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India has taken a significant step to shield its consumers from the impact of rising global energy prices, slashing fuel taxes in the face of increasing tensions between the United States, Israel, and Iran. The move aims to prevent a sharp increase in fuel prices that could have been triggered by the crisis.Petroleum Minister Hardeep Singh Puri announced on Friday that the government had decided to reduce petrol duties from 13 rupees ($0.14) per litre to 3 rupees ($0.032) per litre. Additionally, the 10-rupee (0.11) per litre duty on diesel has been completely removed, effective immediately.The decision comes as oil prices have surged past $100 per barrel following Iran's near-closure of the Strait of Hormuz after Israel and the US launched attacks on February 28. India, being the world's third-largest crude importer, relies heavily on this passageway for its crude oil supply, with about 40 percent of its crude coming through the Strait of Hormuz.Despite concerns about potential shortages, authorities have assured that there is no shortage of crude and that current reserves will cover 74 days. The government also moved to quash rumours of an impending lockdown, with Minister Puri stating that such claims are 'completely false' and that India is 'resilient.'The impact of the tax cuts on pump prices for ordinary consumers remains uncertain. Analysts suggest that oil companies previously selling at a loss are likely to benefit from the tax reductions. According to economist Madhavi Arora from Emkay Global, the annualised fiscal hit from these cuts is estimated at nearly 1.55 trillion rupees ($16.3bn).In a related move, finance authorities have reimposed export taxes on diesel and aviation fuel, raising them to 21.5 rupees ($0.23) and 29.5 ($0.31) rupees per litre respectively. This comes after the taxes were previously scrapped in 2024.

The ongoing United States-Israeli conflict with Iran has triggered severe disruptions to global LNG supplies in the Gulf, creating the most significant energy market disruptions in recent years. The critical Strait of Hormuz, through which 27 percent of the world's maritime oil trade and 20 percent of LNG shipments pass, has been brought to a near standstill.In response to the conflict, oil-producing nations such as Saudi Arabia have rerouted oil through alternative pipelines, while Qatar has completely halted LNG production at its Ras Laffan and Mesaieed facilities following attacks on its energy infrastructure. This disruption comes as natural gas makes up about a quarter of global energy consumption, raising widespread concerns about the impact on nations heavily reliant on gas imports.Natural gas is formed over millions of years from decomposed organic matter subjected to intense heat and pressure beneath the Earth's surface. LNG represents natural gas that has been cooled to -162 degrees Celsius through cryogenic processing, shrinking it to a 600th of its gaseous volume. In its liquid state, LNG is colorless, odorless, and non-flammable, making it safe and efficient to transport across vast distances.Before liquefaction, the gas undergoes purification through water-based solvents and molecular sieve beds to remove impurities including carbon dioxide, hydrogen sulfide, water, and mercury. Heavier hydrocarbons are then separated from methane and ethane through fractionation. The resulting fuel is typically composed of 85 to 95 percent methane, with small amounts of ethane, propane, butane, and nitrogen.LNG is stored in large insulated tanks without requiring high-pressure infrastructure, then pumped onto double-hulled carriers for shipment to terminals worldwide. At destination facilities, LNG is heated using seawater or warm water baths until it vaporizes—a process known as regasification—before being distributed through pipelines for consumption.Once returned to a gaseous state, LNG serves multiple purposes globally. Residential applications include cooking, heating, and electricity generation, while supporting hot water systems in homes and heating for commercial buildings. In power generation, LNG offers a comparatively low-carbon alternative to coal and oil. Industrial applications span fertilizers, plastics, paints, and medicines, with LNG also used to fuel heavy-duty vehicles and ships.The disruption has particularly affected agricultural production, as Gulf nations export close to half the world's traded urea—a key fertilizer component. Natural gas serves as both the primary feedstock and fuel for fertilizer manufacturing, with the halt in production forcing producers across the region to suspend or reduce operations.While primarily valued as an energy source, LNG processing yields significant by-products with industrial and medical applications. The most notable is helium, extracted during cryogenic processing. With global helium production estimated at 180 million cubic meters annually, the disruption to Qatar's LNG facilities has removed approximately 5.2 million cubic meters from the market each month—accounting for about a third of global monthly production.Helium is critical for cooling superconducting magnets in MRI and CT scanners, with the average MRI machine requiring about 1,700 liters of liquid helium. The element is also vital to the data center industry, where it conducts heat away from silicon components, preventing damage to semiconductors. Additionally, the natural gas value chain generates petrochemical derivatives that serve as feedstock for manufactured goods, including medical-grade plastics.According to the International Gas Union's 2025 World LNG Report, 411.24 million tonnes of LNG were traded in 2024. The United States emerged as the largest exporter with 88.4 million tonnes, followed by Australia (81 million tonnes), Qatar (77.2 million tonnes), Russia (33.5 million tonnes), and Malaysia (27.7 million tonnes). Together, these top five suppliers account for more than three-quarters of global LNG supply.China was the largest importer with 78.6 million tonnes in 2024, followed by Japan (67.7 million tonnes), South Korea (47.1 million tonnes), India (26.1 million tonnes), and Taiwan (21.8 million tonnes). These top five importers constituted nearly 59 percent of all global LNG imports that year.South Asian nations face particularly severe risks from the current conflict. Pakistan, where natural gas accounts for 28 percent of electricity generation for its 250 million people, and Bangladesh, where gas supplies half of all electricity for its 176 million population, are heavily dependent on Gulf imports. Qatar and the United Arab Emirates supply approximately 99 percent of Pakistan's LNG imports and 72 percent of Bangladesh's.In response to the energy crisis, Pakistan has implemented emergency measures including a four-day workweek for government employees and extended school holidays. Bangladesh has reduced gas supplies and is seeking nearly $2 billion in international loans to fund energy inputs and maintain price stability. India, which relies on Gulf nations for about half of its LNG and generates 5 percent of its electricity from gas, has shifted toward coal usage as LNG disruptions continue.

Manila, Philippines, is experiencing a rare phenomenon - empty streets. For years, the city's transport congestion has been notorious, ranking worst globally in 2024, according to the TomTom traffic index. However, a 26km drive from the Manila airport to the Quezon City Hall now takes just 45 minutes, instead of the typical two hours, according to Google Maps.The reason behind this sudden change is the surge in fuel prices following the United States and Israel's joint military operation against Iran almost a month ago. This has resulted in a significant decrease in vehicular traffic, with fewer buses, jeepneys, and ride-hailing vehicles plying the streets.The impact is being felt by vendors and transport workers, such as Ruben, a 27-year-old parking attendant, who earned less than half his usual collection on a typical Wednesday. Emily Ruado, a 59-year-old paper napkin vendor, also reported a decline in her daily income from $10 to $5.The financial difficulties faced by individuals like Ruben and Emily reflect a bigger headache for the Philippines, as worries of a sharp increase in prices of basic goods and sudden loss of employment for thousands of people could quickly lead to a stagnating economy. The country's GDP growth rate of 5 percent is now becoming more unlikely.The surge in fuel prices has also exposed the acute insufficiency of Manila's limited railway network, with commuters swelling during rush hour at metro stations. This highlights the need for improved infrastructure and the multibillion-dollar infrastructure corruption scandal still roiling the country.

Germany's Autobahn, the world's only democracy without a blanket speed limit on motorways, has long been a symbol of freedom and technological mastery for driving enthusiasts. Lutz Leif Linden, president of the Automobile Club of Germany (AvD), has reached speeds of 400km/h (249mph) on the road, describing the experience as 'like an airplane.'The country's love affair with fast cars dates back to the late 1800s, with Carl Benz patenting the first 'vehicle powered by a gas engine'. The success of the German car industry, which created jobs, gave citizens freedom to travel, and brought in tax revenues, has cemented motorized vehicles in the national psyche.Despite the International Energy Agency (IEA) urging drivers to slow down to cushion the price shock from the biggest blow to oil supply in history, Germans remain opposed to a blanket speed limit. Public opinion has shifted, with a majority supporting the Tempolimit among voters of all big parties except the far-right Alternative für Deutschland and the market-liberal Free Democrats.Researchers have made the case for slowing down in terms of money, fuel, and lives. A study found a speed limit of 130km/h would lead to nearly €1bn a year in societal benefits, cut greenhouse gas emissions from road transport by 2.2%, and reduce toxic air pollutants. However, opponents argue a blanket ban is unnecessary and cite the time saved over long distances and the appreciation of freedom to set their own speed.The industry has found itself in a crisis as high energy prices and competition from China on electric vehicles have resulted in factory closures and job losses. Germany led efforts to water down an EU ban on the sale of combustion engine cars from 2035. A spokesperson for VDA, Germany's biggest car lobby, described the climate impact of a blanket speed limit as 'minimal' and 'increasingly insignificant' as the car fleet becomes more electrified.

UK car production experienced a significant decline in February 2026, with 17% fewer cars rolling off production lines compared to the same period in 2025. According to the Society of Motor Manufacturers and Traders (SMMT), this downturn is attributed to a sharp drop in exports, which fell by 12% overall.The industry is sounding the alarm, describing the situation as 'extremely worrying.' Mike Hawes, chief executive of the SMMT, emphasized that these figures pre-date the crisis in the Middle East, which is expected to further strain the sector. The ongoing conflict has led to soaring global energy prices, potentially denting consumer demand and exacerbating the decline.UK carmakers are facing challenges in key markets, including China, where demand has cratered due to the rise of domestically made competitors. Additionally, US tariffs imposed by Donald Trump have put pressure on UK manufacturers. Exports to the EU did see a 5% increase, but this was offset by a 34% decline in exports to the US and a 66% plunge in exports to China.The production of battery-electric, plug-in hybrid, and hybrid cars also experienced a decline, falling by 3% to 26,629 units. Despite this, these vehicles accounted for 40% of total output.The industry's current challenges stand in stark contrast to the UK government's ambitions, as outlined by Labour, to have 1.3 million vehicles manufactured annually by 2035. This target is nearly double the 764,715 cars and vans produced in 2025.The SMMT has warned that if the UK is not fully included in the EU's proposed 'Made in Europe' manufacturing rules, European sales could take a hit. The Japanese carmaker Nissan has threatened to close its Sunderland plant if these rules are introduced, citing potential damage to the £70 billion-a-year cross-channel trade.

The documentary 'Keir Starmer: Where Did It All Go Wrong?' presents a critical analysis of Prime Minister Keir Starmer's leadership, highlighting his historically low approval ratings and the public's perception of him as 'incompetent', 'useless', and 'weak'. The program, presented by political broadcaster Lewis Goodall, explores the reasons behind Starmer's unpopularity, including his lack of clear political strategy and vision.According to the documentary, Starmer's promise of change was a key factor in his election campaign, but little has changed for ordinary citizens. A survey conducted for the program revealed that a majority of respondents believe Starmer should resign, citing his slow pace of change and lack of a clear plan. The documentary also examines Starmer's shift to the right during his leadership campaign, which may have opened up space for the Greens to attract progressive voters.The program features interviews with various politicians, including Alan Johnson and Bridget Phillipson, who defend Starmer, while John McDonnell and Kim Johnson offer a more critical perspective. The documentary concludes by questioning whether Starmer can find the qualities needed to turn his leadership around and restore public trust.However, the article suggests that the documentary may be avoiding a deeper analysis of Starmer's ideology and the potential reasons behind his actions, including the possibility that he may be intentionally maintaining the status quo. The article also notes that Starmer's dealings with Donald Trump and his stance on Iran have been presented as positive aspects of his leadership.

The UK government's borrowing costs have risen above 5% amid an intensifying global bond market sell-off fueled by the Iran war. The yield – or interest rate – on 10-year debt hit its highest level since the 2008 financial crisis, rising 13 basis points to 5.081%, as investors acted on concerns about the economic fallout from the conflict.Borrowing costs also rose for the US and eurozone governments, underscoring growing turbulence in the global financial system after Donald Trump's extension of a deadline for a peace deal failed to soothe jittery investors. Financial markets worldwide slumped on Friday, extending falls seen since the outbreak of the war, with losses in London and across major US and EU trading hubs. The price of Brent crude remained above $110 a barrel.Kathleen Brooks, the research director for the UK at the financial trading platform XTB, said: “Markets feel more panicky this week, and Friday’s price action suggests that investors are losing faith in Donald Trump’s ability to end this war and reach a deal with the Iranians.”Economists have warned that the Bank of England could be forced to take a tough approach to tackling inflation after losing some of its credibility by underestimating the leap in inflationary pressures in 2022. The increase in borrowing costs will add to the challenges facing Rachel Reeves, the chancellor, amid pressure on Labour to provide a package of financial support for households already reeling from a cost of living crisis.

The US and Israel are intensifying their military campaign against Iran, with Senator Marco Rubio stating that the operation is expected to conclude in 'weeks, not months'. The conflict escalated with a surprise strike on 28 February that killed Iran's supreme leader, Ali Khamenei.Despite Iran's defiance and denial of negotiations, the US and Israel continue to target Iran's nuclear facilities and military sites. Israel's defence minister, Israel Katz, warned that attacks against Iran will 'escalate and expand' to additional targets and areas that assist the regime in building and operating weapons against Israeli citizens.The conflict has significant economic implications, with the Strait of Hormuz, a strategic waterway through which a fifth of the world's oil is usually shipped, being a key point of contention. The US has ordered thousands of marines and elite airborne troops to the region, possibly in preparation for a military effort to forcibly reopen the waterway.Iran has threatened to attack Saudi Arabia's Red Sea port of Yanbu and the Fujairah oil complex in the United Arab Emirates if a ground invasion takes place. The US president, Donald Trump, has issued an ultimatum to Iran, demanding that it allow free passage of shipping through the strait by 6 April or face the destruction of its energy plants.The conflict has resulted in significant casualties, with over 1,900 people killed and 20,000 injured in Iran, and 19 people killed in Israel. The humanitarian crisis in Lebanon has worsened, with a fifth of the population displaced and nearly 1,100 people killed.The G7 foreign ministers have reiterated the need for safe and toll-free freedom of navigation in the Strait of Hormuz and called for an immediate cessation of attacks against civilians and civilian infrastructure.

The boss of Asda, the UK's second-largest fuel retailer, has warned of temporary shortages at petrol pumps due to the ongoing conflict in the Middle East. Allan Leighton, executive chair of Asda, stated that the company has been experiencing high demand from drivers as fuel prices have surged over the past four weeks.Leighton emphasized that the temporary shortages have only affected the odd pump at a small number of Asda's petrol forecourts, typically when customers arrive at a time the retailer is waiting for a fuel delivery. He added that these shortages are temporary and addressed quickly.Petrol and diesel prices have climbed significantly since the US and Israel began their campaign against Iran on 28 February. The average price of petrol in the UK rose above 150p a litre for the first time since May 2024, reaching 150.11p, according to the RAC. Diesel prices have also increased, averaging 177.68p a litre.Leighton rejected claims that fuel retailers might be 'profiteering' from the crisis by raising their prices, stating that Asda's profit margin is coming under pressure from higher fuel costs. He also noted that the government is benefiting from the situation through increased tax revenue.The global price of oil has moved higher again, climbing 2.5% to almost $111 a barrel. This increase is likely to keep petrol and diesel prices higher in the coming weeks, affecting motorists during the Easter weekend.