Middle East crisis: Rajnath Singh to head inter-ministerial panel to monitor conflict-related issues

Against this backdrop, concerns are growing about energy security, onshore LPG supplies and disruptions to the overall global order. Earlier this week, Prime Minister Narendra Modi Announced the formation of seven empowered teams to assess the impact of the ongoing military conflict in West Asia on energy supplies, essential commodities and supply chains and to develop strategies to mitigate its impact on the Indian economy.Speaking in the Bundestag, the Prime Minister noted that the conflict had disrupted the global economy and warned that recovery from the damage would take time. He said drawing on lessons learned from the government’s response during the Covid-19 pandemic, the teams will serve as rapid response teams focusing on key areas such as petrol and diesel, fertilizers, natural gas, supply chain and inflation.Meanwhile, especially on the fuel supply front, the government has imposed export duties on diesel and turbine fuel, a move aimed at boosting the availability of these products in the domestic market, CBIC Chairman said on Friday. Meanwhile, the government also reduced special excise duty on petrol and diesel to address the lack of recovery faced by oil marketing companies (OMCs) earlier in the day. In a move said to be aimed at providing a cushion to consumers, officials said retail prices of major fuels will remain unchanged.Read more: Government imposes export duties on diesel, turbine oil; Eyes Rs 1,500 collectible