Commercial LPG cylinder prices saw a significant increase from Monday, with the 19kg cylinder becoming ₹42-₹53.50 costlier across major cities, while the 5kg Free Trade LPG (FTL) cylinder saw an ₹11 hike, putting additional pressure on small businesses and restaurants that depend on cooking gas.

In Delhi, the 19kg commercial cylinder now costs ₹3,113.50, up from ₹3,071.50, according to sources familiar with the matter. Kolkata witnessed an even steeper increase of ₹53.50, taking the price to ₹3,255.50 per cylinder. However, domestic LPG cylinders used by households remain unchanged, offering some relief to families.

Domestic Gas Prices Stay Put

The price revision applies only to commercial cylinders, not the 14.2kg domestic cylinders used by households. Sources clarified that there has been no change in domestic LPG rates across cities, a move that authorities say was intentional to protect middle-class families from rising living costs during the summer months.

Restaurant owners and small business operators, however, expressed concern over the impact on their operations. "This increase will force us to either absorb the cost or pass it on to customers," said Rajesh Kumar, owner of a mid-sized restaurant in Paschim Vihar, New Delhi. "Either way, margins are getting squeezed."

FIFA World Cup 2026 to Air on Zee Network in India

In sports entertainment news, Indian football fans will soon have access to the FIFA World Cup 2026 through Zee Entertainment. The broadcaster has secured television and streaming rights for the tournament, which begins on June 11 and runs until July 19, 2026.

Matches will be telecast on United8 Sports, Zee's newly launched sports channel, while live streaming will be available on the Zee5 app. The deal, reportedly valued between USD 30-35 million, covers both television broadcasting and online streaming distribution rights for India.

The 2026 World Cup, jointly hosted by the United States, Canada, and Mexico, will feature 48 teams playing 104 matches—marking the first time the tournament has expanded to this format.

GST Collection Drops 20% in May After April's Record

Government tax revenues showed signs of moderation in May 2026. India's gross GST collection stood at ₹1.94 lakh crore, down 20% from April's record ₹2.42 lakh crore, according to official data released on Sunday. However, the figure remains 3.2% higher than the ₹1.88 lakh crore collected in May 2025, indicating year-on-year growth despite the month-on-month dip.

Net GST revenue for May rose 3.3% year-on-year to ₹1.67 lakh crore, compared to ₹1.62 lakh crore in the same period last year. The April surge was attributed to advance tax payments and festival-related spending, economists noted.

Maruti Suzuki Sets Monthly Sales Record

The automotive sector showed strong momentum, with Maruti Suzuki India Limited selling 2,42,688 units in May 2026—the company's highest-ever monthly sales volume. This represents a 34% increase compared to 1,80,077 units sold in May 2025.

The growth was driven by robust domestic demand and strong export performance. Hyundai, Mahindra & Mahindra, and Toyota also reported healthy growth, with sales rising up to 11% year-on-year, according to monthly sales reports released by automakers on June 1.

Gold, Silver Prices Retreat from Record Highs

Precious metals saw a correction on Monday. Gold prices fell ₹864 to ₹1,56,220 per 10 grams for 24-carat gold, while silver dropped ₹450 to ₹2,79,900 per kilogram, according to India Bullion and Jewelers Association (IBJA) data.

Analysts attributed the decline to profit-booking after gold touched record highs earlier this year. "Gold has corrected about ₹20,000 from its all-time high, making it more accessible for jewelry demand," said a Mumbai-based bullion trader.

Fuel Prices Hold Steady on June 1

Petrol and diesel prices remained unchanged across India on June 1 following a recent hike. In Delhi, petrol is now priced at ₹102.12 per litre and diesel at ₹95.20 per litre. Mumbai saw petrol at ₹111.21 and diesel at ₹97.83 per litre.

Oil marketing companies had recently increased fuel prices by ₹2.61 per litre for petrol and ₹2.71 for diesel as global crude oil crossed $100 per barrel.

Banks Closed 11 Days in June

The Reserve Bank of India's holiday calendar shows banks will remain closed for 11 days in June 2026. This includes four Sundays, the second and fourth Saturdays (June 14 and June 28), and five additional regional holidays observed across different states, including Bakrid/Eid al-Adha on June 13.

New Export Duty on Fuel Takes Effect

Additionally, new export duties on petrol, diesel, and ATF (aviation turbine fuel) came into effect from June 1, impacting India's fuel export economics. The move is expected to reduce fuel exports while ensuring adequate domestic supply during the monsoon season when demand typically rises.

Market analysts suggest that while the commercial LPG hike and fuel export duties may increase short-term costs for businesses, the overall economic picture remains resilient with GST collections showing year-on-year growth and auto sales hitting record levels.

Looking ahead, attention will turn to the RBI's monetary policy review next week, where interest rate decisions could further impact business borrowing costs and consumer spending patterns.

US Delays Planned Strikes on Iran After Gulf Leaders' Request

Trump Warns of Major Attack if Diplomacy Fails

US President Donald Trump has postponed a planned military strike on Iran, originally expected on Tuesday, following requests from leaders of Qatar, Saudi Arabia, and the United Arab Emirates for more time to pursue diplomatic negotiations. 

Trump announced the decision via a post on Truth Social, stating that serious talks were underway and that a mutually acceptable deal remained possible. He instructed Defence Secretary Pete Hegseth and military leadership, including Joint Chiefs of Staff Chairman General Dan Caine, to stand down for the time being. 

However, the US President issued a clear warning: if negotiations collapse, American forces are prepared to launch a large-scale operation. The core demand, he reiterated, is that Iran must never acquire nuclear weapons. 

Gulf Leaders Seek Breathing Room

Leaders from key Gulf nations urged the delay to prevent immediate escalation and allow space for talks. The move comes amid heightened regional tensions, with diplomats working behind the scenes on possible arrangements involving Iran's nuclear programme and broader security concerns.

Sources familiar with the discussions indicated that while indirect channels remain active, differences persist over the sequencing of any agreement—particularly whether to first halt the current conflict before addressing wider issues. Pakistani officials, citing US media reports, noted that Washington prefers announcing comprehensive deals together, while Tehran is pushing for a separate arrangement to end hostilities.

Maritime Disruptions Hit Global Supplies

Tensions in the Gulf have already disrupted critical shipping lanes. Nearly 1,500 commercial vessels are reportedly stranded in the Strait of Hormuz, with over 20,000 sailors aboard. Defence experts have highlighted risks of missile or drone attacks, noting the unpredictable nature of potential Iranian targeting.

In India, the fallout was felt immediately at fuel pumps. Petrol and diesel prices rose by around 0.9 rupees per litre on Tuesday — the second hike in a week. In Delhi, petrol now costs 98.64 rupees a litre and diesel 91.58 rupees, according to PTI reports. Analysts link the increase directly to fears over supply disruptions through the Strait of Hormuz.

Regional Flashpoints Multiply

Parallel developments have added to the volatility. Saudi Arabia reported intercepting three drones approaching from Iraq’s direction, prompting condemnation from Kuwait and Qatar as a violation of sovereignty. 

In Tehran, hundreds of newly married couples held a car rally at Azadi Square, blending wedding celebrations with public displays of support for the Iranian military and government. Videos circulating on social media also showed young Iranian women training with AK-47 rifles, signalling heightened domestic preparedness.

Israeli forces continued operations in the region, including actions against aid ships bound for Gaza and reported strikes in Lebanon. US cargo aircraft carrying weapons have reportedly landed in Israel, while Trump and Israeli Prime Minister Benjamin Netanyahu have discussed possible military options.

Oil Markets React to Pause

Global oil prices eased slightly following Trump’s announcement. US crude futures fell over 2% in early Asian trading, with the July West Texas Intermediate contract dropping to around $102 per barrel as immediate fears of supply shocks receded.

Separately, the US extended a sanctions waiver for 30 days, allowing certain energy-vulnerable countries to purchase Russian seaborne oil amid the disruptions. Treasury officials described the step as a temporary measure to stabilise supplies. 

Domestic US Debate on War Powers

In Washington, political oversight is also sharpening. The US Senate is set to vote again on a War Powers Resolution aimed at limiting presidential authority for action against Iran. Senator Lindsey Graham emphasised that any final deal must receive Congressional approval, outlining key conditions including zero uranium enrichment by Iran, control over its enriched stockpile, free passage through the Strait of Hormuz, and an end to support for regional proxies.

Iran’s embassy in Ghana issued a cryptic response to Trump’s post, while Cuban President Miguel Díaz-Canel criticised US fuel restrictions on his country as “immoral, illegal and criminal.”

What Lies Ahead

Diplomats and military observers are watching closely to see whether the brief pause leads to tangible progress or merely delays confrontation. Trump has stressed that time is running out for Iran, warning of “serious consequences” without a deal. 

For now, the region remains on edge, with global energy markets, shipping routes, and fuel prices reflecting the uncertainty. Further updates are expected in the coming hours as negotiations continue. 

Global Fuel Crisis Triggered by War, Says PM Modi

PM urges citizens to ignore rumours, trust official information

Prime Minister Narendra Modi on Sunday said the ongoing conflict in West Asia has triggered a global petrol and diesel crisis. Addressing the 132nd episode of his monthly radio programme ‘Mann Ki Baat’, he asserted that India is managing the situation effectively despite the turmoil.

The Prime Minister warned citizens against falling for unverified claims circulating on social media. “Do not believe rumours. Trust official information shared by the government,” he said, adding that some elements are trying to disturb the country’s stability.

Energy Crisis Due to War

Modi explained that the war-affected region is a critical source of global energy supplies. The prolonged conflict has disrupted production and supply chains, leading to price volatility worldwide. He credited India’s strong diplomatic ties and cooperation with other nations for helping the country navigate the challenge.

“Our progress over the past decade has given us the resilience to face such global headwinds,” the Prime Minister said.

Appeal Against Misinformation

The Prime Minister’s appeal came amid rising anxiety over fuel prices in several states. He urged the 1.4 billion citizens to stay alert and not amplify unverified messages. “Just like in past crises, the collective strength of India’s people will help us overcome this situation,” Modi said.

Government sources indicated that multiple fake advisories regarding fuel rationing have been circulating on messaging platforms. Officials confirmed that no such restrictions are under consideration.

March’s Global Turmoil

Modi noted that March 2026 has been an exceptionally difficult month for the world. After the long shadow of COVID-19, global recovery hopes have been dented by fresh conflicts. “New wars have emerged in different regions,” he said, without directly naming any country.

The Prime Minister’s remarks come as fighting between US-Israel allies and Iran continues for over a month. The conflict has already claimed hundreds of civilian lives and displaced thousands.

Assistance to Indians in Gulf

The Prime Minister expressed deep gratitude to Gulf countries for protecting Indian nationals working there. “More than one crore Indians live and work in the Gulf region. I am deeply grateful to these nations for providing every possible assistance,” Modi said.

External Affairs Ministry sources confirmed that no major evacuation has been required so far. Indian embassies remain in close touch with community leaders across the UAE, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain.

Youth Power and Nation Building

During the broadcast, Modi also described India as the “world’s youngest country”. He highlighted the role of ‘Mera Yuva Bharat’ (MY Bharat) organisation in channelling youth energy for positive development. “When the nation’s youth are harnessed for nation-building, it provides immense support,” he said.

The Prime Minister praised Jammu and Kashmir’s Ranji Trophy victory, calling it a testament to the region’s sporting talent.

What Next

The government is expected to monitor global crude prices closely in the coming weeks. Officials said India continues to explore diversified energy sources and strategic reserves to cushion domestic consumers. The next episode of ‘Mann Ki Baat’ is scheduled for the last Sunday of April.