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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.

India News

IIT Bombay Professor Suryanarayana Doolla sent on leave amid student suicide row

IIT Bombay professor Suryanarayana Doolla has been sent on leave amid the ongoing student protests following Sahil Wakode’s death.

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IIT Bombay professor Suryanarayana Doolla has been sent on leave amid the ongoing controversy following the death of 20-year-old student Sahil Wakode, with protests on the campus seeking action against the professor.

Doolla, a faculty member in IIT Bombay’s Department of Energy Science and Engineering, had been involved in the examination incident concerning Wakode. The student was allegedly found using a mobile phone during a mid-semester examination and had uploaded the question paper to an AI platform to seek answers, according to the institute.

Why Suryanarayana Doolla is at the centre of the controversy

Doolla was the course instructor and examination invigilator during the examination and was involved in reporting the alleged examination malpractice to the institute’s authorities.

IIT Bombay has said Wakode was subsequently counselled by the instructor and the Head of Department and was assured that the examination incident would not adversely affect his academic career. The institute has also maintained that no disciplinary action had been initiated against the student before his death.

Wakode’s family, however, alleged harassment and caste-based discrimination. Mumbai Police registered a case based on the family’s complaint, with Doolla among those named. The allegations remain subject to investigation.

Student protests at IIT Bombay

Following Wakode’s death, students began protesting on the IIT Bombay campus and demanded action against Doolla.

IIT Bombay Director Professor Shireesh Kedare met the protesting students on September 20 and signed an 18-point charter of demands. The demands included action against Doolla.

Doolla was subsequently removed from the post of Dean Students Welfare amid the protests. The latest action comes as the controversy surrounding Wakode’s death and the allegations against the professor continue to be investigated.

Faculty members back Doolla

While students have demanded action against Doolla, IIT Bombay’s Faculty Forum has backed the professor, saying he was performing his duties as an invigilator and had followed the institute’s prescribed procedure after detecting the alleged examination malpractice.

The controversy involves the examination incident, allegations made by Wakode’s family and the police investigation into his death. The allegations against Doolla have not been established as facts and remain part of the ongoing investigation.

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Amit Shah sets 2029 deadline to make India drug-free

Union Home Minister Amit Shah has set December 31, 2029 as the deadline for India’s fight against drugs, urging states to focus on dismantling trafficking networks rather than only recording seizures.

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Union Home Minister Amit Shah has set December 31, 2029 as the deadline for India’s campaign against drugs, calling on states and Union Territories to move beyond recording seizures and focus on dismantling the networks behind narcotics trafficking.

Speaking at the third National Conference of Anti-Narcotics Task Force Heads in New Delhi on Tuesday, Mr Shah said India would not allow drugs to enter or leave the country.

“Neither will we allow a single gram of drugs to enter India, nor will we allow a single gram of drugs to go out,” he said.

The conference brought together police chiefs from 36 states and Union Territories as the government outlined its roadmap for tackling the country’s drug problem.

Amit Shah asks states to focus on drug networks

Mr Shah said drug seizures alone should not be treated as the measure of success. He called for a shift from meetings to missions, reports to results and seizures to dismantling the networks responsible for drug trafficking.

Districts have been identified as the frontline units in the strategy. They are to be assessed based on whether they are involved in drug production or entry, serve as transit corridors or primarily face drug consumption.

The response would then be tailored according to the nature of the threat in each district.

The Home Minister also stressed the need to follow the money generated by narcotics trafficking, including through investigations into bank accounts and shell transactions that help sustain drug networks.

Synthetic drugs, darknet and crypto payments in focus

The government is also preparing for emerging methods used by drug traffickers, with synthetic drugs, darknet marketplaces, cryptocurrency payments and dead-drop deliveries identified as areas requiring greater attention.

Mr Shah urged states to develop specialised teams capable of investigating these newer forms of narcotics trafficking.

The government also wants foreign nationals involved in drug supply chains to face deportation and blacklisting, while those operating supply networks into India from abroad are to be pursued for extradition.

2026-2029 drug control roadmap

The government’s Vision Document 2026-2029 is based on four pillars: enforcement and intelligence, control of precursor chemicals and synthetic drugs, demand and harm reduction, and capacity building.

According to the report, the document contains more than 100 individual targets.

The Nashamukt Mitra programme is another part of the campaign. Nearly 47,000 volunteers have registered so far, with a target of reaching one lakh volunteers. The programme plans to take awareness activities to around 10 lakh schools and colleges.

The government has also launched new television advertisements against drug use, redesigned the Narcotics Control Bureau website and laid the foundation stones for NCB zonal complexes in Lucknow and Dehradun.

Mr Shah linked the anti-drug campaign to Prime Minister Narendra Modi’s vision of a developed India by 2047, arguing that protecting the country’s young population from narcotics is essential to that goal.

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J&K Assembly uproar over Maharaja Hari Singh, Sheikh Abdullah holidays

A holiday row over Maharaja Hari Singh and Sheikh Mohammad Abdullah triggered an uproar in the Jammu and Kashmir Assembly, with BJP and NC members raising competing slogans.

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The Jammu and Kashmir Assembly witnessed a heated exchange on Tuesday over public holidays associated with Maharaja Hari Singh and Sheikh Mohammad Abdullah, with members of the ruling National Conference (NC) and BJP raising slogans in support of the respective leaders.

The issue was raised a day before the September 23 public holiday marking Maharaja Hari Singh’s birth anniversary.

NC legislator Abdul Majid Larmi demanded that the holiday for Maharaja Hari Singh’s birth anniversary be withdrawn if the public holiday for Sheikh Mohammad Abdullah’s birth anniversary was not restored.

The demand led to an uproar in the House, with BJP members raising slogans in support of Maharaja Hari Singh and accusing the NC of insulting his legacy. NC legislators responded with slogans supporting Sheikh Abdullah.

What happened over the holiday issue

The Centre withdrew the public holiday marking Sheikh Abdullah’s birth anniversary after the abrogation of Article 370 in 2019. His birth anniversary is observed on December 5.

The government also discontinued the public holiday on July 13, which was observed as Martyrs’ Day in the erstwhile state of Jammu and Kashmir.

In contrast, September 23, Maharaja Hari Singh’s birth anniversary, is now observed as a public holiday in Jammu and Kashmir.

PDP members also joined the discussion and demanded the restoration of the July 13 public holiday.

Speaker says he has no power over holidays

As slogan-shouting continued in the Assembly, Speaker Abdul Rahim Rather attempted to calm the members.

The Speaker said that the authority to declare or withdraw public holidays did not fall within his jurisdiction.

Why July 13 was observed as Martyrs’ Day

July 13 was traditionally observed as a public holiday in Jammu and Kashmir. Official functions were held at the Martyrs’ Graveyard to commemorate the 22 people killed during the 1931 uprising against the Dogra monarchy under British rule.

Following the abrogation of Article 370 and the bifurcation of the erstwhile state into two Union Territories in 2019, July 13 was removed from the list of public holidays. Official commemorations and ceremonial police tributes were also discontinued.

The 1931 killings and the unrest that followed led to the appointment of two commissions to examine grievances of the Muslim community in Kashmir and eventually contributed to limited political reforms.

The first Assembly elections in Jammu and Kashmir were held in 1934, although the Maharaja retained extensive powers over key matters at the time.

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