CURRENT AFFAIRS 14-15 May, 2026

CURRENT AFFAIRS 14-15 May, 2026

1. INDIA, UAE SIGN PACTS ON LPG AND STRATEGIC OIL RESERVES –

• India and the United Arab Emirates signed a Memorandum of Understanding on 15 May 2026 for cooperation in strategic petroleum reserves and for increased liquefied petroleum gas supplies to India. The agreements were signed during the visit of Prime Minister Narendra Modi to Abu Dhabi, where bilateral talks were held with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

India-UAE Energy Cooperation

• The UAE is India’s largest supplier of liquefied petroleum gas and meets about 40% of India’s LPG requirement. The UAE was also India’s fourth-largest source of crude oil in the previous year, with a share of nearly 11% of India’s crude oil imports. India and the UAE had earlier partnered on strategic petroleum reserves in 2018, when Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company agreed on storage of more than 5 million barrels of crude oil at the Mangaluru facility in Karnataka.

2. INDIA REVISES EXPORT DUTIES ON PETROL AND DIESEL –

• India revised export duties on petroleum products on 15 May 2026, and the changes took effect from 16 May 2026. The revision covered petrol, diesel and Aviation Turbine Fuel (ATF), which are refined petroleum products used in transport and aviation.

Export Duty Structure on Petroleum Products

• The Special Additional Excise Duty (SAED) on petrol exports was increased to ₹3 per litre. The export duty on diesel was reduced to ₹16.5 per litre from ₹23 per litre. The export levy on ATF was cut to ₹16 per litre from ₹33 per litre.

Road and Infrastructure Cess and Domestic Duties

• The Road and Infrastructure Cess (RIC) on exported petrol, diesel and ATF was removed. Domestic excise duties on petrol and diesel remained unchanged, and retail fuel prices within India were not altered by this revision.

3. BRICS BACKS INDEPENDENT STATE OF PALESTINE –

• BRICS foreign ministers met in New Delhi on 15 May 2026 and reaffirmed support for an independent and viable State of Palestine within the pre-1967 borders, with East Jerusalem as its capital. The meeting also referred to the Gaza Strip as part of the Occupied Palestinian Territory and linked Palestinian statehood to the two-state solution under international law.

BRICS and West Asia Diplomacy

• BRICS is an intergovernmental grouping of major emerging economies. Its members are Brazil, Russia, India, China and South Africa, and the grouping has expanded in recent years to include new members. Foreign ministers of the grouping meet regularly to discuss international peace, security, trade and multilateral cooperation.

Palestinian Statehood and the Two-State Solution

• The two-state solution refers to the creation of two sovereign states, Israel and Palestine, in the territory of historic Palestine. The pre-1967 borders refer to the armistice lines that existed before the Six-Day War of 1967, and East Jerusalem is claimed by Palestinians as the capital of a future Palestinian state. The Palestinian Authority was created under the Oslo Accords of the 1990s and administers parts of the West Bank. The West Bank and the Gaza Strip are the two main Palestinian territories, and the Gaza Strip has been under blockade and repeated conflict since 2007.

4. UAE TO STORE CRUDE OIL IN INDIA’S STRATEGIC RESERVE –

• India and the United Arab Emirates agreed on 15 May 2026 to expand energy cooperation through crude oil storage in India’s Strategic Petroleum Reserve. The arrangement allows the UAE to store up to 30 million barrels of crude oil in India, and it was linked to talks between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.

Strategic Petroleum Reserve in India

• India’s Strategic Petroleum Reserve is a crude oil storage system created for emergency supply management. Indian Strategic Petroleum Reserves Limited, a Government of India company, manages the country’s strategic crude storage facilities. India’s operational strategic crude oil storage sites include Visakhapatnam in Andhra Pradesh, Mangaluru in Karnataka, and Padur in Karnataka. Planned expansion projects have also been discussed for Chandikol in Odisha.

5. ARTICLE 25 AND GENDER EQUALITY –

• On 14 and 15 May 2026, the Indian government told a nine-judge Supreme Court bench that Article 25(1) of the Constitution protects freedom of conscience and the right to profess, practise and propagate religion, but does not itself deal with gender equality. The bench was headed by Chief Justice of India Surya Kant, and the matter was heard over 16 days across five weeks.

Article 25 in the Constitution of India

• Article 25(1) is part of Part III of the Constitution of India and guarantees freedom of conscience and the right to freely profess, practise and propagate religion. Article 25(2) permits the State to regulate or restrict secular activity associated with religious practice and to provide for social welfare and reform.

Equality Provisions and Sex Discrimination

• Articles 15 and 16 of the Constitution prohibit discrimination on grounds including sex. Article 15 deals with equality and non-discrimination, while Article 16 deals with equality of opportunity in matters of public employment.

MCQ QUIZ

Q1.  What is the name of scheme that allows duty-free import of inputs used in the production of export goods ?

1. a) Export Promotion Capital Goods Scheme
2. b) Advance Authorisation Scheme
3. c) Merchandise Exports from India Scheme
4. d) Production Linked Incentive Scheme

Q2.  Rakchham Chitkul Wildlife Sanctuary is located in which state ?

1. a) Uttarakhand
2. b) Jammu and Kashmir
3. c) Himachal Pradesh
4. d) Sikkim

Q3.  Which tiger reserve has been selected for establishing India’s first Human-Elephant Conflict Research Centre ?

1. a) Kanha Tiger Reserve
2. b) Bandhavgarh Tiger Reserve
3. c) Palamu Tiger Reserve
4. d) Nagarhole Tiger Reserve

Q4.  Consider the following statements regarding the recent ban on sugar exports by the Government of India:

1. The ban shifts the export policy of raw, white, and refined sugar from a ‘restricted’ to a ‘prohibited’ category.
2. The export restriction is applicable to all countries without any exceptions.
3. The decision aims to ensure adequate domestic availability to meet sugar demand and ethanol blending targets.

         Which of the statements given above is/are correct ?

1. a) 1 and 2 only
2. b) 1 and 3 only
3. c) 2 and 3 only
4. d) 1, 2, and 3

Explanation-

• Statement 1 is correct: The Directorate General of Foreign Trade (DGFT) issued a notification placing all categories of sugar (raw, white, and refined) into the “prohibited” category with immediate effect. This marks a major policy shift prioritising domestic stability over export revenue.
• Statement 2 is incorrect: The export ban is not a blanket restriction as it includes several key exemptions. Exports to the US and the EU continue under fixed tariff-rate quotas (TRQ) and CXL arrangements. Additionally, special government-to-government (G2G) supplies for food security are permitted, as are shipments already in the export pipeline (e.g., loaded before May 13).
• Statement 3 is correct: The government’s decision is fundamentally driven by the need to manage domestic food inflation and preserve adequate buffer stocks. In 2025–26, India’s projected domestic consumption exceeds estimated production, and reserving sugar and sugarcane juice is also deemed necessary to achieve the national 20% ethanol blending target in petrol.

Q5.  Consider the following statements regarding the recent hike in import duties on gold and silver in India:

1. The hike was implemented by revising the Agriculture Infrastructure and Development Cess (AIDC) and Social Welfare Surcharge (SWS).
2. The Central Board of Indirect Taxes and Customs (CBIC) is responsible for administering these import duty laws.
3. The primary economic objective behind this move includes conserving foreign exchange reserves for critical imports like crude oil and fertilisers.

         Which of the statements given above is/are correct ?

1. a) 1 and 2 only b) 1 and 3 only
2. c) 2 and 3 only d) 1, 2, and 3

Explanation-

• Statement 1 is correct: The Finance Ministry notified the change in overall import duties through revisions in the Social Welfare Surcharge (SWS) and the Agriculture Infrastructure and Development Cess (AIDC).
• Statement 2 is correct: The Central Board of Indirect Taxes and Customs (CBIC), functioning under the Ministry of Finance, is the statutory body responsible for administering customs laws, enforcing border control, and ensuring proper collection of these duties.
• Statement 3 is correct: Curbing non-essential imports like gold is a strategic measure to conserve valuable foreign exchange (forex) reserves. It ensures there are adequate forex resources available for vital, critical national imports such as crude oil, fertilizers, and defense equipment.

Answer Key