Global LNG rises 6% to $32/mmBtu amid low European storage
Business
Global LNG prices just shot up 6% to $32 per mmBtu this week.
With Europe's gas storage running low and winter on the way, India might see gas bills go up.
Indian oil firms squeezed by freight
Even though Middle Eastern oil exports are bouncing back, global crude is still tough to get, and way more expensive to ship.
Freight now makes up over a quarter of crude's cost, and discounts on Russian oil have shrunk.
Indian oil companies are feeling the squeeze, facing big losses on petrol and diesel, with current losses of ₹25 per liter for petrol and ₹37 per liter for diesel.