India is expanding its ethanol fuel network, aiming for 5,000 dispensing stations by 2027 to reduce reliance on imported fossil fuels. The initiative, launched with Maruti Suzuki's flex-fuel car, also promises economic benefits for farmers and forex savings.
India's crude oil import bill jumped over 50% to $16.3 billion in April 2026, despite a 4.3% drop in volume. This surge is attributed to a nearly 70% rise in global crude prices, with the Indian oil basket averaging $114.48/barrel.
India's PM urges citizens to consume less fuel, fertiliser, gold, and curb travel due to surging global energy prices and war in Iran, signaling a shift from neoliberal globalization towards strategic economic management.
Facing a widening trade deficit, India's Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation's vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.
Pakistan's oil import bill has surged to $800 million from $300 million due to the US-Iran conflict, reversing two years of economic progress, Prime Minister Shehbaz Sharif announced. He highlighted the nation's ongoing diplomatic efforts to mediate tensions.
Pakistan's economic progress from the past two years has been severely impacted by the US-Iran war, with oil import costs surging from $300 million to $800 million, Prime Minister Shehbaz Sharif said during a cabinet meeting. Islamabad continues efforts to mediate between the warring parties, having hosted 21-hour marathon US-Iran talks on April 11 and planning a second round of negotiations. The conflict began on February 28 when the US and Israel jointly attacked Iran, killing Supreme Leader Ali Khamenei.
Pakistan's Prime Minister Shehbaz Sharif said the US-Iran war has dealt a serious blow to Pakistan's economic progress made over the past two years, with oil import bills surging from $300 million to $800 million. He said Pakistan will continue efforts to help ease tensions between the warring sides and restore peace in West Asia. Sharif briefed the cabinet about marathon 21-hour US-Iran talks held in Islamabad on April 11, and said Pakistan is planning to host a second round of negotiations.
