How India extricated itself from an energy squeeze
New Delhi unexpectedly emerged relatively unscathed from this year's oil price volatility, currency fluctuations and geopolitical tensions
India experienced a combination of external pressures in 2018. These included the rise in global oil prices which pushed up retail prices of gasoline in the country by around 9pc between mid-August and early October, a weakening of the rupee, and US pressure to cut crude oil imports from Iran, which comprise around 13pc of total oil imports, ahead of the re-imposition of sanctions. India arguably emerged from these none the worse for wear. The government, facing the prospect of unhappy consumers ahead of a general election in 2019, intervened to cut excise duties by 1.5 rupees ($0.02) a litre. It also asked state refiners to reduce their margins by 1 rupee a litre. Following this, the soften
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
