groups raised concerns about government investment strategies. Faith Williams said federal equity stakes in mining firms could create conflicts of interest and reduce transparency.

“Corruption or the appearance thereof is bad for business,” she said, cautioning that unclear rules could distort markets and increase costs for taxpayers.

Despite political divisions, there was broad agreement that critical minerals underpin both economic growth and military capability. Lawmakers cited their role in everything from semiconductors and smartphones to advanced weapons systems.

The hearing also highlighted the economic stakes. Mining contributes billions to the US GDP and supports nearly two million jobs, with wages significantly above the national average.

Experts said solutions would require a combination of domestic production, allied cooperation and demand-side policies. Baskaran urged creating a “market of 2.6 billion consumers” among US allies to counterbalance China’s dominance.

The issue has gained urgency amid rising geopolitical tensions and growing demand for minerals driven by clean energy, defence modernisation and digital infrastructure, placing supply chain resilience at the centre of US strategic planning.