New windfall tax rates on fuel exports take effect from June 1, 2026. Taxes are back on diesel and aviation turbine fuel after a period of nil levies. Petrol exports will also attract a duty. These revisions reflect changes in global oil prices and refiner margins. The government reviews these rates fortnightly.
Electricity bills in Uttar Pradesh will see a 10% increase starting June. This rise is due to a fuel surcharge reflecting higher fuel and power purchase costs. The Uttar Pradesh Power Corporation Limited is implementing this change as per new regulations. Consumers will pay more for electricity usage in the upcoming billing cycle.
Global economic leaders warned that the Middle East conflict is straining energy supplies and disproportionately impacting vulnerable economies. Disruptions through the Strait of Hormuz are raising concerns over fuel security and market conditions, especially with rising summer demand. The institutions are discussing responses to the war’s economic fallout.
Mahanagar Gas Ltd (MGL) has increased CNG prices by Rs 2 per kg and piped cooking gas by 50 paise per unit across the Mumbai Metropolitan Region. This hike, attributed to rising gas procurement costs, impacts millions of households and public transport users, intensifying demands for auto and taxi fare increases.
Shipowners are showing increased optimism for traffic through the Strait of Hormuz, with US forces providing navigational advice to vessels. Recent transits, some with satellite transponders off, suggest a potential boost in trade flow. This comes amid hopes for a broader reopening of shipping routes tied to a potential US-Iran deal.