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	<title>oil imports &#8211; The Milli Chronicle</title>
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	<title>oil imports &#8211; The Milli Chronicle</title>
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		<title>Modi’s Gulf-Europe Blitz Targets Energy Shield Amid Iran War Turbulence</title>
		<link>https://millichronicle.com/2026/05/67129.html</link>
		
		<dc:creator><![CDATA[NewsDesk MC]]></dc:creator>
		<pubDate>Fri, 15 May 2026 07:47:30 +0000</pubDate>
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					<description><![CDATA[New Delhi- Indian Prime Minister Narendra Modi began a five-nation tour on Friday aimed at strengthening energy security, trade partnerships]]></description>
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<p><strong>New Delhi- </strong>Indian Prime Minister Narendra Modi began a five-nation tour on Friday aimed at strengthening energy security, trade partnerships and supply-chain resilience, as the Iran war fuels volatility across Gulf shipping routes and global oil markets.</p>



<p>Modi’s six-day visit starts in the United Arab Emirates before continuing to the Netherlands, Sweden, Norway and Italy, with New Delhi seeking to secure energy supplies and deepen economic ties with Europe following the India-European Union free trade agreement finalized in January.</p>



<p>The trip comes as disruptions around the Strait of Hormuz and Gulf maritime corridors continue to pressure energy-importing economies. India, the world’s third-largest oil buyer, typically sources nearly half of its crude imports through the strategic waterway.</p>



<p>India’s foreign ministry said discussions in the UAE would focus on “strengthening our energy security,” including cooperation on oil and liquefied petroleum gas supplies. The Gulf nation hosts an Indian diaspora estimated at 4.5 million people and remains one of New Delhi’s key energy partners.</p>



<p>Analysts said the visit reflects India’s broader push to diversify strategic partnerships while positioning itself as an alternative manufacturing and technology hub amid shifting geopolitical alignments and supply-chain realignments away from China.</p>



<p>“The recently concluded India-EU free trade agreement has already created momentum,” former Indian ambassador Anil Wadhwa told AFP, adding that India was seeking to position itself as a “trusted economic, technological and clean energy partner.”The European leg of the tour will focus heavily on trade and investment cooperation. </p>



<p>Modi is scheduled to meet Dutch leaders later on Friday for talks expected to cover bilateral trade, defense cooperation, semiconductors, water management, agriculture and healthcare.India and the EU concluded a landmark free trade agreement in January, which Modi described as the “mother of all deals.” European policymakers increasingly view India, the world’s most populous country, as a critical market and strategic counterweight in Asia.</p>



<p>In Sweden, Modi will attend a European business leaders forum alongside Ursula von der Leyen before traveling to Oslo for an India-Nordic summit, marking the first visit by an Indian prime minister to Norway in more than four decades.</p>



<p>Former Indian ambassador K.C. Singh said the Gulf leg of the visit also reflected changing regional alignments following escalating Middle East tensions.“A new international environment now prevails,” Singh told AFP, citing fractures within the Gulf Cooperation Council and growing strategic competition involving Iran, Gulf states, the United States and Israel.</p>



<p>Modi also met Iranian Foreign Minister Abbas Araghchi in New Delhi on Thursday ahead of the trip, underlining India’s effort to maintain diplomatic engagement across rival regional blocs.Energy analysts said New Delhi could pursue agreements linked to strategic petroleum reserves and long-term LPG supply arrangements to reduce vulnerability to price shocks and shipping disruptions.</p>



<p>The Nordic portion of the tour is also expected to include discussions on Arctic cooperation and climate-linked shipping routes. India operates a research station on Norway’s Svalbard archipelago and has increasingly monitored the commercial and environmental implications of melting polar sea ice.</p>



<p>Indian lawmaker Shashi Tharoor wrote in the Indian Express that India and Nordic nations shared interests in preserving international stability “at a time when the turbulence of the Trumpian era has unsettled global norms.”</p>



<p>The final stop of Modi’s tour will be Italy on May 19, where he is expected to meet Prime Minister Giorgia Meloni for talks on bilateral cooperation and regional security issues.</p>
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		<title>India Raises Fuel Prices for First Time in Four Years as Oil Shock Intensifies</title>
		<link>https://millichronicle.com/2026/05/67091.html</link>
		
		<dc:creator><![CDATA[NewsDesk MC]]></dc:creator>
		<pubDate>Fri, 15 May 2026 04:23:19 +0000</pubDate>
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					<description><![CDATA[New Delhi- India raised petrol and diesel prices by about 3 rupees per litre on Friday, marking the country’s first]]></description>
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<p><strong>New Delhi- </strong>India raised petrol and diesel prices by about 3 rupees per litre on Friday, marking the country’s first retail fuel price increase in four years as state-run fuel retailers moved to offset losses caused by surging global crude oil prices amid escalating Middle East tensions.</p>



<p>State-controlled fuel retailers said a litre of petrol in Delhi would now cost 97.77 rupees, while diesel prices rose to 90.67 rupees per litre.The increase follows a sharp rise in international crude prices after disruption to shipping through the Strait of Hormuz triggered supply concerns across global energy markets.</p>



<p> Oil prices surged above $120 per barrel before easing to around $100-$105 as markets assessed the impact of the U.S.-Israeli conflict involving Iran.Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, which together operate more than 90% of India’s roughly 103,000 fuel stations, typically align retail fuel price revisions simultaneously.</p>



<p>India had remained among the few major economies that had not raised domestic retail fuel prices despite sustained volatility in international crude markets.</p>



<p>The latest adjustment is expected to increase transportation and logistics costs across sectors and could add pressure to inflation in Asia’s third-largest economy, where fuel prices have significant downstream effects on food, manufacturing and consumer expenses.</p>



<p>The move also reflects mounting financial strain on state-run fuel retailers, which have absorbed part of the higher import costs in recent months as geopolitical instability disrupted global oil supplies.</p>



<p>India imports more than 80% of its crude oil requirements, making the country particularly vulnerable to external energy shocks and disruptions in major maritime trade routes such as the Strait of Hormuz.</p>



<p>Indian shares were expected to open cautiously on Friday as higher crude prices and ongoing concerns over shipping risks weighed on investor sentiment.</p>



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		<title>India Decries Fujairah Drone Strike, Presses for Unhindered Hormuz Transit</title>
		<link>https://millichronicle.com/2026/05/66502.html</link>
		
		<dc:creator><![CDATA[NewsDesk MC]]></dc:creator>
		<pubDate>Tue, 05 May 2026 14:09:49 +0000</pubDate>
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					<description><![CDATA[New Delhi — India on Tuesday condemned a drone strike on an energy facility in Fujairah, United Arab Emirates, that]]></description>
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<p><strong>New Delhi</strong> — India on Tuesday condemned a drone strike on an energy facility in Fujairah, United Arab Emirates, that injured three Indian nationals, and called for the immediate cessation of hostilities and uninterrupted maritime access through the Strait of Hormuz, citing risks to global energy flows.</p>



<p>The UAE blamed Iran for the attack, which occurred on Monday at an energy installation along the Gulf coast. Iranian state television said the Islamic republic had “no pre-planned program” to target oil facilities in the UAE.</p>



<p>India’s foreign ministry spokesperson Randhir Jaiswal said New Delhi “calls for immediate cessation of these hostilities and the targeting of civilian infrastructure and innocent civilians,” adding that the country supports efforts toward a peaceful resolution. </p>



<p>He also urged “free and unimpeded navigation and commerce through the Strait of Hormuz in keeping with international law.”The incident comes amid broader disruptions to energy supply chains since the onset of conflict in the Middle East in late February. India, the world’s third-largest oil importer, typically sources about half of its crude oil through the Strait of Hormuz, a critical chokepoint for global energy shipments.</p>



<p>Analysts have warned that India’s reliance on imported energy, combined with relatively modest strategic reserves compared with major consumers such as China, leaves it exposed to price volatility and supply shocks linked to regional instability.Shipping and import data indicate that New Delhi has moved to offset disruptions by diversifying supply, including increased reliance on Russian crude. </p>



<p>This shift follows earlier efforts to reduce dependence on such imports amid pressure from U.S. trade measures.India has reiterated its readiness to support diplomatic initiatives aimed at stabilizing the region, as tensions continue to threaten key maritime routes and energy infrastructure.</p>



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		<title>ASEAN Pledges Open Trade, Fuel Sharing Amid Iran War Disruptions</title>
		<link>https://millichronicle.com/2026/05/66251.html</link>
		
		<dc:creator><![CDATA[NewsDesk MC]]></dc:creator>
		<pubDate>Fri, 01 May 2026 14:42:38 +0000</pubDate>
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		<guid isPermaLink="false">https://millichronicle.com/?p=66251</guid>

					<description><![CDATA[Manila- Southeast Asian nations pledged to keep trade flowing and accelerate an emergency fuel-sharing plan as the Iran war and]]></description>
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<p><strong>Manila- </strong>Southeast Asian nations pledged to keep trade flowing and accelerate an emergency fuel-sharing plan as the Iran war and the closure of the Strait of Hormuz threaten energy supplies and economic stability across the region.</p>



<p><br>Economic ministers from the Association of Southeast Asian Nations (ASEAN) said they would avoid export bans on essential goods and strengthen regional cooperation on energy, food and supply chains.</p>



<p><br>Philippine Trade Secretary Cristina Roque said rising oil and transport costs were increasing pressure on food systems and household expenses across the bloc, which relies heavily on imported fuel.</p>



<p><br>ASEAN also agreed to speed up its regional power grid project and push ratification of the ASEAN Framework Agreement on Petroleum Security to enable coordinated emergency fuel-sharing during supply disruptions.</p>



<p><br>The issue is expected to feature prominently at the 2026 ASEAN Summit in Cebu next week.</p>



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		<title>Indian Oil Raises Industrial LPG, Overseas Jet Fuel Rates as Crude Surge Bites</title>
		<link>https://millichronicle.com/2026/05/66211.html</link>
		
		<dc:creator><![CDATA[NewsDesk MC]]></dc:creator>
		<pubDate>Fri, 01 May 2026 11:57:22 +0000</pubDate>
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					<description><![CDATA[New Delhi— Indian Oil Corporation, India’s largest state-run refiner, raised prices of industrial liquefied petroleum gas and aviation turbine fuel]]></description>
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<p><strong>New Delhi</strong>— Indian Oil Corporation, India’s largest state-run refiner, raised prices of industrial liquefied petroleum gas and aviation turbine fuel for foreign airlines from Friday, responding to a sharp rise in global crude prices driven by the closure of the Strait of Hormuz during the Iran conflict.</p>



<p>The company said the price of a 19-kg commercial LPG cylinder used by industrial consumers was increased by 993 rupees, or 47.8%, to 3,071.5 rupees from previous levels.Aviation turbine fuel prices for international airlines were also raised by $76.55 per kilolitre to $1,511.86 per kilolitre, up from $1,435.31, according to a company statement.</p>



<p>Prices of household LPG, primarily used as cooking fuel, were left unchanged, while jet fuel rates for domestic airlines were also not revised.The selective increase reflects the government’s continued effort to shield households and domestic carriers from sharp energy inflation while allowing market-linked pricing for industrial and international commercial users.</p>



<p>The revisions come as global oil prices have climbed above $100 per barrel after the closure of the Strait of Hormuz, a critical global shipping route for crude exports, amid the ongoing Iran war and heightened military tensions in the Gulf.</p>



<p>The disruption has tightened supply expectations across global energy markets and increased input costs for refiners and fuel distributors across Asia, particularly for countries such as India that depend heavily on imported crude.</p>



<p>India imports more than 80% of its crude oil needs, making domestic fuel pricing highly sensitive to geopolitical shocks in major producing regions such as West Asia.</p>



<p>The increase in commercial LPG prices is expected to affect hotels, restaurants and small industrial users, while higher aviation turbine fuel costs for foreign carriers could raise operational expenses for international flights using Indian refueling hubs.</p>



<p>Indian Oil did not indicate whether further revisions would follow if crude prices remain elevated.</p>



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		<title>Japan weighs Hormuz minesweeping role if ceasefire materialises</title>
		<link>https://millichronicle.com/2026/03/63864.html</link>
		
		<dc:creator><![CDATA[NewsDesk MC]]></dc:creator>
		<pubDate>Sun, 22 Mar 2026 12:20:49 +0000</pubDate>
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					<description><![CDATA[Tokyo — Japan could consider deploying its military for minesweeping operations in the Strait of Hormuz if a ceasefire is]]></description>
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<p><strong>Tokyo</strong> — Japan could consider deploying its military for minesweeping operations in the Strait of Hormuz if a ceasefire is reached in the U.S.-Israeli war on Iran, Foreign Minister Toshimitsu Motegi said on Sunday.</p>



<p>Speaking on a Fuji TV programme, Motegi said such a move would be contingent on a “complete ceasefire” and the presence of naval mines obstructing navigation. He described the scenario as hypothetical, adding that minesweeping could be considered if maritime protection conditions required it.</p>



<p>Japan’s ability to deploy forces overseas is restricted by its postwar pacifist constitution, though security legislation enacted in 2015 allows the use of the Self-Defense Forces if an attack on a close partner threatens Japan’s survival and no alternative measures are available.</p>



<p>Motegi said Tokyo has no immediate plans to negotiate specific arrangements for stranded Japanese vessels to transit the waterway, stressing instead the importance of restoring conditions that allow safe passage for all ships.</p>



<p>Japan relies on the Strait of Hormuz for roughly 90% of its oil imports, underscoring the strategic importance of the route. The strait has been largely closed by Iran during the ongoing conflict, now in its fourth week, contributing to a surge in global oil prices.</p>



<p>The disruption has prompted Japan and other countries to release oil from strategic reserves to stabilise supply.</p>



<p>Iranian Foreign Minister Abbas Araqchi said on Friday he had discussed with Motegi the possibility of allowing Japanese-linked vessels to pass through the strait, according to Japan’s Kyodo news agency.</p>



<p>Meanwhile, U.S. President Donald Trump met Japanese Prime Minister Sanae Takaichi in Washington on Thursday and urged Japan to increase its role in efforts to reopen the waterway. Takaichi said she briefed Trump on the scope of support Japan could provide under its legal framework.</p>
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