Energy

A sharp decline in global crude oil prices triggered a strong rally across Indian equity markets on Friday, lifting shares of fuel-sensitive sectors and boosting investor confidence. Airlines, oil marketing companies, tyre manufacturers and paint producers emerged as major beneficiaries as lower energy costs improved profitability outlooks. The positive sentiment fueled a broad-based market advance, pushing benchmark indices significantly higher and reversing concerns surrounding inflationary pressures linked to elevated oil prices.

India's government has introduced temporary restrictions on the sale of petrol and diesel through retail fuel stations in response to an unusual surge in demand from industrial and commercial consumers. The move comes amid rising energy costs linked to geopolitical tensions in West Asia, which have widened the price gap between bulk and retail fuel channels. The new measures aim to prevent market distortions, ensure adequate fuel availability for regular consumers, and discourage resale activities.

India has increased domestic LPG prices by Rs. 29 per cylinder as rising international energy costs continue to exert pressure on fuel markets following disruptions in West Asia. Despite the revision, government officials maintain that Indian consumers continue to benefit from some of the most affordable cooking gas prices globally. The country has also managed to secure uninterrupted energy supplies during recent geopolitical tensions, preventing shortages of LPG and other petroleum products.

Residents of Mumbai and nearby regions will face higher fuel expenses after Mahanagar Gas Ltd (MGL) raised the prices of Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (D-PNG) on May 30, 2026.

The company increased CNG prices by ₹2 per kilogram, marking the second price hike within just 16 days. MGL also raised domestic piped natural gas (D-PNG) rates by ₹0.50 per standard cubic metre (SCM).