The US considers India a "strategic ally" in the Indo-Pacific region and a trade deal between both the countries will be finalised soon, White House Press Secretary Karoline Leavitt said on Tuesday (IST).
At a press briefing, Leavitt said that the Trump administration is finalising the agreements for the trade deal. "Yes, the President said that last week (that the US and India are very close to a trade deal), and it remains true. I just spoke to our secretary of commerce about it. He was in the Oval Office with the President. They are finalising these agreements, and you'll hear from the President and his trade team very soon when it comes to India," she said in response to a question by news agency ANI.
Leavitt also highlighted the strong relationship that Trump shares with Prime Minister Narendra Modi. When asked how the US views China's influence in the Indo-Pacific region, Leavitt said, "India remains a very strategic ally in the Asia Pacific and the President has a very good relationship with Prime Minister Modi, and he will continue to have that."
The White House press secretary's remark comes days after US President Donald Trump said that a "very big deal" with India will follow soon. "Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'Do you really have anybody of any interest?' Well, we just signed with China yesterday. We have one coming up, maybe with India. A very big one, where we're going to open up India," he said, adding that the US was seeking "full trade barrier dropping" along with greater access to the Indian market.
On July 9, the reciprocal tariffs announced by Trump are going to come into effect. While many nations have tried negotiating deals with the US, only the UK and China have been able to secure a deal so far.
The Centre also seems ready to push for a mutually beneficial deal with the US. Finance Minister Nirmala Sitharaman, in a conversation with Financial Express, confirmed the same. She said that India is not averse to finalising a comprehensive trade pact with the US, provided the nation’s core concerns, especially regarding farmers and livestock producers, are respected.
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Oil marketing companies have reduced the price of 19-kg commercial LPG cylinders by ？58.50, with the new rate taking effect from July 1. In Delhi, the revised price is ？1,665 per cylinder.
This follows a ？24 cut announced in June, which brought the price down to ？1,723.50. In April, the rate was ？1,762, while February saw a marginal ？7 reduction that was partially offset by a ？6 hike in March.
Domestic LPG price unchanged
The price cut offers much-needed relief for small businesses, especially hotels, restaurants and other commercial users that depend heavily on LPG for daily operations.
However, household budgets remain unaffected as the price of the 14.2-kg domestic LPG cylinder has not been revised, despite growing calls for a review.
ALSO READ: OMCs to get compensation for ？30,000 crore LPG under-recovery in FY26
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Most LPG use is domestic
About 90 per cent of India’s total LPG consumption is for household cooking, while the remaining 10 per cent is used by commercial, industrial and automotive sectors. Domestic cylinder prices typically remain stable, even as commercial rates fluctuate.
Crude oil trends
India’s policy pegs natural gas prices to 10 per cent of the crude oil basket. The average cost of India’s crude basket dropped to $64.5 per barrel in May 2025, the lowest in three years. This decline is expected to ease pressure on oil marketing companies. If crude prices remain near $65, oil firms estimate LPG-related losses could fall by about 45 per cent in FY26.
ALSO READ: Indian refiners target cheaper US LPG imports with help from China tariffs
Over the past decade, domestic LPG connections have doubled to around 33 crore by April 2025, highlighting how integral cooking gas has become to daily life across Indian households. ATF prices increased
Domestic airlines in India face renewed cost pressures as Aviation Turbine Fuel (ATF) prices were increased across the country’s four major metros, effective July 1.
In Delhi, the ATF price rose by ？6,271.5 per kilolitre, or 7.5 per cent, to ？89,344.05 per kl. This hike reverses nearly half of the total reductions implemented over three consecutive months since April. Mumbai saw prices climb to ？83,549.23 per kl from ？77,602.73. In Chennai, the price was raised to ？92,526.09 per kl, while in Kolkata it increased to ？92,705.74 per kl.
The increase in ATF prices aligns with a recent surge in international oil rates following Israel's attack on Iran last month. The hike is expected to further strain commercial airlines, as fuel constitutes nearly 40 per cent of their operating costs.
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