Category: Beyond

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New export duty rules for fuel from May 16

The Centre has revised export taxes on petroleum products, introducing a Special Additional Excise Duty (SAED) of ₹3 per litre on petrol exports and reducing duties on diesel and aviation turbine fuel (ATF). The new rates came into effect from May 16 as part of the government’s regular review of fuel export taxes.

Under the revised structure, diesel export duty has been reduced from ₹23 per litre to ₹16.5 per litre, while the levy on ATF has been cut from ₹33 per litre to ₹16 per litre. Petrol exports, which previously did not attract any export duty, will now be taxed at ₹3 per litre.

The government has clarified that the changes apply only to exports and will not affect fuel sold within the country. This means petrol and diesel prices for domestic consumers are not expected to see any immediate impact due to the latest revision.

Export duties on fuel are reviewed every two weeks and are linked to international crude oil and refined fuel prices. These periodic revisions are intended to help the government respond to fluctuations in the global energy market and maintain a balance between exports and domestic fuel availability.

The latest move comes at a time when global oil markets continue to experience uncertainty. The government had introduced export duties on petroleum products earlier to discourage excessive exports during periods of high international prices and to ensure adequate supplies within India.

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India-UK FTA hits delay over steel import curbs

India and the United Kingdom are working to resolve a fresh dispute over steel imports that has delayed the implementation of their long-anticipated Free Trade Agreement (FTA), according to official and media reports.

The deal, which was expected to be operational by May 2026, has hit a hurdle after the UK introduced new steel safeguard measures that tighten import access. The changes include sharply reduced tariff-free quotas and higher duties on steel imports exceeding those limits.

Indian officials say these restrictions were not anticipated during FTA negotiations and are now affecting the final rollout of the agreement. The issue has become a key sticking point in otherwise advanced discussions between the two countries.

Commerce Secretary Rajesh Agrawal said both sides are actively engaged in talks and are trying to find a “unique and creative solution” to address the problem. He added that India and the UK remain close to operationalising the broader trade pact despite the setback.

The UK’s new steel regime, set to take effect from July 2026, will significantly cut tariff-free steel import volumes and impose steep duties on excess shipments. The policy is aimed at protecting domestic steel producers but has raised concerns among trading partners, including India.

Despite the dispute, both governments have stressed that the FTA remains on track overall. Negotiators are now focusing on bridging differences related to steel trade rules so the agreement can be implemented without further delay.

For India, the concern is that reduced access for steel exports could weaken expected gains from the FTA, particularly for its metals and engineering sectors. The agreement was designed to improve market access and boost bilateral trade across goods and services.

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India seals oil and defence deals in UAE

India and the United Arab Emirates signed multiple agreements on fuel supply, defence cooperation and investment during Prime Minister Narendra Modi’s visit to Abu Dhabi.

A key agreement was signed on supplies of Liquified Petroleum Gas (LPG) to support India’s growing fuel demand. The two countries also signed an MoU on Strategic Petroleum Reserves to improve India’s emergency crude oil storage capacity and energy security.

India and the UAE further signed an Agreement on Framework for the Strategic Defence Partnership, aimed at strengthening bilateral strategic and security cooperation. The agreement includes collaboration in maritime security, military coordination and defence partnerships.

Another important MoU was signed for setting up a Ship Repair Cluster at Vadinar in Gujarat. Officials said the project would help improve maritime infrastructure and support shipping and logistics activities.

The UAE also announced investments worth around $5 billion in Indian infrastructure projects as well as investments in RBL Bank and Samman Capital. The investments are expected to boost infrastructure development and financial sector growth in India.

Officials said the agreements were signed at a time when global energy markets remain volatile due to tensions in West Asia. Analysts believe the deals could help India secure long-term fuel supplies and strengthen strategic ties with one of its key Gulf partners.

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DLF plans ₹20,000 cr luxury housing push

Real estate company DLF Limited has announced major investments in luxury housing projects as demand for premium homes continues to grow in India’s property market.

The company said it plans to launch housing projects worth nearly ₹20,000 crore during the 2026-27 financial year across key cities including Gurugram, Mumbai and Goa. DLF is also expected to invest an additional ₹21,300 crore to complete ongoing residential projects in Gurugram and other cities.

According to the company, strong demand from high-income buyers and rising interest in luxury living have encouraged expansion in the premium housing segment. DLF said its upcoming projects would focus mainly on luxury apartments, high-end residential communities and premium lifestyle developments.

The company has already witnessed strong sales in its recent luxury housing launches, especially in Gurugram, which remains one of India’s fastest-growing real estate markets. Industry experts said demand for premium homes has increased after the pandemic as buyers look for larger living spaces, better amenities and long-term investment opportunities.

DLF officials said the company remains optimistic about growth in the luxury housing sector despite global economic uncertainties. They added that the company plans to strengthen its presence in major metropolitan markets where demand for premium residential projects continues to remain high.

The company’s investment plan includes land development, project construction and infrastructure expansion for upcoming residential communities. Analysts believe the move reflects growing confidence among developers in India’s high-end real estate market.

Property consultants noted that luxury housing sales have remained strong in cities like Gurugram and Mumbai due to increasing demand from business owners, professionals, non-resident Indians and high-net-worth individuals.

The company’s expansion strategy is also expected to generate employment in construction, real estate services and related sectors. Industry observers said large-scale housing investments by major developers could support overall growth in India’s real estate market in the coming years.

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Petrol, diesel up by ₹3, CNG prices by ₹2

Petrol, diesel and CNG prices were increased across India on Friday following a sharp rise in global crude oil prices amid escalating tensions involving Iran. The fuel price revision comes as international energy markets remain volatile due to fears of supply disruptions in West Asia.

Oil marketing companies increased petrol and diesel prices by around ₹3 per litre in major cities, while CNG prices were raised by ₹2 per kilogram. The revised rates came into effect early Friday morning and impacted fuel prices in Delhi, Mumbai, Chennai, Kolkata and several other cities.

In Delhi, petrol prices crossed ₹108 per litre while diesel moved above ₹97 per litre after the latest revision. Similar increases were recorded in other metropolitan cities depending on local taxes and transportation charges.

Officials said the hike was driven by rising global crude oil prices and increased import costs. International markets have witnessed sharp fluctuations in recent days following concerns that tensions involving Iran could affect oil production and shipping routes in the region.

India imports a large portion of its crude oil requirements, making domestic fuel prices highly sensitive to developments in global energy markets. Analysts said any prolonged geopolitical conflict in West Asia could keep crude prices elevated and increase pressure on Indian fuel retailers.

The increase in CNG prices is also expected to impact public transport services, commercial vehicles and auto-rickshaw operations in urban areas. Transport operators warned that higher fuel costs may lead to an increase in freight rates and passenger fares in the coming weeks.

The latest revision has triggered criticism from opposition parties, which accused the Centre of adding to the financial burden on common people already affected by inflation and rising living expenses. Several leaders demanded tax reductions and immediate relief measures to control fuel prices.

Also Read: Gold near ₹1 lakh and silver at ₹97,000

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Gold near ₹1 lakh and silver at ₹97,000

Gold and silver prices edged lower in domestic markets on Friday, May 15, though rates continued to remain close to historic highs. The decline followed weak global cues and profit-booking in international bullion markets, analysts said.

According to retail market data, 24-carat gold was trading close to the ₹1 lakh mark per 10 grams in several Indian cities, while 22-carat gold also saw a marginal drop in rates. Silver prices slipped by nearly ₹1,500 per kilogram and were trading around ₹97,000/kg in major bullion markets.

In Delhi, Mumbai, Chennai and Kolkata, gold prices witnessed slight variations due to local levies and transportation charges. Despite the correction, jewellery rates continued to stay significantly higher compared to previous months, affecting consumer demand in many regions.

Market experts attributed the fall in prices to easing geopolitical tensions, fluctuations in the US dollar and mixed signals from global commodity markets. International gold prices remained volatile during the trading session, while MCX gold and silver futures also recorded losses.

Traders said investors were booking profits after bullion prices touched record highs earlier this month. At the same time, uncertainty surrounding global economic growth and interest rate expectations continued to support safe-haven demand for gold, preventing a sharper decline.

The recent increase in import duty on gold has also added pressure on domestic buyers. Industry observers believe higher import costs may keep retail prices elevated in the coming weeks, especially during the ongoing wedding and festive season.

Jewellers in several cities reported slower customer footfall as rising prices discouraged middle-income buyers from making large purchases. However, investment demand for gold remained steady, particularly among consumers looking at bullion as a long-term hedge against inflation and market volatility.

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Amul, Mother Dairy raise milk prices by ₹2

Amul and Mother Dairy have increased milk prices by ₹2 per litre across India, with the new rates coming into effect from today, May 14. The hike applies to several popular milk variants sold by both companies.

The companies said the revision was made because of rising production and operational costs. According to them, expenses related to cattle feed, transportation, packaging and milk procurement have increased in recent months.

Amul stated that the higher prices would help support dairy farmers, who are also facing increased costs in maintaining milk production. Mother Dairy said procurement prices paid to farmers have gone up steadily over the past year, making the revision necessary.

Following the increase, products such as full cream milk, toned milk and cow milk will now cost more in markets across the country. Retailers have already started selling milk at the revised prices.

The hike is expected to affect household spending as milk remains one of the most commonly used food items in Indian homes. It is widely used for beverages, cooking and children’s nutrition, making it an essential daily purchase for families.

There are also concerns that the increase in milk prices could eventually affect the cost of dairy products such as curd, paneer and sweets if input costs remain high.

This is Amul’s first nationwide milk price hike since 2025. Both companies said the revision was necessary to maintain supply stability and support the dairy supply chain, especially farmers and milk producers.

The rising inflation, fuel prices and supply chain costs continue to impact the dairy sector. The seasonal fluctuations in milk production also influence procurement and pricing decisions.

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Middle East tensions push up mango prices in London

The ongoing conflict in the Middle East is now being felt in an unexpected place, London’s mango markets.

Fruit sellers across the city say prices of popular South Asian mangoes have risen sharply this season because of disruptions linked to the regional conflict involving Iran. Importers are facing delays, higher transport costs and supply problems, making one of summer’s favourite fruits more expensive for customers.

Mangoes from countries such as India and Pakistan are highly popular in the UK, especially among South Asian communities. Every summer, fruit shops and supermarkets see strong demand for varieties known for their sweetness and flavour. But this year, traders say the situation has become difficult.

Many mango shipments arrive in the UK through air cargo routes connected to or passing near West Asia. With tensions rising in the region, airlines have changed routes, fuel prices have increased and freight costs have gone up significantly. Importers say this has made transporting fresh fruit slower and more expensive.

Shopkeepers in London say customers are shocked by the higher prices. Some premium mango varieties are now being sold at rates much higher than last year. In some stores, supplies are also running low because shipments are arriving late or in smaller quantities.

Since mangoes are highly perishable, even minor delays can affect quality and lead to losses for traders. Some sellers say they are struggling to maintain regular stock during what is usually the busiest mango season of the year.

Importers are now trying to find alternative transport routes, but they say costs remain high because of rising fuel prices and continued uncertainty in the region.

Despite the increase in prices, demand for mangoes has remained strong. For many families, especially within South Asian communities, mangoes are closely linked to summer traditions and seasonal celebrations.

Traders say the situation shows how international conflicts can affect everyday life far beyond the countries directly involved. A war thousands of kilometres away is now influencing food prices in local markets and changing shopping habits for consumers in London.

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India stops sugar exports till Sept 2026

India has suspended sugar exports until September 30, 2026, in a decisive move to address domestic supply concerns and stabilise prices in the local market.

The Directorate General of Foreign Trade (DGFT) has issued an order classifying raw, white, and refined sugar under the “prohibited” export category. This change effectively blocks new export contracts and halts fresh outbound shipments for the duration of the policy.

The government stated that the restriction is necessary to maintain adequate sugar availability within the country. Authorities have been monitoring the supply-demand balance closely amid signs of tightening output and rising domestic consumption.

While the ban is comprehensive, certain exemptions have been retained. Sugar consignments that have already been loaded, cleared through customs, or fall under specific previously approved arrangements may still be allowed to proceed. This ensures partial continuity of pre-existing trade commitments.

India, a major global sugar producer and exporter, plays a critical role in international sugar markets. As a result, any restriction on exports is expected to have both domestic and global implications.

On the domestic front, the move is expected to support price stability by improving supply availability in the short term. The government has acted amid concerns over lower sugar production in recent seasons, driven by irregular weather conditions, reduced cane yields, and production constraints.

In addition, increasing diversion of sugarcane towards ethanol production under the national blending programme has reduced the quantity of cane available for sugar manufacturing, further tightening supply.

Industry participants expect the policy to ease inflationary pressure in the sugar segment but warn that millers and exporters may face operational challenges due to halted overseas sales and disrupted contracts.

Globally, reduced Indian exports could tighten supply conditions, particularly in import-dependent markets, potentially supporting international sugar prices.

The government is expected to monitor production trends, domestic prices, and stock levels closely before reviewing the restriction.

Also Read: Gold hits ₹1,62,010, silver rises ₹3,10,100

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Gold hits ₹1,62,010, silver rises ₹3,10,100

Gold and silver prices in India surged sharply after the government increased import duties on precious metals. The move raised the total duty to about 15%, making imported gold and silver more expensive in the domestic market.

Following the change, gold prices jumped to around ₹1,62,010, while silver rose to about ₹3,10,100. The sharp increase reflects higher landed costs as India imports most of its gold and silver demand.

The duty hike is aimed at reducing imports and helping control pressure on the current account deficit. India is one of the world’s largest consumers of gold, and changes in import taxes quickly impact domestic prices.

Market experts said the rise in prices is mainly policy-driven rather than due to global demand changes. Jewellers reported weaker short-term buying as higher prices reduced retail demand, especially in the jewellery segment.

However, investment demand for gold is expected to remain steady as it is seen as a safe asset during uncertain global conditions. Silver demand is also expected to stay supported due to its industrial use in electronics and clean energy sectors.

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