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The Department of Education has scaled back its oversight of student loan servicers, a new report from the nonpartisan Government Accountability Office finds. View More

A school bell from Milford, Pennsylvania, stands in front of the Department of Education's headquarters in Washington, March 6, 2025.Chip Somodevilla | Getty Images News | Getty Images The U.S. Department of Education has scaled back its oversight of the companies that manage federal student loans, a new congressional watchdog report found.In February 2025, the department stopped "assessing servicers on accuracy and call quality," according to the report from the nonpartisan Government Accountability Office. That change occurred shortly before the Trump administration terminated around 50% of the Education Department's staff. Without its evaluation of student loan servicers, the GAO wrote, the Education Department "can't be sure that borrower records are correct and servicers are giving borrowers quality information." The office also said that borrowers could be placed into the wrong repayment status or overbilled as a result. "Instead of providing relief to 43 million Americans who are drowning in student debt, the Trump Administration has made it harder for them to understand how much they owe and how long it will take to pay back," said Sen. Bernie Sanders, I-Vt., in a statement. Sanders was among the lawmakers who requested the GAO investigation. Ellen Keast, press secretary for higher education at the Education Department, told CNBC the agency uses "a variety of methods" to assess loan servicers. "The agency uses data quality assessments, cross-system assessment data validation, daily and weekly performance reporting from servicers, weekly executive-level check-in meetings and borrower satisfaction surveys to monitor and improve the customer service delivered by our vendors," Keast said. Read more CNBC personal finance coverageIran war heightens affordability issues ahead of the Fed's March meetingCouples often miss this 'overlooked tax break' for retirement savers: CFPTrump administration has scaled back oversight of student loan servicers: GAOSocial Security 2027 COLA forecast may rise with high oil pricesYou can't 'borrow your way out of debt,' expert says, but more people are tryingHere's the inflation breakdown for February 2026 — in one chartSAVE plan used by millions of student loan borrowers is over, court ordersIdentity theft and your taxes: It's 'a terrible reverse lottery,' one victim saysAs Iran war disrupts oil prices, consumers could be 'hammered,' economist saysMillion-dollar earners have already stopped paying into Social Security for 2026Women and the K-shaped economy: Lower pay, affordability issues reduce spendingSmall 401(k) accounts may follow workers to their next job — except Roth moneyIn a jobs apocalypse, look to 'AI-proof' skilled trades, career experts sayMiddle-income homebuyers have $30,000 more buying power than a year agoAverage IRS tax refund is up 10.6%, early filing data showsCNBC's Financial Advisor 100: Best financial advisors, top firms ranked The drop in oversight of student loan servicers comes as the Trump administration is working to implement a massive overhaul of the lending system. President Donald Trump's One Big Beautiful Bill Act eliminates several affordable repayment plans and other relief. Many borrowers are likely to have questions for their servicers amid the changes, or to need assistance navigating the new options, consumer advocates say. More than 42 million Americans hold student loans, and collectively, outstanding federal education debt exceeds $1.6 trillion, according to the Congressional Research Service. Student loan servicers have a spotty history The Education Department contracts with different companies to service its federal student loan portfolio. It pays these companies more than $1 billion a year to manage borrowers' accounts, according to higher education expert Mark Kantrowitz.The servicers process borrowers' loan payments, supply information to borrowers and help them access repayment plans and forgiveness opportunities. The Federal Student Aid Office at the Education Department managed the assessments of these student loan servicers. However, the Trump administration has reduced the staff at the FSA to 777 people from 1,433, the GAO said. Student loan servicers have long faced criticism from advocates and lawmakers for misleading borrowers or failing to provide them with sufficient support. "Without oversight to ensure that loan servicers provide borrowers with correct information, borrowers may make decisions that negatively impact their finances, such as choosing the wrong repayment plan, not qualifying for forgiveness and defaulting on their student loans," Kantrowitz said. The Biden administration withheld $7.2 million in payment from servicer Mohela in 2023 for not sending timely billing statements to 2.5 million borrowers, resulting in more than 800,000 borrowers becoming delinquent. In 2017, days before Trump took office, the Consumer Financial Protection Bureau sued Navient. It accused the then-servicer of steering student loan borrowers away from affordable repayment plans and into expensive forbearances, which caused many to incur steep interest charges. Navient stopped servicing federal loans in 2021 and, in 2024, reached a $120 million settlement with the CFPB. As part of that deal, the CFPB banned the company from ever again managing federal student loans. Mohela and Navient did not immediately respond to a request for comment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Despite concerns over the Strait of Hormuz being shut down, India’s fuel supply stands strong. Petroleum Minister Hardeep Puri confirmed in the Lok Sabha that there's no shortage of petrol, diesel, or kerosene, attributing the current rush to panic buying fueled by anxiety rather than any real supply crisis. View More

The Strait of Hormuz has been effectively closed to commercial shipping for the first time in recorded history, but India’s fuel supply remains secure, Petroleum Minister Hardeep Puri assured the Lok Sabha on Thursday. Addressing concerns over panic buying, Puri clarified, “Panic on LPG supply [is] driven by consumer anxiety rather than supply shortage,” adding, “There is no shortage of petrol, diesel, kerosene.” Fuel retail outlets are fully stocked, and supply chains are operating normally. Check out our live coverage on US-Israel war with Iran Highlighting the impact of the Prime Minister’s diplomatic efforts, Puri said India has secured crude volumes exceeding what the disrupted Strait could have delivered. Non-Hormuz sources now account for 70% of crude imports, up from 55% before the crisis, while LPG production has increased by 28% over the past five days. Large LNG shipments are arriving almost daily via alternative routes. “The world has not faced a moment like this in energy history,” Puri said. India is sourcing cargoes from the US, Norway, Canada, Algeria, and Russia, with refineries running at high capacity utilisation. Alternate fuels are being deployed to ease pressure on LPG and gas. Live Events Also Read: India cooking gas crunch fuels inflation fear as Iran war widens Crude and fuel supply India’s crude imports are secure and diversified, with supply from 40 countries compared to 27 in 2006–07. Refineries are operating at high capacity, ensuring uninterrupted availability of petrol, diesel, aviation turbine fuel, kerosene, and fuel oil. Additional PDS kerosene has been issued to states. Natural gas and LPG Domestic natural gas production stands at 90 MMSCMD, supplemented by alternative LNG imports. “Domestic piped gas to homes and CNG for vehicles receive 100% supply with no cuts. Industrial and manufacturing consumers will receive up to 80% of their previous six-month average,” Puri said, noting that fertiliser plants and power generation are fully supported. LPG imports, previously heavily reliant on Gulf countries, have been diversified to include the US, Norway, Canada, Algeria, and Russia. “In the last 5 days, LPG production has been increased by 28% through refinery directives, and further procurement is actively underway,” he added. Domestic supply is fully protected, with the standard delivery cycle unchanged at 2.5 days. Puri stressed that localized rush bookings reflect consumer anxiety rather than supply issues. Measures like Delivery Authentication Codes and minimum booking gaps for urban and rural areas have been introduced to curb hoarding and black marketing. Commercial LPG and alternate fuels To prevent diversion, 20% of the average monthly commercial LPG requirement will be allocated in coordination with state governments. Alternate fuels, including kerosene, fuel oil, biomass, and RDF pellets, are being made available for hospitality and industrial users for one month to free LPG for priority consumers. Also Read: Middle East war: OMCs to start allocating 20% of commercial LPG from today to curb hoarding, says Hardeep Puri Consumer prices and state coordination Despite global price rises, domestic LPG prices remain controlled. The PMUY beneficiary price in Delhi stands at Rs 613 per cylinder, while non-subsidised consumers pay Rs 913—well below regional comparators. State governments are coordinating closely with central authorities, with monitoring committees and anti-diversion operations in place. Puri concluded, “India is navigating the most severe global energy disruption in recorded history. Crude supply is flowing. Gas is prioritised for homes and farms. LPG production has been stepped up by 28 per cent. Consumer prices are held far below market levels. Schools are open. Petrol is on the forecourt. Every citizen has a stake in that. India must stand united behind its energy warriors, behind the institutions managing this crisis, and behind the national interest.” .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Brent is up 27% since the start of the war as the Strait of Hormuz is effectively shut and some oil production in the region has been curtailed. "We make the assumption in our modelling that the effective closure of the Strait of Hormuz will cause oil production in the Middle East (West Asia) to fall further in the coming weeks. We assume this shut-in production will gradually ease as transit through the Strait resumes," the EIA, the primary federal authority in the US for energy statistics, said in its short-term energy outlook. View More

NEW DELHI: The US Energy Information Administration (EIA) has forecast Brent crude oil to remain above $95 per barrel over the next two months, signalling a longer duration for the Iran war and its impact on energy markets . During afternoon trade, Brent was up 5% at about $92, suggesting the market doubted either the plan itself or its effectiveness in offsetting supplies lost due to the Gulf conflict. Brent is up 27% since the start of the war as the Strait of Hormuz is effectively shut and some oil production in the region has been curtailed. "We make the assumption in our modelling that the effective closure of the Strait of Hormuz will cause oil production in the Middle East (West Asia) to fall further in the coming weeks. We assume this shut-in production will gradually ease as transit through the Strait resumes," the EIA, the primary federal authority in the US for energy statistics, said in its short-term energy outlook. Brent prices are expected to average $91 in the second quarter of 2026 and fall below $80 in the third quarter, according to the EIA, which also raised its forecast for the average price in 2026 by 37% from last month's estimate to $79. Higher oil prices for an extended period would mean hardship for refiners as well as consumers, an industry executive said. If companies are not allowed to raise prices of petrol, diesel or LPG for long, their earnings will suffer, he said. In some other refined products such as aviation turbine fuel, however, prices should quickly reflect market realities. Live Events Before 2026 began, several forecasts had projected oil prices falling into the $50s. "This was supposed to be an easy year for oil consumers but it's turning out to be difficult," the executive said. There had also been expectations that low oil prices would allow governments to raise additional revenues by increasing fuel taxes, but the situation has now turned completely opposite, he added. With increased access to floating Russian volumes in recent days, India has been able to partly ease its crude supply crunch, though it is still unable to fully replace the lost Gulf volumes. The overall price it is paying is also much higher. The average price of the Indian crude basket for March is $95.79 per barrel compared with $63 in January. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

FHRAI flags LPG shortage amid West Asia tensions impacting hotel stocks, while Reliance Retail acquires Pahadi local and True North exits Anthem Biosciences stake View More

India anticipates increased reliance on coal power this summer. Tight liquefied natural gas supplies are impacting generation plans. Power companies have not bid for gas-based power. The government is preparing coal plants for higher output. India has ample capacity from coal, nuclear, hydro, and wind to meet demand. This shift ensures electricity availability for consumers. View More

India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said. New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including ‌costly gas-fired generation, ⁠to ⁠meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices. But so ​far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based ​power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days. A second official said the power ​ministry is looking to bring coal plants out of ⁠planned outages ‌and advising generators to avoid shutdowns during the peak summer months. Top utility NTPC has already told India's grid regulator it will not be ⁠able to supply gas-fired power during the April-June summer months, two company sources said. NTPC and the federal power ministry did ​not respond to Reuters emails seeking comment. Live Events EMERGENCY PROVISIONS India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants. India's Petronet LNG Ltd , the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil ‌Corp and Bharat Petroleum Corp after supplies from Qatar and Abu Dhabi National Oil Company were halted. The country has about 20 gigawatts (GW) of gas-based ​generation capacity, ​which typically operates at ⁠6-10% utilisation due to costly LNG, but rises to about 30% during the summer months. Even if peak demand reaches 250-260 GW this summer, India is unlikely to face ​material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings. India relies on coal power for nearly 75% of its power generation. "India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The NAACP has accused Mississippi regulators of rushing a meeting to approve xAI plans for a massive, methane-burning power plant in Southaven. View More

Elon Musk waves to the crowd during the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 22, 2026. Denis Balibouse | Reuters With Elon Musk's xAI planning to build a massive, natural-gas burning power plant in Southaven, Mississippi, the state's environmental authority has scheduled a board meeting for Tuesday — Election Day for the 2026 primaries — to decide whether to grant the company key permits. The NAACP and other civil rights and environmental advocates tried to get the meeting delayed, arguing that it was being rushed and would conflict with some residents' efforts to vote. The groups also said that by holding the meeting in Jackson, nearly 200 miles away from Southaven, those directly effected by the plant are impeded from attending. "This is not only a civic duty conundrum, but an unnecessary financial burden to Black residents and individuals who live in low-income and other communities near the facility," the NAACP wrote in a letter to the Mississippi Department of Environmental Quality (MDEQ) that's dated March 8, but was released publicly on Monday. They asked that the hearing be rescheduled and moved to a site closer to the proposed facility.The MDEQ denied the request on Monday, writing in a response to the NAACP that its permit board "regularly meets on the second Tuesday of each month, which has been the standard practice for decades," and that the regulator, "considers matters on a statewide basis." A copy of the letter was shared with CNBC. The meeting is set to take place a little over a month after Musk merged xAI with SpaceX, his reusable rocket company, in a transaction that valued the combined entity at $1.25 trillion. Since starting xAI in 2023, Musk has tried to turn the AI company into an OpenAI competitor in the booming generative AI market. watch nowVIDEO5:1405:14Calculating Elon Musk's wealth: Here's what to knowSquawk Box Training and running AI models requires hefty amounts of compute and power, and rising utility bills have been partly blamed on the massive electricity consumption of new data centers. At a meeting last week with the White House, execs from tech companies, including xAI, signed non-binding pledges to supply their own power for their facilities. So far, xAI has relied on its Colossus 1 and Colossus 2 data centers in Memphis, Tennessee, just across the Mississippi state line. In Southaven, a roughly 15 minute drive from Memphis, xAI is investing in the proposed power plant, and a large data center dubbed Macrohardrr.Following the MDEQ's response on Monday, the NAACP said in a statement that by having the hearing the morning of Election Day, three hours away from the community, "their actions speak volumes." "They're trying to sneak xAI's data center into the community's backyard and they don't care about the people living there," the letter said. In February, the NAACP filed a notice of intent to sue xAI over alleged Clean Air Act violations in Southaven. As CNBC previously reported, residents in the area say they've endured round-the-clock noise pollution, and are concerned about air quality and public health issues from xAI's use of "temporary" natural gas-burning turbines. Research by scientists at the University of Tennessee found that xAI's earlier turbine use added to air pollution woes in Greater Memphis.At a public hearing on Feb. 17 in Southaven, about 200 residents turned out to implore state and local officials to deny xAI authorization to rapidly build out data and power infrastructure without greater transparency, community engagement and effective efforts to prevent noise and air pollution. Physicians, parents, teachers and local officials spoke out at the hearing. "We are slowly falling out of love with where we have decided to grow our family," said Taylor Logsdon, a mother of three, citing pollutants, noise levels and negative health effects. "It's no coincidence that this is happening now. And I feel it will only get worse." A recent investigation by Floodlight showed that xAI has been operating more than a dozen "temporary" turbines concurrently in Southaven, as it previously did in Memphis. The company has argued that the turbines did not require federal permits, but environmental compliance experts have disagreed. Community pushback and regulatory requirements are among the factors driving Musk and other tech executives to explore the potential of data centers in space.WATCH: SpaceX takes on xAI cash burn after merger watch nowVIDEO1:3901:39SpaceX takes on xAI cash burn after mergerTechCheck Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Jawed Ashraf said stronger value addition and supply chains will be key as the 40th edition of AAHAR begins in New Delhi. View More

New Delhi: India’s vast agricultural base and expanding food processing industry are positioning the country as a potential global food powerhouse, but challenges such as perishability, supply-chain inefficiencies and limited value addition must be addressed to unlock the sector’s full potential, according to India Trade Promotion Organisation (ITPO) chairman Jawed Ashraf. Speaking at the curtain raiser for the upcoming AAHAR – International Food & Hospitality Fair at Bharat Mandapam on Monday, Ashraf said the food ecosystem, spanning agriculture, processing, hospitality and exports, has emerged as one of the most significant pillars of India’s economy. “This is an extremely important sector for the Indian economy because it is directly connected to the livelihood of farmers, to small and medium-scale industry, and to broader employment in the economy,” he said. The AAHAR exhibition, which begins tomorrow and is now entering its 40th edition, reflects the growing importance of the food processing and hospitality sectors in India’s economic landscape, he added. The ITPO chief, who has also served as former Ambassador to France and Monaco and former High Commissioner of India to Singapore, highlighted that the country is among the world’s largest producers of a wide range of agricultural commodities , including dairy, sugarcane, pulses, food grains, fruits, and vegetables. However, translating this production strength into higher incomes and global competitiveness requires stronger value addition. Live Events “India has been one of the major producers of virtually every crop you can think of, but there are challenges in realising its full potential,” he said. According to Ashraf, one of the key issues plaguing the farming community is the high level of perishability of agricultural produce and the long distance between farms and consumers, particularly for small farmers. “Tthe distance between the farm and the fork on the table remains difficult for many farmers, especially small-scale farmers,” he said, adding that strengthening food processing capacity is essential not only to reduce wastage but also to increase farm incomes and create jobs in rural India. Ashraf said future employment generation in rural areas is closely tied to the growth of the food processing industry, noting that limited and shrinking arable land makes value addition through processing, supply chains, marketing and allied activities increasingly important. Speaking about India’s food processing industry, he stated that the food processing sector is today the fifth largest globally and contributes about 32% of India's total food market. "The $350-billion sector today is expected to reach about $700 billion by 2030,” he said. Besides its established export strengths in rice, marine products, animal products and spices, Ashraf highlighted India's increasing success in the high-value processed foods sector. He said the government is placing strong emphasis on diversifying trading partners through free trade agreements and expanding market access. “Food processing will be at the heart of this strategy because it is labour-intensive and driven by small-scale industries. India’s trade agreements with key markets such as the European Union, the United Kingdom and EFTA countries are expected to further open new opportunities for Indian food exports,” he added. AAHAR expands global footprint The 40th edition of AAHAR will showcase the growing scale and global interest in India’s food and hospitality sectors. This year’s exhibition will feature around 1,800 participants, including about 150 international exhibitors from 17 countries, spread across 125,000 square metres of exhibition space. The event will cover a wide range of segments, including processed foods, bakery and confectionery products, hospitality equipment, storage technologies , and décor solutions. For the first time, AAHAR will also feature a partner country, with Italy chosen for the inaugural edition. “Italy is a global leader in tourism, hospitality and culinary art, and we believe its participation will add great value to the exhibition,” Ashraf said. Union Minister of Commerce and Industry Piyush Goyal will inaugurate the five-day international food and hospitality event on March 10. The event at Bharat Mandapam is expected to attract over one lakh business visitors from across the food processing and hospitality ecosystem. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

The severe supply challenges reportedly forced state-run refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) to shut a crude processing unit while moving gas companies to levy further curbs on supplies to industries. The discussions are underway with national oil companies as well as international oil majors and traders for supplying replacement barrels, the official said. View More

NEW DELHI: India is in talks with major global suppliers, including Russia, to compensate for the crude oil shortage caused by the Gulf conflict, a senior oil ministry official said Thursday. The severe supply challenges reportedly forced state-run refiner Mangalore Refinery and Petrochemicals Ltd ( MRPL ) to shut a crude processing unit while moving gas companies to levy further curbs on supplies to industries. The discussions are underway with national oil companies as well as international oil majors and traders for supplying replacement barrels, the official said. However, India hasn't yet curtailed exports of petrol, diesel, or aviation turbine fuel (ATF), which it ships in large volumes, especially to Europe, as such a move would only add to the prevailing global turmoil, the official said. Mangalore Refinery and Petrochemicals is facing a shortage of crude as it has become overwhelmingly dependent on Gulf supplies after stopping imports of Russian oil a few months ago. A company executive described the shuttering of the crude processing unit as routine maintenance. Live Events Given the current situation, it is better to use the time for maintenance, he said. India has lost access to about 60 mmscmd of liquefied natural gas (LNG), accounting for about 60% of national gas imports, following the shutdown of a Qatari LNG plant after an Iranian attack on Monday, the official said. The supply disruption is affecting several industries but hasn't impacted cooking gas availability for households or for compressed natural gas (CNG) vehicles, said people familiar with the matter. State-run GAIL had earlier sent supply curtailment advisories to city gas distribution companies but later withdrew them, possibly after government intervention, a person said. However, many industrial customers of GAIL, Indian Oil , BPCL , Gujarat Gas , and Adani Total Gas have been affected by shortages. Meanwhile, two tankers carrying Russian oil arrived at Gujarat's Vadinar port and Odisha's Paradip port on Thursday, signalling India's efforts at tapping oil from Russia. Oil discharged at Vadinar is used by Rosneft-backed Nayara Energy, while Indian Oil uses crude imported at Paradip. Nayara had continued to import Russian oil, but other refiners had turned cautious following US pressure. India is also in talks with the US on insurance for tankers in the Gulf region, the ministry official said. US President Donald Trump has ordered the US Development Finance Corporation (DFC) to provide, at a reasonable price, political risk insurance and financial guarantees for ships travelling through the Gulf. The absence of insurance due to the war is making it doubly difficult for ships, which already want to avoid the barrage of Iranian missiles in the Gulf. The choking of the Strait of Hormuz and attacks on key energy installations have pushed up oil and gas prices. Benchmark Brent traded around $84 per barrel on Thursday. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Government sources have confirmed no plans for petrol and diesel rationing in India due to sufficient stock. GAIL will declare force majeure to ensure gas supply to priority sectors amidst the escalating West Asia conflict. India is actively seeking alternative energy sources and diversifying its imports. View More

New Delhi: Government sources have confirmed that there are no plans for rationing of petrol and diesel in India as sufficient stocks available to meet requirements remain in place. As per the sources, Gas Authority of India Limited ( GAIL ) will declare force majeure to ensure gas supply to priority sectors, as India navigates energy challenges stemming from the escalating West Asia conflict. According to the government sources on Thursday, the decision follows Qatar Energy, which on Wednesday declared force majeure, a contractual provision invoked when unforeseen circumstances prevent a party from fulfilling its obligations. It shields the party from penalties and potential breach of contract claims from clients. Qatar currently supplies 20 per cent of global LNG requirements and remains a critical partner for India, accounting for 60 million metric standard cubic metres per day (mmscmd) of the country's total 195 mmscmd gas imports. Earlier in the day, Government sources also mentioned that Australia and Canada have offered to sell gas to India as the country looks for other alternative energy sources amid the escalating West Asia conflict. The government is scouting for alternative markets to buy gas, as India currently imports 195 million metric standard cubic metres per day (mmscmd) of gas, of which Qatar supplies 60 million mmscmd. India is in talks with major oil producers and traders to buy crude and LPG. Sources said the government is in discussions with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). India is also in talks with the US to get insurance for ships. Live Events The country recently signed a new contract with the UAE and the US to diversify its energy basket. According to sources, India is reviewing the energy situation twice a day and is in a very comfortable position regarding its energy security. India's current position of stock is also seen to be comfortable, with stock being replenished every day. As per the sources, there is no shortage of LPG or LNG as well as crude oil, in the world. The sources noted that India is in touch with other suppliers as well. Amid turmoil in West Asia, government sources on Tuesday said that India has a total of eight weeks of crude oil and petroleum products inventory, that includes strategic reserves, and only about 40 per cent of India's crude oil imports transit through the Strait of Hormuz, significantly limiting exposure to regional disruptions. They asserted that the country remains in a comfortable position on energy security amid the evolving situation in the West Asian region. Sources said India is closely monitoring developments in the region but is well-prepared to manage any potential supply-side challenges due to adequate inventory levels and diversified sourcing. According to sources, India currently has around 25 days of crude oil inventory. Additionally, the country maintains about 25 days of petrol and diesel inventory. Crude oil refers to raw petroleum extracted from the earth, which is refined to produce fuels such as petrol, diesel and aviation turbine fuel. Overall, India has a total inventory cover of nearly eight weeks of crude oil and petroleum products, ensuring energy security in the event of short-term disruptions. Only 40 per cent of India's crude moves through the Strait of Hormuz, and 60 per cent of the rest of the crude comes from other sources India continues to import Russian crude as per previous contracts. The sources further stated that India is in a comfortable position with respect to LPG and LNG supplies. The government, according to sources, is keeping a close watch on the global energy market to ensure uninterrupted supplies for the country. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The Power Ministry is taking proactive steps by establishing a special committee tasked with finding a new head for NTPC, after the Public Enterprise Selection Board's search fell short. The existing chief's tenure has been prolonged, with applications for the vital Chairman and Managing Director role open until March 28, 2026. View More

New Delhi: The power ministry has decided to set up a search-cum-selection committee to look for the head of state-owned electricity generator NTPC , as government headhunter PESB failed to identify a suitable candidate. The Public Enterprise Selection Board (PESB), under the Department of Personnel and Training (DoPT), which is responsible for hiring candidates for top management posts of central public sector enterprises (CPSES), interviewed a dozen of candidates for the post of CMD of NTPC. The incumbent, Gurdeep Singh, was to superannuate on July 31, 2025, but his service as NTPC's CMD was extended till August 1, 2026, in the absence of a successor. The power ministry, in a notice issued on February 28, said the appointment to the post of Chairman and Managing Director, NTPC Limited, will be done through a "Search-cum-selection Committee". Candidates can apply for the post on or before March 28, 2026, it said. Live Events The search-cum-selection committee route is taken when PESB fails to find a suitable candidate. Since 2021, PESB has failed to find a suitable candidate for at least four other public sector enterprises -- Oil and Natural Gas Corporation ( ONGC ), Indian Oil Corporation ( IOC ), Hindustan Petroleum Corporation ( HPCL ), and Bharat Petroleum Corporation Ltd ( BPCL ). Singh, too, was chosen to head NTPC by a search-cum-selection committee in 2016. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)