Business
Inflationary Blow: Petrol, diesel prices raised after over 4 months
State-owned oil marketing companies (OMC) on Tuesday raised petrol and diesel prices after more than four months of stable rates.
Accordingly, the increase in selling price, which includes state levies, central excise and cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.
In New Delhi, the price of petrol and diesel increased by 80 paise per litre.
As per pump prices, petrol now costs Rs 87.47 per litre and diesel Rs 96.21 per litre in the national capital.
The prices had remained unchanged since November 2021 at Rs 86.67 per litre for diesel and Rs 95.41 per litre for petrol.
In the financial capital Mumbai, prices were hiked to Rs 95 per litre for petrol from Rs 94.14 and Rs 110.82 per litre from Rs 109.98.
Besides, prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 105.51 and diesel to Rs 90.62 per litre.
In Chennai too, they were increased. Petrol there now costs Rs 102.16 and Rs 92.19 per litre.
Till now, fuel prices have been steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.
The OMCs revise the transportation fuel cost based on various factors such as rupee to US Dollar exchange rate, cost of crude oil and demand of fuel amongst others.A
Resultantly, the final price includes excise duty, value added tax and dealer’s commission.
It was widely expected that the OMCs will revise the current prices due to high crude oil cost.
Lately, crude oil prices have been volatile surging by nearly 35-40 per cent on fear of tight supplies.
Furthermore, it is feared that current sanctions against Russia will curtail more global supplies and stifle growth.
In case of India, the crude oil price range is a cause of concern as it may ultimately add Rs 15-Rs 25 in petrol and diesel selling prices.
At present, India imports nearly 85 per cent of its crude oil requirements.
“On signals that the European Union is coming closer to a ban on Russian crude imports to punish Moscow for its invasion of Ukraine, oil rose for a fourth day, set for its greatest run in a month,” said Kshitij Purohit, Lead of Commodities and Currencies CapitalVia Global Research.
“The oil market will continue to benefit from a lack of supply in the system, and of course, Russia’s invasion of Ukraine hasn’t helped matters.”
According to Dilip Parmar, Retail Research Analyst, HDFC Securities: “Currently, Brent crude oil prices are quoting at $119 per barrel rose more than $10 per barrel in two days as Indian basket of $108.25 per barrel on 18 March. Looking at the geopolitical uncertainties’ prices of crude oil likely to head higher in coming days.
“We believe the retail petrol and diesel prices could rise in near term looking at current price movement in crude oil.”
Business
Air India passenger held over hoax hijack threat on Kolkata-Mumbai flight

A passenger was apprehended and handed over to the airport police after allegedly being linked to a hoax hijack threat targeting an Air India flight from Kolkata to Mumbai, officials said on Thursday.
According to the Airports Authority of India (AAI), the action followed an incident on Wednesday involving Air India flight AI 2772 after a handwritten threat note was found inside the aircraft’s lavatory shortly before its scheduled departure.
The note, which warned that the aircraft would be hijacked at 11.10 a.m., was discovered by a cabin crew member at around 10.37 a.m. The alert immediately triggered standard security protocols, prompting authorities to initiate a comprehensive security response.
As part of the precautionary measures, all 105 passengers on board were deboarded and the aircraft was moved to an isolation bay for detailed inspection and security checks. Multiple security agencies conducted mandatory screening procedures to ensure the safety of passengers and crew.
The flight, originally scheduled to depart at around 10.30 a.m., remained grounded for several hours while security personnel completed the required checks. After authorities found no credible threat, the warning was declared a hoax.
The aircraft was subsequently cleared for operations and departed for Mumbai at 5.38 p.m.
AAI said the passenger linked to the incident was later handed over to the Netaji Subhash Chandra Bose International Airport Police Station for further investigation. Authorities have launched a probe into the matter and are examining the circumstances surrounding the threat note.
Meanwhile, last month, an Air India flight from Frankfurt to Delhi made an emergency landing in Jaipur after reportedly transmitting Squawk 7500, the international code used to indicate a hijacking.
Reports claim that the alert was received by Ahmedabad Air Traffic Control (ATC), following which the aircraft landed safely in Jaipur. Further details about the circumstances that triggered the alert were not immediately available.
Squawk 7500 is an internationally recognised aviation transponder code that pilots use to discreetly alert air traffic control to a hijacking or unlawful interference with an aircraft.
Business
Sensex, Nifty trade higher in early deals amid decline in crude oil prices

Domestic equity benchmarks traded higher in early deals on Thursday after crude oil prices declined up to 1 per cent.
Sensex touched an intraday high of 82,057.39, up 0.38 per cent or 316 points in the morning trade. Nifty was up 0.34 per cent or 86 points at 25,342.
Earlier in the day, the headline indices had opened lower, tracking cautious sentiment across Asian markets.
Sector-wise, Nifty IT was the biggest drag, falling over 1 per cent. Nifty Auto and Nifty Healthcare also declined up to almost 1 per cent.
On the gainers’ side, Nifty PSU Bank rose 0.23 per cent, Nifty Media was up 0.2 per cent and Nifty Consumer Durables added 0.14 per cent.
According to market experts, the Nifty rally of 9.55 per cent in seven trading sessions so far in November is being led primarily by aggressive buying by foreign institutional investors (FIIs).
“The tug of war between FIIs and domestic institutional investors (DIIs) till November saw FIIs on the sell side and DIIs on the buy side,” they said.
Now the positions have been completely reversed, with FIIs turning aggressive buyers and DIIs turning consistent sellers. This FIIs vs DIIs position will set the market trend in the near term, the experts said.
However, FIIs have already invested Rs 65,735 crore in Indian equities so far in November.
“This trend is likely to continue and has the potential to reach an all-time high number. Impressive earnings growth as evidenced by good Q2 results and macro relief from lower crude prices will support the rally. DIIs may continue profit booking, putting brakes on the rally,” the experts said.
Apart from that, an important data point to watch on Thursday will be the October CPI inflation number.
In commodities, Brent crude, the international oil benchmark, traded more than 1 per cent or $1 lower at $91.51 per barrel. US West Texas Intermediate (WTI) crude also slipped nearly 1 per cent to $85.41 per barrel.
Asian markets traded mixed on Thursday as investors remained cautious amid fresh volatility in Nvidia, the chipmaker at the heart of this year’s AI-driven rally.
Overnight, US markets closed higher on Wednesday as concerns over heavy artificial intelligence spending eased.
Business
India seen as credible broker for Russia-Ukraine peace talks: Report

India is seen as a credible country that can help in the peace talks between Russia and Ukraine because it is one of few major powers with working relationships with both countries, according to a report in Al Jazeera.
It cited a foreign affairs expert as saying that India’s strategic autonomy puts it in a position to push for peace because New Delhi is “friends with both” sides.
India has also been even-handed. In July, it summoned Moscow’s charge d’affaires to condemn a Russian strike on a merchant vessel that killed 10 people, including four Indian crew members. Days later, it summoned Ukraine’s ambassador over an Indian seafarer killed in a Ukrainian drone strike on the MV Omorfi, the report observes.
It highlights that India is also an importer of goods from both Russia and Ukraine. In the 2025-26, India imported 1.46 million tonnes of sunflower oil from Russia and 443,000 tonnes from Ukraine, according to the Indian Solvent Extractors’ Association (SEA), alongside large volumes of Russian crude.
The article cites Maximilian Hess, a fellow at the Foreign Policy Research Institute, as saying that Zelenskyy approached India “because they have leverage over Moscow, and they are still one of the few major buyers of its oil.”
He added that a large amount of Russian money sits in the Indian financial system, which Moscow wants to keep access to.
Before Russia’s full-scale invasion in 2022, about a third of the world’s grain exports passed through the Black Sea, with Ukraine supplying a tenth of global wheat exports and 15 percent of maize. Disruption hits food-importing countries hardest, particularly in Africa and parts of Asia, the report states.
Indian officials point out that India as a leading voice of the Global South is keen that food exports to these developing nations resume to prevent adequate supplies and controlling rising inflation.
Both Ukrainian President Volodymyr Zelensky and Prime Minister Narendra Modi have discussed the issue of opening the food corridor over a phone call.
“India is ready to mediate in establishing food corridors, and we are counting on these efforts to continue,” Zelenskyy posted on X after call. The leaders discussed Russia’s blocking of grain exports in the Black Sea, he said.
PM Modi said India was ready to contribute “in every possible way” towards a peaceful resolution of the Russia-Ukraine conflict.
External Affairs Minister S. Jaishankar, during a visit to Kyiv in September, spoke of a potential pause on strikes against Black Sea shipping and energy infrastructure. On October 4, he said India was talking to both Russia and Ukraine about shipping safety, grain and energy exports and “non-attack possibilities”.
Ukrainian Foreign Minister Andrii Sybiha earlier called India’s proposal “the broadest”, because it covers both the Black Sea and energy infrastructure. The US plan offers only a halt to strikes on energy facilities.
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