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Gasoline and diesel prices in India may increase after the Diwali festival as rising global crude oil prices increase the burden on the government and state-owned oil refining companies. Energy expert Narendra Tanedge told Business Today TV that changes in domestic fuel prices could occur between Diwali and Christmas.

He warned that people cannot remain unaffected by growing global energy tensions. The rise in global prices will inevitably affect India, which could lead to an increase in the cost of gasoline and diesel fuel.

Tanedge added that a fuel price hike after Diwali and before Christmas is expected, noting that it will be extremely difficult for the government and oil companies to constantly cope with rising prices. Currently, Indian oil companies are under pressure due to high oil prices.

This pressure exceeds the headlines of crude oil prices. According to an Axis Bank Research report from October 23, the price of Brent Crude rose above $110 per barrel, and Dated Brent reached $140. Tanedge explained that the actual price paid by Indian refineries could be significantly higher than the stated market price due to increased costs for freight, marine insurance, and tanker crew wages.

He specified that when considering the landed price, it could be at least $20 higher than this base price, depending on the company and region. For India, additional costs could amount to about $25–$27 per barrel, depending on the source of raw materials and the refinery.

The average price of the Indian crude oil basket from October to October 26 rose by approximately 4% month-on-month, reaching $120.46 per barrel, the highest monthly average since March 2012. This increase occurred amid heightened tensions in the Middle East, leading to increased geopolitical uncertainty, marine insurance premiums, and freight rates. By October 26, the price of the Indian crude oil basket reached $123.72 per barrel.

Meanwhile, in 2026, global crude oil prices have risen by almost 80%; on Tuesday evening, Brent traded at $114.6 per barrel, WTI at $100.9, and Murban at $117.7. Increased transportation costs, marine insurance premiums, and geopolitical tensions in the Middle East have further increased the cost of crude oil imports.

The central government, state governments, state-owned oil refining companies, and the Reserve Bank of India are jointly bearing the brunt of the oil crisis. Axis Bank Research suggested in its October 23 report that this support would amount to 1.7% of GDP, based on an assumed average crude oil price of $100 per barrel; furthermore, every $10 increase in retail fuel prices increases the burden on GDP by 20 basis points. From April to September, India's crude oil imports grew by 46.3% year-on-year, reaching $90.6 billion.

Tanedge cautioned that the government and oil companies cannot indefinitely shield consumers from financial strain. He also emphasized the need to invest in foreign oil and gas assets to diversify crude oil supplies and ensure long-term supply for India.

Axis Bank Research forecasts that fiscal measures, such as increased duties and economic stabilization funds, could free up the equivalent of 0.6% of GDP, helping to limit the central government's financial decline by 20–30 basis points in the 2027 fiscal year. However, maintaining high crude oil prices in the long term may shift the majority of costs onto consumers.

According to the latest updates, the GIFT Nifty index signaled a possible negative opening for the Nifty 50 index, while Asian markets demonstrated mixed dynamics during early trading.

On Thursday, October 29, 2026, GIFT Nifty indicated that Nifty 50 would open lower, with futures trading at 22,685 points, which was 0.21 percent lower.

Despite a slight decrease in oil prices amid tensions in West Asia, Asian markets showed an ambiguous picture. Japan's Nikkei 225 rose by 0.15 percent, while South Korea's Kospi fell by 2.28 percent.

US off-exchange indices closed higher: the Dow Jones Industrial Average rose by 0.19 percent, and the S&P 500 by 0.28 percent. The Nasdaq Composite finished the session up by 0.27 percent.

Crude oil prices slightly decreased, falling below the $115 per barrel mark. The July futures contract was valued at $114.9, corresponding to a decline of 0.36 percent. Gold futures fell by 0.27 percent, and silver futures by 0.42 percent.

Today is scheduled for the announcement of second-quarter results for fiscal year 27 for several major companies, including Coal India, Asian Paints, InterGlobe Aviation, Trent, Laurus Labs, and Ambuja Cements.

Additionally, it was reported that the Shapoorji Pallonji conglomerate is considering raising funds of $150–200 million amid growing debt repayment obligations.

Officials from African and Chinese countries called for strengthening interaction to combat corruption and protect investments, as the states aim to expand industrial development and infrastructure projects on the continent.

This call was made at the China-Africa Forum on Anti-Corruption, which took place in Cairo. Forum participants discussed issues of governance, law enforcement, and methods to enhance cooperation in investment and development projects.

Amr Darwish, a member of the Egyptian parliament, noted that corruption remains a serious economic problem for Africa. He referred to estimates suggesting that the continent loses about $148 billion annually due to corrupt practices. According to Darwish, although there is no precise data on the level of corruption in Africa, research centers have calculated that corruption costs approximately $148 billion per year, which accounts for about 25% of Africa's GDP.

The scale of these losses threatens resources that could be directed towards supporting infrastructure, public services, and industrial growth. Previously, the African Union also mentioned estimates of $148 billion in annual losses from corruption, although the exact cost is difficult to measure.

Egyptian President Abdel Fattah el-Sisi stated that the fight against corruption requires coordinated action across the continent. He emphasized that eradicating corruption and changing the reality of the continent is only possible through cooperation and the implementation of joint African anti-corruption mechanisms, mentioning Egypt's adoption of laws consistent with the African Union Convention on the Prevention and Combating of Corruption.

Darwish also advocated for closer cooperation between Egypt, China, and other African countries participating in the 'Belt and Road' initiative. He suggested that China's experience in governance could contribute to the expansion of infrastructure projects. This initiative represents China's global program for investment and infrastructure, where Africa is one of the main recipients of investment and construction participation.

Sabri El Gendy, advisor to the Egyptian Minister of Local Development and an anti-corruption expert, argued that informational campaigns alone are insufficient to solve the problem of bribery. He insisted that applying strict laws and imposing severe penalties without exceptions or favoritism would lead to the eradication of corruption, calling on African and Arab countries to learn from China's example.

The forum highlighted the economic significance of accountability, as African countries seek investment to expand manufacturing, energy, and transport infrastructure. Participants noted the need to strengthen oversight and cooperation to curb corruption, protect public resources, and ensure that development projects bring long-term benefits.