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India cuts excise duties on petrol, diesel as global oil prices surge

In a government order released late on Thursday, India’s finance ministry reduced the special excise duty on petrol to INR3 ($0.0318) per litre from INR13 earlier

Reuters
Reuters

27 March, 2026

India cuts excise duties on petrol, diesel as global oil prices surge

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Amidst volatile global oil markets due to the Iran war, India has cut excise duties on petrol and diesel to protect consumers from rising inflation. Windfall taxes are imposed on aviation fuel and diesel exports. This move, ahead of upcoming elections, aims to shield citizens from price increases, though it will significantly impact government tax revenues.

India has slashed excise duties on petrol and diesel to protect consumers and rein in a potential spike in inflation, while imposing windfall taxes on aviation fuel and diesel exports, amid volatile global oil markets as a result of the Iran conflict.

Global oil prices have surged past $100 per barrel after the near closure of the Strait of Hormuz, which ​serves as a conduit for 40 per cent of India’s crude oil imports, since the US and Israel first struck Iran on February 28.

In a government order released late on Thursday, India’s finance ministry reduced the special excise duty on petrol to INR3 ($0.0318) per litre from INR13 earlier. It also cut the duty on diesel to zero from INR10 per litre.

Read more-India’s steel ministry seeks intervention for mills facing LPG shortages

The government did not say how much the duty cuts would cost. The move comes ahead of elections next month in four Indian states and one federal territory, with Indian voters known to be extremely sensitive to higher prices.

“Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies, approximately INR24 a litre for petrol and INR30 a litre for diesel, at this time of sky high international prices, are reduced,” Oil Minister Hardeep Singh Puri said in a post on X.

Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit to be nearly INR1.55trn rupees. The duty cuts would absorb about 30 per cent to 40 per cent of annual losses of oil marketing companies on auto fuel at current prices, she said.

The yield on 10-year government bonds rose 7 basis points to 6.95 per cent, its highest level in 20 months, while shares of oil marketing companies such as Bharat Petroleum Corp and HPCL rose more than 4 per cent at the open, but later pared gains.

While fuel prices in India are technically deregulated, state-run oil companies, which control 90 per cent of the retail fuel network, do not always raise prices when crude prices increase.

As a result, Indian consumers are shielded from price volatility, with either the government or the oil companies absorbing the increases.

Windfall tax on exports

The diesel export tax was set at INR21.5 a litre as well as a INR29.5 a litre tax on the export of aviation fuel, the order said.

Between April 2025 and January 2026, India exported 14 million metric tonnes of gasoline and 23.6 million tonnes of gas oil. Most Indian refiners have stopped exporting fuels, and Reliance Industries is the country’s biggest fuel exporter.

India’s Finance Minister Nirmala Sitharaman said the government will ensure that there is no shortage in supply of petrol, diesel and jet fuel.

It will support oil marketing companies so that citizens are spared from any price hikes and also ensure that prices of jet fuel do not go up, the minister told news agency ANI.

India is the world’s third-biggest oil importer and consumer and imports most of its fuel.

In a letter dated Thursday, the petroleum ministry said it will raise the allocation of liquefied petroleum gas to commercial and industrial users by 20 per cent, taking total supply to 70 per cent of pre-crisis levels.

The increase builds on an existing 50 per cent allocation, with priority to be given to sectors such as steel, automobiles, textiles and other essential industries. India had cut gas allocation for non-cooking purposes after the start of the Iran war.

India consumed 33.15 million metric tonnes of cooking gas last year, with imports accounting for about 60 per cent of demand. About 90 per cent of those imports came from the Middle East.

Prime Minister Narendra Modi and his government have stressed adequate arrangements are in place, including for the supply of fertilisers for the summer sowing season and coal to meet rising electricity demand.

Women risk being left behind in the age of AI, says Coursera CCO Marni Baker Stein

The chief content officer at Coursera breaks down how the rise of AI and generative AI is creating a new front line in the fight for gender equality, and what governments, companies, and educators need to do before the divide hardens

Neesha Salian
Neesha Salian

26 March, 2026

Women risk being left behind in the age of AI, says Coursera CCO Marni Baker Stein
Image: Supplied

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AI's rapid advancement risks disproportionately impacting women's jobs, particularly in traditionally female-dominated sectors. This threatens economic mobility and exacerbates gender inequality. Addressing this requires collaboration between policymakers, organisations, and the education sector. Investment in upskilling women in areas like digital fluency and AI is crucial, alongside flexible learning programmes, to ensure women benefit from, and shape, the AI revolution.

As AI reshapes the global workforce at a speed few anticipated, women risk bearing the brunt of a transformation they had little say in designing.

Marni Baker Stein, chief content officer at Coursera, breaks down how the rise of AI and generative AI is widening skill gaps, threatening economic mobility, and creating a new front line in the fight for gender equality, and what governments, companies, and educators need to do before the divide hardens.

How does the increasing adoption of AI and Generative AI create a new barrier to equality for women in the workplace?

Artificial Intelligence (AI) and generative AI (GenAI) promise major gains in productivity and efficiency in the modern workplace, but they also carry a hidden, gendered cost. AI could potentially automate at least 50 per cent of jobs globally by 2045, with women’s roles facing significantly higher exposure to this job transformation.

For instance, the latest International Labor Organization (ILO) report reveals that 9.6 per cent of traditionally female jobs are at high risk. In contrast, only 3.5 per cent of male-dominated roles are at risk.

This disparity stems from women’s overrepresentation in occupations most susceptible to disruption by AI, such as administration, customer service, and data processing. These roles are often concentrated in people-centric sectors such as healthcare, social services, and education. As a result, with AI-driven change, millions of women are at risk of job disruption and slower career mobility.

What are the main economic implications when women are excluded from an AI-driven economy?

Excluding women from the formal economy results in substantial losses to the global GDP. Higher female labour force participation drives economic growth and diversification, creating wealth and jobs and stimulating innovation. When more women work, the economy prospers, and the World Bank estimates that closing the gender gap could potentially unlock a staggering$7tn in global GDP.

Studies also show women make up just 26 per cent of the global technology workforce, a gap that risks widening as automation accelerates. Failing to engage women fully in technology-driven fields further limits competitiveness and innovation in a talent-constrained global economy.

Even achieving the UN’s 17 Sustainable Development Goals by 2030 will require sustained investment in women’s economic participation and equitable access to opportunity.

What key skills are essential for women to thrive in this evolving landscape, and why must organisations accelerate efforts to reduce skills gaps?

Success in the modern workplace increasingly depends on competencies such as digital fluency, analytical thinking, and complex problem-solving. With AI fluency becoming relevant across industries, nearly every occupation is expected to experience skill shifts by 2030.

However, longstanding structural barriers have prevented many women from accessing opportunities to develop these critical skills. As labour markets evolve, continuous upskilling and lifelong learning must become central priorities to enable women to participate fully and advance in careers increasingly shaped by technology.

Closing this skills gap will require a strong focus on continuous learning and upskilling. Organisations that invest in building these capabilities among women benefit from a broader talent pipeline, stronger innovation, and more resilient workforces. Without targeted investment, the rapid pace of technological change risks reinforcing existing inequalities in career progression and leadership representation.

Read: Coursera CEO Greg Hart on driving an AI-powered learning, upskilling revolution

How can innovative learning models support women’s skill development and career advancement?

As skill demands become more specialised and dynamic, traditional degrees alone may no longer be sufficient to ensure women’s economic mobility. Online and hybrid learning models are becoming important tools for expanding access. They help reduce geographic and financial barriers while providing flexible, job-relevant learning pathways and micro-credentials in areas such as AI, data, business, and essential digital and human skills.

By accelerating skills velocity and supporting lifelong learning — aligned with SDG 4 — these accessible pathways can help more women translate learning into economic opportunity.

Why and how must policymakers, corporates, and the education sector take targeted actions to ensure that women are prepared for, and benefit from, the AI revolution?

Supporting women to actively shape the current AI revolution is a shared responsibility. By applying a gender lens to AI development and deployment, policy and corporate leaders can ensure that women are equipped not only to work alongside AI but also to actively shape its future. This responsibility is critical to prevent AI from becoming a new barrier that rolls back women’s progress in the digital sector.

For policymakers, this involves embedding inclusive learning and digital access into national skills strategies and recognising alternative credentials and industry certifications that validate in-demand skills. Businesses must expand skills-based hiring and invest in targeted training for their female workforce.

To widen access and unlock women’s full potential in the workplace, higher education institutions and online learning providers must continue to scale and deliver flexible, affordable, and industry-aligned programmes that cater to evolving work demands.

Weather chaos in UAE: Air Arabia, Emirates alert travellers of flight disruptions

Emirates cautioned travellers departing from Dubai International Airport on March 26 and 27 to prepare for adverse weather.

Nida Sohail
Nida Sohail

26 March, 2026

Weather chaos in UAE: Air Arabia, Emirates alert travellers of flight disruptions

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Adverse weather is predicted across the UAE, impacting flights. Air Arabia, Emirates, and flydubai have issued advisories, urging passengers to check flight statuses. Flydubai is operating a reduced schedule, offering rebooking or vouchers. Travellers should allow extra time, update contact details, and monitor airline updates due to potential delays and rerouting caused by rain, winds and rough seas.

Travellers across the UAE are being urged to plan ahead as adverse weather conditions are forecast to affect flights over the coming days. Airlines including Air Arabia, Emirates, and flydubai have issued advisories, urging passengers to check flight statuses and allow extra time for travel.

Air Arabia alerts passengers to potential delays

Air Arabia has warned that operations at Sharjah, Abu Dhabi, and Ras Al Khaimah airports may be affected due to the expected weather conditions. In a statement, the airline advised passengers to:

  • Check flight status before heading to the airport.
  • Avoid going to the airport without a confirmed booking.
  • Keep contact details up to date via Manage My Booking on http://airarabia.com.

“Your safety remains our priority,” the carrier said.

View post on X

Emirates issues travel advisory for Dubai

Emirates also cautioned travellers departing from Dubai International Airport on March 26 and 27 to prepare for adverse weather. Passengers are encouraged to check flight statuses and arrive at least two hours before departure.

View post on X

The airline emphasised the importance of updating contact information.

flydubai operates reduced schedule

flydubai announced that it is running a reduced flight schedule due to weather conditions, with potential longer flight durations and temporary rerouting. Passengers are advised to check operational updates regularly.

For travellers booked between February 28 and March 31, flydubai offers:

  • Rebooking on alternative flights within 30 days of the original travel date at no extra charge.
  • Full refunds to flydubai vouchers without penalties.

The airline acknowledged high volumes of customer enquiries may cause delays in response and thanked passengers for their patience.

https://www.flydubai.com/en/help/operational-updates/

Meteorological forecast: Rain, winds, and rough seas

The National Centre of Meteorology (NCM) had predicted partly cloudy to cloudy skies with convective clouds across the UAE, on March 26. Rain of varying intensity is expected across several areas. Winds are forecast to be light to moderate, with occasional gusts reaching up to 60 km/hr, causing potential dust and sand reduction in visibility.

The Arabian Gulf and Sea of Oman are expected to experience rougher sea conditions during cloud activity.

With multiple airlines issuing warnings and the NCM forecasting unsettled weather, travelers are strongly encouraged to monitor updates, arrive early, and ensure all travel documents and contact details are current.

Mubadala to sell minority stake in CoolIT Systems to Ecolab

CoolIT, founded about 25 years ago, designs and manufactures liquid cooling systems used in data centres to support higher-density computing

Neesha Salian
Neesha Salian

26 March, 2026

Mubadala to sell minority stake in CoolIT Systems to Ecolab
Image: Getty Images/ For illustrative purposes

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Mubadala is selling its CoolIT Systems stake to Ecolab in a $4.75bn transaction led by KKR. Mubadala's 2023 investment supported CoolIT's growth as a key player in data centre liquid cooling, crucial for energy efficiency and reduced water usage. CoolIT anticipates significant revenue and EBITDA growth amidst rising demand for AI infrastructure. The deal is expected to finalise in Q3...

Mubadala Investment Company said on Thursday it had signed a definitive agreement to sell its minority stake in CoolIT Systems to Ecolab, as part of a transaction valued at $4.75bn and led by private-equity firm KKR.

Mubadala invested in CoolIT in 2023 alongside KKR, which backed the company through its Global Impact Fund II. CoolIT, founded about 25 years ago, designs and manufactures liquid cooling systems used in data centres to support higher-density computing as demand rises for AI infrastructure.

Liquid cooling systems use roughly 30 to 40 percent less energy for cooling compared with traditional air-cooled data centres, and operate as closed-loop systems that reduce water use.

Key player in the data centre space

CoolIT technologies are deployed in more than 300 data centres globally, including by major hyperscale operators.

“When Mubadala invested in CoolIT three years ago, we had a strong conviction that liquid cooling would become a critical enabler of more sustainable digital infrastructure,” said Abdulla Mohamed Shadid, head of energy and sustainability for private equity at Mubadala.

CoolIT has expanded rapidly since 2023, increasing its manufacturing footprint to more than 300,000 square feet, boosting coolant distribution unit capacity by 25 times, and doubling its workforce by adding more than 300 jobs.

The company expects around four-fold revenue growth and a ten-fold increase in EBITDA through 2026.

Partnership with Mubadala to help turn CoolIT into a “world-class provider”

CoolIT CEO Jason Waxman said the acquisition by Ecolab would benefit customers, employees and shareholders. He added that the company’s partnership with Mubadala helped shape CoolIT into a “world-class provider” of liquid cooling solutions.

Rising global demand for computing power is expected to push data-centre electricity use to 945 terawatt hours by 2030, more than double the 415 TWh recorded in 2024.

Water use is also forecast to reach 450 million gallons per day by the end of the decade, up from 292 million gallons in 2022.

CoolIT said its systems delivered about 2.18 billion kWh of energy savings in 2025, enough to power an estimated 200,000 homes for a year.

The transaction is subject to regulatory approvals and is expected to close in Q3 2026.

Dubai rises to 7th place in Global Financial Centres Index

Analysts said ranking reflects the continued expansion and global impact of the Dubai International Financial Centre (DIFC)

Neesha Salian
Neesha Salian

26 March, 2026

Dubai rises to 7th place in Global Financial Centres Index
Image: DIFC

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Dubai has achieved its highest ever ranking in the Global Financial Centres Index, reaching seventh place globally. This reflects the Dubai International Financial Centre's expansion and Dubai's growing influence as a major financial hub. The emirate aims to be amongst the world's top four centres by 2033, driven by its innovation-focused development strategy.

Dubai has achieved its highest-ever ranking in the Global Financial Centres Index (GFCI), climbing to seventh place globally, highlighting the emirate’s growing influence as a major international financial hub.

Dubai’s aims to become one of the world’s top four financial centres by 2033 under the Dubai Economic Agenda D33.

The ranking marks the strongest performance ever by a financial centre in the Middle East, Africa, and South Asia (MEASA), with Dubai the only city from the region to feature in the top 20.

Dubai International Financial Centre: A key global hub

Analysts said it reflects the continued expansion and global impact of the Dubai International Financial Centre (DIFC), which has strengthened the emirate’s financial ecosystem and positioned it alongside established hubs including London, New York and Singapore.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and president of DIFC, said the achievement “reflects the strength of our economic vision and the confidence the international financial community places in our ecosystem.”

He added that Dubai’s proactive approach and resilient development strategy continue to transform challenges into opportunities while advancing its status as a hub for finance, investment, and innovation.

Global Financial Centres Index ranks 137 financial centres

Produced by London-based think tank Z/Yen Group, the GFCI ranks 137 financial centres globally using 135 metrics and more than 34,000 assessments by financial services professionals worldwide.

Dubai’s rise in the rankings was fuelled by DIFC’s growth, the region’s largest financial district, which now hosts more than 9,000 companies, including major banks, asset managers, insurers, hedge funds, and professional services firms, with a workforce exceeding 50,000.

Industry respondents placed Dubai in the top 15 across all evaluated sectors, with banking ranked 14th and finance, investment management, and insurance in the top 10.

FinTech, government and regulatory services, professional services, and trading sectors all ranked in the top five. Dubai is the region’s only centre in the top 10 globally for business environment, financial sector development, human capital, and infrastructure.

Essa Kazim, governor of DIFC, described the achievement as “an outstanding milestone that highlights the emirate’s ambitious vision and expanding influence on the international financial stage.”

Arif Amiri, CEO of DIFC Authority, said the rise reflects “extraordinary momentum across DIFC’s ecosystem” and reiterated that the centre’s innovation-driven strategy will support Dubai’s goal of becoming a top-four global financial hub.

UAE researchers uncover new solar waves deep inside the Sun

Until now, the behaviour of magnetic fields deep inside the Sun has remained largely inaccessible to direct observation

Rajiv Pillai
Rajiv Pillai

26 March, 2026

UAE researchers uncover new solar waves deep inside the Sun
Image: Supplied

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NYU Abu Dhabi researchers have discovered large-scale waves deep within the Sun, offering unprecedented insight into its internal magnetic structure. Analysing solar vibration data, they identified waves driven by magnetic fields previously unobservable. This research, published in Nature Astronomy, provides a new method for studying the Sun's dynamics, potentially improving space weather forecasting and our understanding of stellar magnetic activity.

NYU Abu Dhabi researchers have identified previously undetected large-scale waves deep within the Sun, offering new insights into the star’s internal magnetic structure and behaviour.

The study, published in Nature Astronomy, was conducted by scientists at NYU Abu Dhabi’s Center for Astrophysics and Space Science, who analysed more than a decade of solar vibration data to uncover the phenomenon.

The newly identified waves are driven by magnetic fields far below the Sun’s surface, providing researchers with a rare window into regions that have historically been difficult to observe.

The Sun’s interior consists of a highly dynamic environment of hot, electrically charged gas shaped by rotation and magnetic forces. These magnetic fields are responsible for driving the solar cycle, sunspots and solar eruptions, which can disrupt satellites, communications and power systems on Earth.

Until now, the behaviour of magnetic fields deep inside the Sun has remained largely inaccessible to direct observation.

“These waves give us a unique look at the Sun’s hidden magnetic system,” said Shravan Hanasoge, co-PI at the Center for Astrophysics and Space Science at NYU Abu Dhabi and lead author of the study. “Understanding these internal processes is crucial for predicting solar activity, which can impact satellites, communications, and power systems on Earth.”

By tracking how the waves move through the Sun’s interior, researchers can infer the strength and structure of magnetic fields at depths that were previously beyond reach.

The findings introduce a new method for studying the Sun’s internal dynamics and magnetic evolution, with broader implications for improving space weather forecasting and understanding magnetic activity in other stars.

The research was supported by the NYU Abu Dhabi Research Institute.

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