Business
Gold and silver prices slip nearly 1 pc amid geopolitical tensions
Mumbai, Gold and silver prices started the session on a weaker note on Friday, with both precious metals declining by nearly 1 per cent in early trade on the Multi Commodity Exchange (MCX).
Gold futures for June 5 opened 0.39 per cent or Rs 594 lower at Rs 1,51,167 per 10 grams compared to the previous close of Rs 1,51,761.
Later, the yellow metal touched an intra-day low of Rs 1,50,750, down 0.66 per cent or Rs 1,011. At the last count, it was trading at Rs 1,51,449, a decrease of Rs 312 or 0.21 per cent. During the session so far, gold has touched an intra-day high of Rs 1,51,457.
On the other hand, silver futures for May 5 declined as much as 0.95 per cent or Rs 2,313 to Rs 2,39,200, an intraday low. The white metal was trading at Rs 2,41,345, down Rs 168 or 0.07 per cent. It recorded an intraday high of Rs 2,41,382, down 0.05 per cent or Rs 131.
In the international market, precious metals also witnessed selling pressure. COMEX gold was down nearly 1 per cent at $4,684 per ounce, while COMEX silver also slipped around 1 per cent to $74.81 per ounce.
According to commodity analysts, gold and silver prices are under pressure due to a stronger US dollar, rising bond yields, and uncertainty over geopolitical tensions in the Middle East.
They further said that crude oil moving back above $100 per barrel has raised inflation concerns, adding to pressure on precious metals.
Moreover, Brent crude was trading at more than $100 per barrel or 2 per cent higher.
Equity benchmarks Sensex and Nifty also traded up to 1 per cent lower in early trade on Friday.
Business
Petrol Crosses ₹107 In Mumbai After Second Fuel Price Hike In A Week Amid Iran Conflict; Diesel Rises To ₹94

Mumbai: Residents of Mumbai are facing another increase in fuel prices after oil marketing companies on Tuesday raised petrol and diesel rates for the second time within a week amid rising global crude oil prices linked to the ongoing Iran conflict. With the latest revision, petrol prices in Mumbai have climbed by 91 paise to Rs 107.59 per litre, while diesel has become costlier by 94 paise and is now retailing at Rs 94.08 per litre.
The latest increase comes just three days after fuel prices were raised by Rs 3 per litre on Friday, majorly increasing transportation and commuting costs for Mumbaikars already dealing with inflationary pressure. The fresh hike is largely driven by the sharp surge in international crude oil prices due to tensions in West Asia, particularly disruptions linked to the conflict involving Iran.
According to data released by the Petroleum Planning and Analysis Cell under the Petroleum Ministry, the average price of India’s crude oil basket has jumped from USD 69.01 per barrel in February 2026 to USD 110.73 per barrel as of May 15, an increase of over 60 per cent in less than three months.
The situation has been worsened by disruptions in cargo movement through the Strait of Hormuz, through which a major share of India’s crude oil imports traditionally passes. India imports more than 85 per cent of its crude oil requirements, making domestic fuel prices highly sensitive to global market fluctuations.
Mumbai, being one of the country’s largest metropolitan and commercial hubs, is likely to feel the impact more sharply due to its heavy dependence on road transport, logistics and daily commuting.
Taxi operators, app-based cab drivers and transporters have already started expressing concern over the rising operational costs. The repeated hikes are also expected to affect prices of essential goods and services, as transportation expenses rise across the supply chain.
Another factor contributing to the price rise is the weakening of the Indian rupee against the US dollar. With the rupee reportedly touching around 96 against the dollar, oil imports have become more expensive for Indian refiners and oil companies.
Despite the earlier Rs 3 increase, oil marketing companies were reportedly still facing losses after maintaining older fuel rates for nearly 10 weeks amid continuously rising global crude prices. It is also speculated that if geopolitical tensions in West Asia continue or escalate further, Mumbai and other major Indian cities could witness additional fuel price increases in the coming weeks.
Business
Panic Buying In Palghar Amid Fuel Shortage Rumours: Long Queue Seen At Petrol Pump Along Mumbai-Ahmedabad Highway

Palghar: Long queues of vehicles, especially two-wheelers, were seen at petrol pumps along the Mumbai-Ahmedabad National Highway amid rumours of a fuel shortage. The motorists claimed that they were waiting for more than an hour to refill their vehicles.
the scenes were captured at the Asian Petrol Pump in Charoti, where long queues of vehicles stretched outside the fuel station as residents feared limited fuel availability. Not just this, the report also claimed that several petrol pumps across Palghar district reportedly witnessed similar crowds, with panic buying increasing after rumours of fuel supply disruptions.
Meanwhile, the alleged rumours triggered people amid Prime Minister Narendra Modi’s recent appeal to citizens to reduce fuel consumption and adopt sustainable practices to help the country manage global economic disruptions.
Earlier on May 15, a similar scene was witnessed along the Maharashtra-Gujarat border, where long queues of vehicles were seen at several petrol pumps, as people rushed to fill petrol and diesel before the revised fuel rates came into effect. Visuals showed all kinds of vehicles, including trucks, cars, motorcycles and other commercial vehicles, lined up outside fuel stations, leading to heavy rush and congestion near the pumps.
Meanwhile, a similar incident was reported in Akola, where a scuffle broke out among farmers at a petrol pump over alleged fuel unavailability. Visuals showed several men fighting while standing in a crowded queue at the fuel station.
On May 10, PM Modi appealed to people to increasingly use public transport systems, including metro services, and adopt environmentally responsible practices to reduce pressure on fuel consumption and foreign exchange outflows.
Business
Maharashtra seeks FIRs against Ola, Uber, Rapido over alleged illegal bike taxi operations

New Delhi, May 16: Maharashtra Transport Minister Pratap Sarnaik has directed the Cyber Crime department to lodge FIRs against Ola, Uber and Rapido over alleged illegal bike taxi operations in the state.
The minister further clarified that app-based mobility platforms Ola, Uber and Rapido continue to operate in the state as we sought legal action against their alleged unauthorised bike taxi services.
The clarification came after reports circulated on social media claiming that the services of Ola, Uber and Rapido had been completely shut down in Maharashtra.
In a post on X, the Directorate General of Information and Public Relations (DGIPR), Maharashtra, said such reports were misleading and stated that the government’s action is limited only to illegal bike taxi operations.
“The claim circulating on social media that all services of Ola, Uber, and Rapido have been completely shut down in Maharashtra is misleading,” it said.
“The transport department has taken a strict stance against unauthorised bike taxi services operating illegally in the state,” DGIPR added.
According to the state government, Sarnaik has written to the Cyber Crime department requesting immediate action against unauthorised bike taxi app services operating through the three platforms.
The minister also asked the department to file FIRs against the companies over the alleged operations.
“Transport Minister Sarnaik has written to the cyber-crime department demanding the immediate shutdown of unauthorised bike taxi app services like Ola, Uber and Rapido and the filing of FIRs against the respective company owners,” it stated.
“At the same time, the Transport Commissioner has also sent a letter to the Cyber Crime department in this regard,” it added.
However, there is no official comment on the development from the companies yet.
Bike taxi services have repeatedly faced regulatory challenges in Maharashtra over concerns related to legality, licensing norms and compliance with transport regulations.
App-based mobility operators offering two-wheeler taxi services have also encountered policy-related hurdles in the state in the past, as authorities continue to examine the framework governing such operations.
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