Gold and silver prices fell sharply on Thursday even as fresh policy changes began taking shape across finance, labour and travel services. One kilogram of silver slipped by ₹5,494 to ₹2.17 lakh, while 10 grams of 24-carat gold fell ₹2,305 to ₹1.40 lakh, according to the latest bullion rates reported by IBJA-based market trackers.

The drop continues a volatile week for precious metals. Silver has now fallen by more than ₹21,000 in three days, while gold has weakened by about ₹16,000 this month, after hovering above recent highs earlier in the week. Market updates from multiple Indian bullion trackers showed prices swinging sharply intraday, with some reports noting a partial rebound after the initial fall.

EPFO services pause

The Employees’ Provident Fund Organisation’s online claim-processing portal is shut from 26 to 28 June because of system migration and software upgrading, according to official updates reported on Wednesday and Thursday. During this window, PF withdrawal, e-passbook access and several digital services are expected to remain unavailable until the upgrade is completed.

EPFO has said the move is meant to make the platform faster and more reliable in the long run, and reports suggest the organisation is preparing a future rollout of UPI- and ATM-based PF withdrawal. For salaried employees who rely on online claims, the temporary shutdown could cause short delays, especially for urgent requests filed close to the maintenance window.

Passport fees go up

From 1 July, passport applications and re-issues will cost more, after the Ministry of External Affairs revised the fee structure. A normal 36-page passport will cost ₹2,500 instead of ₹1,500, while Tatkaal service will rise to ₹5,000 from ₹3,500.

The new rates also increase fees for 60-page passports and for replacement cases where a passport is lost or damaged. Some reports note separate concessions for certain age groups, but the broad change means applicants planning travel or document renewal in early July may want to apply before the revision takes effect.

Amazon’s big bet

Amazon has also announced a fresh $13 billion investment in India to expand AI and cloud infrastructure, following CEO Andy Jassy’s meeting with Prime Minister Narendra Modi. With this addition, Amazon’s planned India investment between 2026 and 2030 has been put at $48 billion overall, according to reports from Wednesday and Thursday.

The company says the spending will support its long-term business in India and deepen its digital infrastructure footprint. Analysts say the move signals continued foreign confidence in India’s tech market, especially as demand rises for cloud, AI and logistics capacity.

Markets and fuel

Today is a market holiday on account of Muharram, so NSE and BSE will remain shut, with trading resuming on Monday, 29 June. Petrol and diesel prices have not changed today, according to the latest city-wise fuel updates.

The government has also restored commercial LPG supply by lifting sector-wise restrictions, a move aimed at easing pressure on industries after recent supply constraints. Taken together, the updates point to a busy policy week for households and businesses alike.

Petroleum ministry says strategic reserves and commercial stocks secure supply as refiners report under-recoveries on petrol, diesel

 India currently holds the equivalent of about 76–80 days of fuel cover across strategic petroleum reserves, refinery inventories and commercial stocks, Petroleum Minister Hardeep Singh Puri said on Monday, even as oil companies told the government they are incurring large daily losses on retail fuels.

According to officials, the minister made the assessment in a briefing with senior ministry staff and industry representatives, stressing that short-term shocks in the Middle East would be manageable from existing stocks and alternative sourcing. “We have a comfortable cushion to meet short disruptions,” an official summary of his comments showed.

Refiners report steep under-recoveries

In a separate briefing the same day, Additional Secretary Praveen Khanuja said state-run refiners are facing under-recoveries — the gap between administered pump prices and actual costs — of roughly ₹30 per litre on diesel and about ₹6 per litre on petrol. That, Khanuja said, translates into an estimated daily loss of about ₹600–700 crore for oil companies, excluding LPG.

Industry sources familiar with the discussions confirmed the figure and said companies have flagged the strain to the ministry, urging support measures if sustained volatility pushes losses higher.

Short-term resilience, long-term risks

Puri told reporters that India’s priority is to maintain at least 60 days of cover for crude oil, natural gas and LPG each — a threshold the country is currently meeting, he said. He cautioned, however, that a prolonged escalation in the Gulf, especially if maritime chokepoints such as the Strait of Hormuz were closed for an extended period, would alter the outlook.

“If disruptions remain short-lived, we can manage through strategic reserves and alternate routes,” an aide to the minister said. “But a long-drawn conflict would have broader impacts on global energy markets and will need additional responses.”

Officials stressed that if the Strait of Hormuz were blocked temporarily, India could withstand around 30 days of disruption using available inventories and adjusted supply chains. The government has also been pursuing diversification of suppliers and additional long-term contracts to reduce concentration risk.

Supply diversification underway

Puri pointed to steps taken to widen supply sources beyond Gulf producers. He said talks have taken place to secure extra LPG cargoes from the United Arab Emirates if required, and pointed to planned gas supplies from Mozambique as another buffer that would strengthen India’s energy security over time.

The minister also highlighted domestic measures: expansion of drilling and exploration, faster investment in refining capacity and stock management. “We are not just dependent on strategic reserves — refinery inventories and retail stocks form a significant part of our buffer,” he said, noting India currently operates 24 refineries and continues to expand capacity.

Domestic stock management defended

Responding to criticism that India did not build up reserves when crude prices dipped after the pandemic, Puri rejected the charge. Officials explained that inventory management balances commercial use and replenishment; crude cannot be stored indefinitely at the cost of foregoing domestic supply needs and refinery runs.

The ministry said it will continue active stock rotation and procurement aligned with market conditions, while also accelerating domestic exploration projects, including in the Andaman basin.

Impact on consumers and next steps

For now, the immediate consumer impact is muted because pump prices in India remain regulated in part and retail changes reflect global price swings with a lag. Still, the reported under-recoveries signal pressure on state refiners’ finances, and sustained losses could push discussions on fiscal support, temporary price adjustments or targeted relief measures.

Officials said they will continue daily monitoring of port call schedules, cargo availability and refinery throughput. Industry sources expect the ministry to hold further meetings this week to review options if tensions in the Middle East intensify.

Related context

The ministry noted that LPG connections in the country have risen from about 14 crore in 2014 to more than 33 crore now, reflecting strengthened domestic distribution networks that would be mobilised in any disruption. Separate briefings this week also warned of inflationary pressure on household fuels if international LPG prices remain elevated.

Indian Oil Has One-Month Crude Stock, Profit Jumps 81% to ₹15,176 Crore

State-run refiner says no shortage despite ongoing Hormuz route disruptions; LPG sourcing shifted to Indonesia, Nigeria

Indian Oil Corporation (IOCL) has built a crude oil stockpile sufficient for over a month, the company said on Tuesday, assuring that domestic supplies remain unaffected despite continued tensions between the United States and Iran. The assurance comes as the strategically vital Hormuz Strait – through which nearly half of India’s energy imports pass – remains partially disrupted.

The public sector oil major also reported an 81 per cent surge in consolidated net profit for the January-March quarter of fiscal year 2025-26, reaching ₹15,176.08 crore compared to ₹8,367.63 crore in the same period last year.

Crude Stock Adequate

According to IOCL officials, the company holds more than one month’s worth of crude oil inventory, enough to cushion any immediate supply shocks. “We have multiple sources for crude oil and other petroleum products,” said Anuj Jain, Director (Finance) at IOCL. “All our refineries have been operating at full capacity since the Middle East dispute began.”

The Gulf region remains India’s primary energy supplier, but the ongoing conflict near the Strait of Hormuz has forced refiners to explore alternative routes and suppliers.

Hormuz Disruptions Bite

The Hormuz Strait, located between the Gulf of Oman and the Persian Gulf, handles approximately 20 per cent of global crude oil trade. The waterway’s partial closure continues to affect worldwide crude supplies, with India feeling the pinch on its liquefied petroleum gas (LPG) imports.

Officials confirmed that nearly 50 per cent of India’s energy supply and 90 per cent of its LPG imports from Gulf nations typically transit through this choke point. “Initial reports indicate that LPG stock levels have seen a marginal dip,” a source familiar with the matter said. “But the situation is being managed across the country.”

LPG Sourcing Shifted

Acknowledging supply bottlenecks, IOCL has moved quickly to secure gas from alternative markets. Following disruptions in Gulf supplies, the company initiated spot procurement from Indonesia, Nigeria, Angola and Oman.

“There were some interruptions in LPG supply,” Jain admitted, “but we have changed our import sources.” Local authorities confirmed that retail LPG distribution has not faced major shortages in any state so far, though some dealers in coastal regions reported delayed tanker arrivals last week.

Profit Surges, Dividend on Table

The company’s board recommended a final dividend of 12.5 per cent for FY26, translating to ₹1.25 per equity share of face value ₹10. The payout, however, remains subject to shareholder approval at the upcoming annual general meeting.

IOCL’s strong quarterly performance comes despite volatile crude prices and geopolitical headwinds. Market analysts attribute the profit growth to robust refining margins and lower inventory losses compared to the previous year.

Refinery Expansion Plans Underway

For the current financial year 2026-27, IOCL has earmarked a capital expenditure of ₹32,700 crore – slightly up from ₹31,401 crore spent in FY26. The bulk of this investment is directed at expanding refining capacity across three key sites.

The Panipat refinery is being expanded from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA, with completion targeted by December 2026. The Gujarat refinery will see capacity rise from 13.7 MMTPA to 18 MMTPA at an estimated cost of ₹19,000 crore. Meanwhile, the Barauni refinery is set to increase from 6 MMTPA to 9 MMTPA. All three projects are expected to be commissioned around the same timeline.

Ground-level work at these sites is progressing steadily, with officials stating that land acquisition and equipment orders are largely complete. The expanded capacities are expected to reduce India’s dependence on imported petroleum products in the medium term.

Govt Eases Kerosene Norms at Petrol Pumps Amid War Tensions

Central government allows kerosene sale via select outlets for 60 days to ensure supply reaches families hit by West Asia crisis

Lead Facts

The central government eased Public Distribution System (PDS) norms on Sunday, permitting kerosene sales at select petrol pumps alongside ration shops. State administrations will pick up to two outlets per district to stock and distribute up to 5,000 litres each. This 60-day relaxation addresses supply chain pressures from the escalating US-Israel-Iran conflict in West Asia.

Key Relaxations

Kerosene agents and dealers now skip licensing hurdles. Unloading rules from tankers have simplified, and petrol pumps receive temporary nods to store and sell the fuel. Officials aim to get supplies to needy families faster amid fears of broader fuel disruptions.

Sources indicated the move counters rumours sparking panic buying in several states. Government oil firms will ramp up distribution through these channels.

Supply Chain Background

Tensions in West Asia have spiked global crude prices from $70 to over $110 per barrel. India faces potential shortages in petrol, diesel, and LPG, though refineries run at full tilt with adequate crude stocks.

On March 27, the government slashed excise duties—petrol by ₹10 per litre to ₹3, diesel to zero from ₹10. This cushioned oil firms' losses of up to ₹30 per litre and kept retail prices steady.

Official Reassurances

The government stressed normal supplies across fuels. "Refineries operate at high capacity; no shortages exist," a petroleum ministry statement noted. Over 55 lakh LPG cylinders moved in a single day, with online bookings hitting 94%.

Prime Minister Narendra Modi, in his March 29 Mann Ki Baat address, urged calm. "Global conflicts cause fuel worries worldwide, but India manages well. Trust official word, ignore rumours," he said.

Fuel Stock Status

Domestic LPG flows uninterrupted, with full CNG and PNG supply to users. An extra 48,000 kilolitres of kerosene—48 million litres—heads to states. City gas firms push piped natural gas for hotels and industries, now at 80% of normal levels.

Petrol pumps saw unusual crowds in spots, but authorities clarified ample stocks and called off panic purchases.

Impact on Public

Households reliant on kerosene for cooking gain easier access, vital in rural belts. The duty cuts and extra allocations blunt inflation risks from war-driven price hikes. Excise duty, a fixed per-litre tax on refined fuels, flexes to balance revenue and relief.

This public interest story eases daily burdens amid India news updates on global shocks.

Future Outlook

The 60-day window lets authorities test petrol pump sales. Extensions depend on West Asia developments. More PNG push and alternative fuels like coal aim to cut LPG strain.

As per reports, monitoring continues for trending news India on fuel lines. Government updates will track any shifts

MP's 13-Day Commercial LPG Crisis Ends as Government Issues Fresh Supply Orders

Hotels, dhabas, and street food vendors across Madhya Pradesh are set to receive commercial LPG cylinders from Tuesday after the state government issued emergency directives on Monday night.

Supply Resumes After 13 Days

Madhya Pradesh's commercial LPG supply, which had been stalled for nearly a fortnight, is on course to restart after the state government stepped in with a formal order late Monday. The directive, issued on March 23, covers hotels, restaurants, caterers, dhabas, and street food vendors — businesses that had been operating under severe strain since the supply lines went cold.

As per the order, hotels and restaurants will receive 9 percent of their commercial LPG quota, while dhabas and street food vendors are to be allotted 7 percent. Cylinders will also be made available to caterers and other commercial establishments in the food sector.

Over 50,000 Businesses Hit

The supply freeze affected more than 50,000 food outlets across the state, pushing several to the edge of closure. Operators were forced to make do with diesel furnaces and induction cooktops — workarounds that drove up costs and compromised service, with smaller dhabas and street vendors bearing the worst of it.

Menus were revised at several eateries as proprietors scrambled to manage with limited cooking options. For many, the disruption stretched into the busiest hours of the day, affecting both revenue and footfall.

Central Guidelines vs State-Level Delays

According to reports, the central government's revised policy allows for a 10 percent allocation of commercial cylinders. However, the absence of a clear distribution order at the state level created a vacuum that deepened the shortage over nearly two weeks. Officials have not publicly elaborated on why the directive took as long to arrive.

Associations Met Official a Day Before Order

Hotel and restaurant bodies in Madhya Pradesh had already escalated the matter before Monday's order came through. On Sunday, representatives of the hospitality sector met Rashmi Shami, Additional Chief Secretary of the Food and Civil Supplies Department, pressing for an immediate restoration of supply.

Sources indicated the government's directive followed directly from that meeting, suggesting official intervention came only after sustained pressure from trade associations.

Relief for Bhopal's Hotel Sector

Tejkulpal Singh Pali, president of the Bhopal Hotel and Restaurant Association, said the situation had reached a tipping point, with businesses on the verge of shutting down entirely due to the commercial gas supply restrictions. His remarks reflect the broader sentiment among hoteliers in the city, where around 2,000 establishments were affected.

Abhishek Baheti, a representative of the National Restaurant Association of India (NRAI), described the supply crisis as severe, adding that the fresh government order would provide immediate relief to the trade.

Sector Impact and Operational Strain

The ripple effects of the supply disruption extended well beyond individual establishments. Street food vendors — among the most financially vulnerable in the food ecosystem — had limited capacity to pivot to alternative fuels. For many, induction-based cooking or diesel-run setups were either too expensive or impractical for open-air operations.

The episode has drawn attention to the need for tighter coordination between central policy updates and state-level supply chains, particularly in sectors where business continuity depends on uninterrupted LPG access.

What Comes Next

With supply expected to resume from Tuesday, stakeholders will be watching whether the allocated percentages — 9 percent for hotels and 7 percent for dhabas — are sufficient to clear the backlog and restore normal operations. Industry bodies have signalled they will continue to push for the full 10 percent entitlement outlined under central guidelines.

As per reports, authorities are expected to ensure uninterrupted commercial LPG supply going forward, though no formal assurance has yet been issued on preventing a recurrence of such disruptions.