NEW DELHI: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon.” He did not give details.
Opposition leaders have criticized the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80 percent of its oil needs.
On Monday, industry lobby group FICCI called for an immediate cut in the excise duty on oil imports.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.
India oil minister says considering steps to keep fuel prices in check
India oil minister says considering steps to keep fuel prices in check
Lloyd’s market engaging with US government over Gulf maritime plan, officials say
LONDON: The Lloyd’s of London market is engaging with the US government’s International Development Finance Corporation over a plan to provide political risk insurance and guarantees for maritime trade in the Gulf, Lloyd’s market officials said on Thursday.
“Lloyd’s is engaging constructively with the US Development Finance Corporation and relevant stakeholders, with a clear focus on ensuring that the Lloyd’s market continues to lead as the global center of excellence for war risk insurance,” a Lloyd’s spokesperson said.
The Lloyd’s Market Association, which represents the interests of all underwriting businesses in the Lloyd’s market, welcomed the engagement of US President Donald Trump, its CEO Sheila Cameron said separately in a statement on Thursday.
“Since Sunday 1 March, there have been at least 40 transits of vessels through the Strait of Hormuz. There remain approximately 1,000 vessels, approximately half of which are oil and gas tankers, with an aggregate hull value exceeding $25 billion in the Persian/Arabian Gulf and surrounding waters,” Cameron said, citing data.
Cameron added that the vast majority of these vessels were insured in the London market and insurance “currently remains in place.”
Insurance broker Marsh said on Wednesday it had met with US officials to explore solutions for restoring maritime trade.
The US Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, Trump said on Tuesday, adding he had ordered the International Development Finance Corporation to provide political risk insurance guarantees for maritime trade in the Gulf.
Earlier this week, London’s marine insurance market widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates.
