New Delhi, March 26: Nayara Energy on Thursday increased petrol and diesel prices, becoming one of the first fuel retailers in India to pass on the recent rise in global crude oil prices to consumers.

The company has raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, according to sources.

The actual increase may vary slightly across states due to differences in local taxes such as VAT. In some regions, petrol prices have gone up by as much as Rs 5.30 per litre.

The move comes at a time when global oil prices have surged sharply following tensions in the Middle East.

Prices had jumped nearly 50 per cent since late February, after Israel carried out military strikes on Iran, leading to retaliation and fears of supply disruptions.

International crude prices recently touched around $119 per barrel before easing to about $100.

Despite this surge, state-owned oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have not changed the prices of regular petrol and diesel, which have remained largely unchanged since April 2022.

These companies control about 90 per cent of the fuel retail market in India.

India depends heavily on imports for its energy needs, sourcing about 88 per cent of its crude oil from abroad.

A significant portion of these supplies passes through the Strait of Hormuz, a key shipping route now under threat due to rising geopolitical tensions in the region.

Meanwhile, earlier in the day, the government said that all retail outlets are operating normally with sufficient petrol and diesel stocks to meet national demand.

It added that a rapid rollout of PNG connections is currently underway across the country.

All refineries are operating at a high capacity with adequate crude inventories. While panic buying did occur in some areas due to rumours, the government has confirmed that all retail outlets are operating normally.

Mumbai, March 24: Gold and silver prices witnessed a sharp decline on Tuesday, even as hopes of de-escalation in the West Asia conflict weighed on safe-haven demand after the US President announced a temporary pause on potential strikes targeting Iran’s energy infrastructure.

On the Multi Commodity Exchange (MCX), gold futures (April 2) fell as much as Rs 2,576 or around 2 per cent to hit an intra-day low of Rs 1,36,684 per 10 grams by 10:40 am. The yellow metal was last trading at Rs 1,37,100, down Rs 2,160 or 1.5 per cent.

Silver futures (May 5) also plunged 4.73 per cent, or Rs 10,667, to Rs 2,14,500 per kg during the session.

In the global market, COMEX gold was trading at $4,368.76, down 1.6 per cent, after slipping to an intraday low of $4,340.

Meanwhile, COMEX silver declined around 4 per cent to $66.56, after hitting an intraday low of $66.16.

Precious metals came under pressure after the US President said Washington and Tehran had held “very good and productive conversations” over the past two days, adding that any military action on Iranian power plants and energy infrastructure would be deferred for five days, subject to further discussions.

However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf denied that any negotiations had taken place, calling such reports “fake news” aimed at influencing financial and oil markets.

According to analysts, COMEX gold is currently trading in the $4,300–$4,380 range after a sharp correction, with the broader trend remaining weak despite intermittent safe-haven support. Immediate resistance is seen at $4,470–$4,500, while a break below $4,250 could trigger further downside toward $4,100 levels.

“MCX gold, which opened gap-down, is holding above Rs 1,36,000 but continues to exhibit a weak recovery within a broader bearish trend. Resistance is placed at Rs 1,39,000–Rs 1,40,000, while a fall below Rs 1,34,000 may extend losses toward Rs 1,30,000,” according to them.

They also said that COMEX silver remains under pressure below the $68–$70 resistance zone, with downside risks toward $64–$61 if support levels fail.

Similarly, MCX silver is trading in the Rs 2,15,000–Rs 2,20,000 range, with a bearish bias unless prices reclaim higher resistance levels, the analysts added.

New Delhi, March 23: Over 40 energy assets across nine countries in West Asia have been “severely or very severely” damaged due to the Iran war and no country would be immune to the fallout of the disruption in oil and gas supplies, International Energy Agency (IEA) Executive Director Fatih Birol said in Canberra on Monday.

“The effect of the current disruptions in West Asia is equivalent to the two major oil crises in the 1970s and the 2022 natural gas crisis after Russia invaded Ukraine all put together,” Birol remarked.

Addressing journalists at the Australia’s National Press Club, he said that while the oil crises of the 1970s led to a combined loss of around 10 million barrels per day, the present situation has already resulted in a loss of approximately 11 million barrels per day.

“Not only oil and gas, but some of the vital arteries of the global economy — such as petrochemicals, fertilisers, sulphur and helium — their trade is all interrupted, which will have serious consequences for the global economy,” Birol explained.

The IEA announced in early March that it would release a record 400 million barrels from its emergency oil reserves of its member countries to help ease supply shocks and bring down soaring prices in the aftermath of the war in West Asia.

“The IEA is currently in discussions with governments across Asia and Europe regarding the possible release of additional oil if necessary,” media reports cited Birol as saying.

However, with shipping across the Strait of Hormuz close to a complete standstill due to the war, the only true solution to fuel supply disruptions is the reopening of the major trade route, he pointed out.

He further warned that the global economy faces a ’major threat’ if the crisis continues to escalate.