Asian refiners switch from Dubai to Brent to price US crude, sources say

by Hansraj Agrawal | Mar 27, 2026 | Business

Asian refiners are beginning to switch to pricing U.S. crude oil purchases against
global benchmark ICE ‌Brent instead of Dubai after the Middle
East marker spiked to record levels ⁠this month, three refining
and trade sources said on Friday.

The move could reduce liquidity for the West Asia
benchmark in the derivatives market as traders shift hedges to
ICE Brent, one of ‌them said.

Asian buyers have just begun ‌booking ⁠U.S. crude cargoes for
delivery in July ⁠this week, he said, adding that Japanese
refiner Taiyo Oil bought 2 million barrels of U.S. light crude
via a tender at about $19 ‌a barrel above ICE Brent for July
delivery. The Japanese refiner, which typically buys WTI crude
pegged against Dubai prices, declined to comment.

Other ‌Japanese refiners have also purchased U.S. crude
priced against ICE Brent instead of Dubai, the same source said.
Details of those ⁠deals were not immediately available as they
were done through private negotiations, he said.

Dubai spiked ‌to an all-time high of $169.75 last week
surpassing Brent, making Middle East supply the most
expensive oil in the world, as the amount of crude available for
trading fell after S&P Global Platts excluded three of the five
crude grades ‌in anticipation of a prolonged disruption to
shipping via the Strait of Hormuz.

Robust demand from French major TotalEnergies has
supported Dubai prices.

Following the ⁠market volatility, some Asian refiners had
requested that the ⁠world’s top exporter Saudi Aramco
change its benchmark to ICE Brent from Platts ‌Dubai, traders
said.

Saudi Aramco could not be immediately reached for comment
outside office hours.

Published on March 27, 2026

Source link

Kochi Auctions: LPG shortage hits tea demand as eateries shut

by Hansraj Agrawal | Mar 27, 2026 | Business

Traders reported a sharp decline in purchases, with many tea outlets remaining shut. Market sentiment turned bearish, with prices of popular liquoring grades falling by ₹3–5 and medium varieties declining by ₹2–3.
| Photo Credit:
ANI

The ongoing LPG shortage dampened tea demand at the Kochi auction market this week, as reduced operations of hotels and roadside eateries led to a decline in local buying.

Traders said purchases weakened significantly with many restaurants and tea stalls remaining shut, impacting overall consumption in the state.

Anil George, president of the Tea Trade Association of Cochin, said bazaar demand declined amid LPG shortages affecting tea outlets, while export interest was limited to lower-end teas. There has been a decisive shift in market sentiment, with tightening demand and external disruptions exerting clear downward pressure on prices. Demand remained fair but distinctly selective, as popular liquoring grades eased by ₹3–5, while medium and plainer varieties declined by ₹2–3. Buyer participation was measured by blenders operating under reduced limits, he said.

CTC dusts down ₹5/kg

At Sale 13, the CTC dust market dropped by around ₹5 per kg, with blenders absorbing only 64 per cent of the 6,57,741 kg on offer, according to Forbes, Ewart & Figgis. Good liquoring teas saw prices fall by ₹2 to ₹3, and even more for powdery grades, despite an 88 per cent demand.

Plainer teas showed irregular trends, often selling at lower rates, with some lots withdrawn due to weak demand.

The orthodox dust segment also declined, with exporters and upcountry buyers taking up only small quantities of the 10,500 kg offered at the auctions.

In orthodox leaf, the unrest in West Asia led to a selective, subdued demand in Gulf markets, while CIS and neighbouring countries remained active in purchasing. The offered quantity was 1,62,652 kg, with whole leaf generally sold at firm to dearer levels. Brokens were firm to dearer, while the rest were irregular and lower, witnessing some withdrawal.

The CTC leaf market was good, with medium brokens, and Fannings were irregular and lower. The offered quantity was 38,500 kg with a sales percentage of 72.

Published on March 27, 2026

Source link

OMCs lose ₹24/litre on petrol as govt absorbs fuel price shock: Hardeep Singh Puri

by Hansraj Agrawal | Mar 27, 2026 | Business

Oil Minister Hardeep Singh Puri said oil marketing companies are incurring losses of ₹24 per litre on petrol and ₹30 per litre on diesel as retail prices remain unchanged despite a sharp rise in global crude oil prices.
| Photo Credit:
ANI

Emphasising that the government is taking a “huge hit” on its revenues to shield the common man from high prices, Oil Minister Hardeep Singh Puri said that oil marketing companies (OMCs) are losing ₹24 per litre on petrol and ₹30 per litre on diesel.

The OMCs are facing this loss of revenue because they have not raised the retail prices of petrol and diesel, despite global crude oil prices scaling past $100 a barrel, as the West Asia conflict continues with no clear sight of a ceasefire.

On Friday, the Oil Minister said on X, “Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies (approximately 24 Rs/litre for petrol and 30 Rs/litre for diesel) at this time of sky high international prices are reduced.”

Export tax imposed as global prices surge

At the same time, export tax has been levied as international prices of petrol and diesel have skyrocketed, and any refinery exporting to foreign nations will have to pay export tax, he added.

The Minister pointed out that international crude prices have gone through the roof in the last 1 month, from around $70 per barrel to around $122.

“Consequently, petrol and diesel prices for consumers have gone up all over the world. Prices have increased by around 30-50 per cent in South East Asian countries, 30 per cent in North American countries, 20 per cent in Europe and 50 per cent in African countries,” Puri pointed out.

Government opts to absorb burden to protect consumers

The Modi Government had two choices—either increase prices drastically for citizens of Bharat as all other nations have done, or bear the brunt on its finances so that Indian citizens are insulated from international volatility, he said.

“Prime Minister Narendra Modi in keeping with his government’s commitment of last 4 years since the conflict in Russia-Ukraine started, decided to take a hit on its own finances again to safeguard the Indian citizen,” the Minister emphasised.

Published on March 27, 2026

Source link

Government raises commercial LPG allocation to 70% to support industries amid energy crisis

by Hansraj Agrawal | Mar 27, 2026 | Business

The Ministry of Petroleum has increased the allocation of commercial LPG to 70% of pre-crisis levels to support industrial operations, particularly in labour-intensive sectors such as steel, textiles, and chemicals.

The secretary in the Ministry of Petroleum Neeraj Mittal on Friday wrote to all Chief Secretaries of States and Union Territories stating that several states have carried out some or all the reforms regarding the allocation of non-domestic LPG to various sectors. On March 16 the states had been allotted 40% of pre-crisis quota and another 10% was allotted based on achievement of certain reforms to promote PNG.

Commercial LPG allocation increased to 70%

The secretary informed that in addition to the existing 50% allocation as made earlier, an additional 20% is now proposed, that would bring the total commercial LPG allocation to 70% of the pre-crisis level of the packed non-domestic LPG.

The secretary said this additional 20% allocation shall adhere to the following stipulations:

Additional allocation shall be given to industries with priority to steel, automobile, textile, dye, chemicals, and plastics, which are labour-intensive and provide support to other essential sectors. Among these, priority shall be given to process industries or those requiring LPG for specialised heating purposes that cannot be substituted by Natural Gas.

The conditions mentioned in paragraph (b) of the letter dated March 21 mentioned above regarding registration with OMCs, and in paragraph (c) regarding application for PNG to CGD entities must also be fulfilled by entities to receive LPG under this additional 20%. If industries specified in paragraph 1 of this letter where LPG is used in the process and for special purposes which cannot be substituted by Natural Gas, such requirement would stand waived.

States urged to utilise reform-linked allocation

The secretary also urged all states to avail of the 10% reform-based allocation immediately, if they have not already done so. The secretary said that with this the allocation to commercial/industrial LPG will rise to 70% (with 10% reform based) and enable relief to industrial operations in the state.

Excise duty cuts announced to shield consumers

Meanwhile, in another move to protect consumers from any spike in fuel prices due to the West Asia crisis, the government on Friday slashed excise duties for petrol and diesel bringing them down to Rs 3 per litre of petrol and zero for a litre of diesel. Windfall tax on export of diesel has been set at 21.5 rupees/litre.

The reduction comes amid a global energy crisis due to the US-Israel war on Iran and the consequent Tehran-imposed blockade on the Strait of Hormuz, through which a fifth of the world’s crude oil and gas supply, between 20 and 25 million barrels per day, is shipped. Before the conflict, India bought 12 to 15 per cent of that oil.

Published on March 27, 2026

Source link

एक्साइज ड्यूटी में कटौती और लॉकडाउन की खबर… निर्मला सीतारमण ने बताया क्या है अगला प्लान

by Hansraj Agrawal | Mar 27, 2026 | Business

Excise Duty Cut on Petrol & Diesel: मिडिल ईस्ट में जारी तनाव के बीच भारत सरकार ने बड़ा राहत भरा कदम उठाते हुए पेट्रोल और डीजल पर एक्साइज ड्यूटी में कटौती की है. केन्द्रीय वित्त मंत्री निर्मला सीतारमण ने इस फैसले का स्वागत करते हुए कहा कि इससे आम जनता पर बढ़ती महंगाई का बोझ कम करने में मदद मिलेगी.

सरकार ने पेट्रोल और डीजल पर 10 रुपये प्रति लीटर तक सीमा शुल्क घटाया है. इसके बाद पेट्रोल पर एक्साइज ड्यूटी घटकर करीब 3 रुपये रह गई है, जबकि डीजल पर इसे शून्य कर दिया गया है. यह फैसला ऐसे समय में लिया गया है, जब Middle East में जारी तनाव और Strait of Hormuz में आपूर्ति बाधित होने के कारण वैश्विक ऊर्जा कीमतों में भारी उछाल देखा जा रहा है.

कंज्यूमर के हितों की रक्षा

केन्द्रीय वित्त मंत्री ने कहा कि यह कदम उपभोक्ताओं के हितों की रक्षा के लिए सरकार की प्रतिबद्धता को दर्शाता है. उन्होंने प्रधानमंत्री नरेंद्र मोदी की सराहना करते हुए कहा कि सरकार ने समय रहते जरूरी फैसले लेकर ईंधन आपूर्ति को सुरक्षित रखने का प्रयास किया है. मिडिल ईस्ट में जारी तनाव के बीच फैल रही अफवाहों पर विराम लगाते हुए निर्मला सीतारमण ने स्पष्ट कर दिया है कि देश में ईंधन की कमी के कारण किसी भी तरह का लॉकडाउन लगाने की कोई योजना नहीं है.

In view of the West Asia crisis, the central excise duty on petrol and diesel for domestic consumption has been reduced by ₹10 per litre each. This will provide protection to consumers from rise in prices. Hon. PM @narendramodi has always ensured that citizens are protected from…

— Nirmala Sitharaman (@nsitharaman) March 27, 2026

उन्होंने उन खबरों को पूरी तरह खारिज कर दिया, जिनमें दावा किया जा रहा था कि सरकार ऊर्जा संकट के चलते लॉकडाउन जैसे कड़े कदमों पर विचार कर रही है. वित्त मंत्री ने कहा कि ये सभी रिपोर्ट्स आधारहीन हैं और जनता को भ्रमित करने वाली हैं. सीतारमण ने भरोसा दिलाते हुए कहा कि सरकार स्थिति पर पूरी तरह नजर बनाए हुए है और देश में ईंधन आपूर्ति को लेकर घबराने की कोई जरूरत नहीं है. उन्होंने यह भी स्पष्ट किया कि “किसी भी तरह का लॉकडाउन नहीं लगाया जाएगा.”

इसके साथ ही उन्होंने कुछ नेताओं द्वारा दिए जा रहे लॉकडाउन संबंधी बयानों पर हैरानी जताई और ऐसे बयानों को गैर-जिम्मेदाराना बताया. उनका कहना था कि इस तरह की टिप्पणियां अनावश्यक डर फैलाती हैं और मौजूदा परिस्थितियों में यह बेहद चिंताजनक है.

पुरी बोले- समय से लिया गया फैसला

वहीं, पेट्रोलियम मंत्री हरदीप सिंह पुरी ने भी इस निर्णय को “समय पर लिया गया साहसिक कदम” बताया. उनका कहना है कि वैश्विक अनिश्चितता के बीच यह फैसला आम लोगों को राहत देने के साथ-साथ अर्थव्यवस्था को स्थिर बनाए रखने में मदद करेगा.

कुल मिलाकर, यह कदम ऐसे समय में आया है जब कच्चे तेल की कीमतों में उतार-चढ़ाव और युद्ध की आशंकाओं ने पूरी दुनिया की अर्थव्यवस्था पर दबाव बना रखा है, और भारत सरकार इस प्रभाव को कम करने के लिए लगातार सक्रिय कदम उठा रही है.

ये भी पढ़ें: डॉलर के मुकाबले इतिहास के सबसे निचले स्तर पर पहुंचा रुपया

Source link

Infosys shares swing on acquisition plans; Nifty IT index resilient

by Hansraj Agrawal | Mar 27, 2026 | Business

Shares of Infosys rose in early trade on Friday after the company announced plans to acquire healthcare digital transformation firm Optimum Healthcare IT and insurance technology consulting company Stratus Global in deals worth about $560 million.

The stock rose around 1 per cent in early trade, moving within a range of ₹1,273.60 to ₹1,294.80 on the NSE, before turning flat at ₹1,276.70 at 11.16 am, compared with its previous close of ₹1,279.10.

Infosys rose 1% on $560 million acquisition plan

Stock turns flat after early gains

Nifty IT Index stays resilient; select IT stocks in green

Emkay Global Financial Services and JM Financial retain buy calls on Infosys; see growth boost

However, the Nifty IT Index remained resilient despite the broader market downturn in today’s session, with stocks such as Oracle Financial Services Software, Tata Consultancy Services, Wipro and Persistent Systems continuing to trade in positive territory.

Brokerage Emkay Global Financial Services said the acquisitions would strengthen Infosys’ vertical capabilities in healthcare and insurance, while deepening integration of its AI platform Topaz and cloud offering Cobalt. The brokerage noted that the deals would enhance the company’s positioning in regulated and high-complexity sectors. Emkay retained its buy rating on the stock with a target price of ₹1,450, adding that the acquisitions could contribute around 1.6 per cent to revenue run rate.

According to Emkay, the Optimum Healthcare IT acquisition would significantly expand Infosys’ footprint in the healthcare provider segment by adding new clients and capabilities, while enabling cross-selling of its broader digital and AI-led services. The Stratus deal, it said, would bolster Infosys’ presence in the property and casualty insurance segment through stronger platform consulting and modernization capabilities.

Brokerage JM Financial also maintained a buy rating, highlighting that the acquisitions align with Infosys’ strategy of capability-led expansion. The firm estimated that Optimum could add about 1.4 per cent to Infosys’ revenue annually post closure, while Stratus may contribute an additional 0.2 per cent.

JM Financial added that the deals would enhance Infosys’ domain expertise in healthcare IT and insurance technology, while enabling clients to leverage its AI, cloud, and data-driven transformation offerings. It also pointed out that mergers and acquisitions remain a key strategic priority for Indian IT firms as they look to strengthen portfolios in a challenging macro environment.

Despite the positive strategic rationale, the stock remained range-bound as investors assessed execution timelines and awaited regulatory approvals, with both transactions expected to close by the first quarter of FY27.

More Like This

Published on March 27, 2026

Source link

« Older Entries

Next Entries »

Times Top News

Times Top News