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Fuel prices may fall if crude stays low for 2-3 months, says Hardeep Puri

Hardeep Singh Puri says petrol and diesel prices may be reviewed if crude oil prices remain low for another two to three months, as oil companies are currently refining costly crude purchased during the West Asia conflict.

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Hardeep singh puri

Consumers hoping for cheaper petrol and diesel may have to wait a little longer, with Union Petroleum Minister Hardeep Singh Puri indicating that any reduction in fuel prices will depend on whether international crude oil prices remain low over the next two to three months.

The minister said oil marketing companies (OMCs) are currently processing crude oil purchased during the peak of the West Asia conflict, when global prices were significantly higher. As a result, the recent decline in crude oil prices has not yet translated into lower retail fuel prices.

Price cut depends on sustained decline in crude oil

Speaking to reporters on Thursday, Puri said a discussion on reducing petrol and diesel prices would become relevant only if global crude prices continue to remain at lower levels for a sustained period.

He explained that the crude oil being refined today was largely purchased around two months ago, when prices were elevated due to geopolitical tensions. Since oil companies procure crude well in advance, the impact of lower international prices is reflected only after a delay.

According to the minister, if the current trend of softer crude prices continues for another two to three months, the situation could be reviewed. However, he described any immediate expectation of a fuel price reduction as hypothetical.

Oil companies absorbed massive losses during West Asia conflict

Puri said state-run oil marketing companies collectively incurred losses of Rs 74,781 crore up to June 30 after selling petrol, diesel and LPG below their actual cost during the period of high crude oil prices triggered by the West Asia conflict.

Despite the sharp rise in global crude prices, he said India kept domestic fuel price increases relatively limited compared to several other countries.

The minister noted that while petrol prices increased by nearly 20 per cent in many developed nations and around 35 per cent in neighbouring countries, the increase in India was restricted to about 5.58 per cent during the crisis period.

He also highlighted that fuel supplies remained uninterrupted across more than 1.07 lakh retail fuel outlets between late February and the end of June.

Nayara Energy cuts fuel prices

Private fuel retailer Nayara Energy reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its retail network from July 1, becoming the first major retailer to announce a price cut after international crude prices eased.

However, Puri clarified that Nayara’s decision should not be viewed as a broader trend across the sector. He said the company had earlier raised petrol prices by Rs 5 per litre during the crude price surge and has now effectively rolled back that increase.

In contrast, state-run oil marketing companies had not increased retail fuel prices during the crisis, leaving them with little room for a similar rollback.

Why lower crude prices haven’t reached consumers yet

Global crude oil prices had crossed 110 US dollars per barrel during the Iran-related conflict, significantly increasing procurement costs for Indian refiners.

Prices started easing only in the second half of June after an agreement helped de-escalate the conflict. Since crude oil is generally purchased at least two months before it is refined into petrol and diesel, the fuel currently being supplied is based on earlier, more expensive purchases.

As a result, consumers may have to wait before any sustained decline in international crude oil prices is reflected at fuel stations.

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Raghav Chadha marked as shifted in Punjab draft voter rolls, alleges AAP vendetta

Raghav Chadha has alleged political vendetta after his name was marked “shifted” in Punjab’s draft electoral rolls during the SIR exercise.

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Raghav Chadha

BJP Rajya Sabha MP Raghav Chadha has raised questions after his name was marked as “shifted” in Punjab’s draft electoral rolls prepared during the Special Intensive Revision (SIR) of voter lists.

Chadha, who remains a Rajya Sabha member from Punjab and has his voter registration in Mohali, alleged that the classification was not a routine clerical error and accused the Aam Aadmi Party-led Punjab government of political vendetta.

The electoral rolls currently under discussion are draft lists, with the final rolls scheduled to be published in October 2026.

Raghav Chadha questions voter list classification

Chadha said he was surprised to find his name classified as “shifted” despite being a sitting MP from Punjab.

He questioned how such a classification was made and pointed to the involvement of officials at different stages of the electoral roll revision process. According to Chadha, Booth Level Officers, Assistant Electoral Registration Officers, Electoral Registration Officers and District Election Officers are part of the process.

He alleged that these officials could potentially face political pressure because their transfers and postings are controlled by the state government.

Chadha also referred to Paragraph 4(d) of the Election Commission of India’s SIR guidelines. He said the provision requires public representatives, including MPs and MLAs, whose names are flagged in the electoral database to be included in the draft rolls so that they can participate in the claims and objections process.

He alleged that this provision was not followed in his case.

Punjab CEO seeks report on Chadha’s voter status

Punjab Chief Electoral Officer Anindita Mitra told that she was not aware of any deletion of Chadha’s name from the electoral rolls.

She said a detailed report would be sought from the district election authorities to determine whether his name had actually been deleted and, if so, the reason for the action.

Mitra also pointed out that the claims and objections process is currently underway. September 13 is the deadline for filing appeals over changes or discrepancies in the electoral rolls.

AAP rejects political vendetta allegation

The controversy has also drawn a response from the Aam Aadmi Party.

AAP leader Neel Garg rejected Chadha’s allegation, saying the party had no interest in deleting the vote of any individual. He instead alleged that the issue was being raised by the BJP and referred to the SIR exercises in Bihar and West Bengal.

Chadha joined the BJP in April 2026 along with six other AAP Rajya Sabha MPs.

The dispute comes as Punjab’s electoral rolls undergo revision ahead of the 2027 Assembly elections. Since the claims and objections process is still open, the status of Chadha’s name is subject to the ongoing electoral process.

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SBI defends 7.8% GDP growth, explains controversy over revised data

SBI has defended India’s 7.8% GDP growth for April-June 2026-27, saying comparisons with unrevised figures from the old GDP series are incorrect.

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State Bank of India researchers have pushed back against questions surrounding India’s latest GDP growth figures, arguing that comparisons based on figures from the old GDP series have created an incorrect picture of economic growth.

India recorded 7.8% GDP growth in the April-June quarter of 2026-27, according to the latest data released on August 31. The figure has prompted debate over the impact of the change in the GDP base year and the subsequent revision of earlier figures.

SBI explains the GDP data revision

Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI and a member of the 16th Finance Commission, said the latest figures need to be assessed using the revised GDP series.

According to Ghosh, the National Statistical Office had used 2011-12 as the GDP base year when it released figures for the April-June quarter of 2025-26 last year. At that time, nominal GDP for the quarter was reported at around Rs 86.1 lakh crore.

Following the introduction of the new GDP series with 2022-23 as the base year, the corresponding figure for the previous year was revised to around Rs 80.4 lakh crore.

The latest nominal GDP for the April-June quarter of 2026-27 stands at Rs 88.3 lakh crore, which forms the basis for the reported 7.8% growth rate.

SBI economist rejects 2.6% growth interpretation

Ghosh said some estimates had arrived at a growth rate of around 2.6% by comparing the latest nominal GDP figure of Rs 88.3 lakh crore with the earlier, unrevised figure of Rs 86.1 lakh crore.

He described this comparison as inappropriate and said the latest figure should instead be compared with the revised figure for the corresponding quarter under the new GDP series.

SBI’s research also argued that GDP revisions are a normal part of the statistical process and are made to incorporate newer information and factors into the estimates.

GDP revisions can move in both directions

Ghosh said revisions to GDP data are not necessarily downward. According to him, historical quarterly data show that revisions can occur in both upward and downward directions, although they have mostly been upward.

He also cited an earlier revision in which GDP growth under the old series was initially estimated at 9.2% before being revised to 7.2%.

Ghosh said GDP figures should be examined carefully and rigorously rather than being rejected simply because the revised numbers differ from earlier estimates.

The SBI research comes amid questions raised by former Reserve Bank of India governor Raghuram Rajan, former finance secretary Subhash Chandra Garg and some Congress leaders over the latest GDP numbers.

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Akhilesh Yadav takes dig at BJP over Ram Temple Trust appointments

Akhilesh Yadav criticised the Ram Temple Trust’s recent appointments, alleging BJP influence and questioning the handling of the donation theft case.

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Akhilesh Yadav

Samajwadi Party chief Akhilesh Yadav has criticised the recent restructuring of the Shri Ram Janmabhoomi Teerth Kshetra Trust, alleging that the Bharatiya Janata Party is effectively deciding the appointments made to the body.

His remarks came after the Trust appointed three new members and named retired Air Marshal Jeetendra Mishra as its first Chief Executive Officer (CEO). Mishra, who previously headed the Indian Air Force’s Western Air Command during Operation Sindoor, is expected to oversee the temple’s management and financial affairs.

Yadav questioned the process of selecting the new officials, saying that while the appointments may be presented as impartial, the BJP was behind the selections.

He also raised questions about the clean chit given to Trust general secretary Champat Rai in the donation theft case. Yadav asked why those who worked under officials who received a clean chit were not similarly cleared.

Ram Temple Trust appoints three new members

The Trust has inducted Madan Mohan Pandey from Ayodhya, Mahesh Bhagchandka from Delhi and Nirmala Yadav from Shikohabad as new members.

The changes followed the arrest of several people in connection with the alleged theft of donations and the resignation of some Trust officials.

Eight people linked to the donation theft have been arrested, with some reportedly caught on camera during the alleged acts. Champat Rai’s driver was among those arrested. Rai later received a clean chit from the Special Investigation Team probing the case.

Opposition questions CEO appointment

Uttar Pradesh Congress Committee chief Ajay Rai also criticised the decision to appoint a CEO. He said there was no need for such a position and argued that a religious scholar should instead be appointed, with the selection made by religious leaders, Shankaracharyas, saints and seers.

The latest appointments and administrative changes have therefore triggered renewed political debate over the management of the Ram Temple Trust and the handling of its finances.

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