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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

16 candidates shortlisted for Ayodhya Ram Mandir Trust CEO post 

The Ayodhya Ram Mandir Trust CEO selection has reached its final stage, with 16 candidates interviewed in Ayodhya.

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Ram Mandir

The selection process for the Chief Executive Officer of the Shri Ram Janmabhoomi Teerth Kshetra has reached its final stage, with interviews of 16 shortlisted candidates completed in Ayodhya.

The final round of face-to-face interviews was held at the Trust’s campus on August 11 and 12. The candidates were assessed for their management abilities, leadership potential, vision, strategic planning, personality and expertise in technology.

From 5,585 applications to 16 finalists

The recruitment process began with 5,585 applications for the CEO position. Of these, 3,877 applicants submitted detailed CVs for evaluation.

Candidates were initially assessed on their management capabilities, experience in handling large-scale events and personnel, personal excellence, language skills, vision and strategic planning.

In the second stage, around 111 candidates were invited for online interactions. Their communication skills, professional experience, leadership qualities, vision, personality and technological knowledge were evaluated.

The process eventually narrowed the field to 16 candidates for face-to-face interviews in Ayodhya. The shortlisted group included Army veterans, retired IAS and IPS officers and professionals from government and non-government services.

Search Committee to recommend three names

The three-member Search Committee will now evaluate the final candidates and forward a panel of three names to the Shri Ram Janmabhoomi Teerth Kshetra Trust.

The committee comprises Justice (Retd.) Permod Kohli, Lieutenant General (Retd.) VK Chaturvedi and nuclear scientist Dr Suresh Hawre. The Trust will make the final appointment and announce the new CEO in due course.

The committee said the selection process was designed to ensure a merit-based, transparent and comprehensive assessment for the leadership position.

What will the new CEO oversee?

The CEO will work under the direct supervision of the Trust and will be responsible for its management, administration and future development.

The role includes ensuring compliance with statutory and regulatory requirements, maintaining financial transparency, coordinating security arrangements with government agencies and overseeing religious rituals and festivals.

The CEO will also be responsible for arrangements concerning devotees and distinguished guests, as well as the day-to-day functioning of the Trust within the powers delegated by it.

The CEO will be appointed on a three-year contract, which can be renewed based on satisfactory performance. The salary and other benefits will be decided through mutual discussion.

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Kharge rally sparks political row over shuddhikaran ceremony in Haldwani

A political row has erupted in Uttarakhand over a shuddhikaran ceremony held at Haldwani’s Ramlila Ground after Mallikarjun Kharge’s rally.

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A political dispute has erupted between the Congress and the BJP in Uttarakhand over a ‘shuddhikaran’ (purification) ceremony held at the Ramlila Ground in Haldwani after a rally addressed by Congress president Mallikarjun Kharge on August 8.

Uttarakhand Congress chief Ganesh Godiyal alleged that the ‘Shri Ram Sena’ group that conducted the ceremony was associated with the BJP. The BJP has strongly denied having any connection with the group.

Godiyal claimed that the purification ritual was conducted because Kharge belongs to the Dalit community. He accused the BJP of promoting divisions in society on the basis of caste and described the ceremony as a “crime against humanity”.

The Congress leader also questioned the Nainital senior superintendent of police over the alleged lack of action against the right-wing group. He said the incident reflected what he described as a fundamental ideological difference between the Congress and the BJP.

BJP rejects Congress allegations

The BJP rejected the allegations and accused the Congress of targeting the saffron party for political gain.

BJP state spokesperson and Cabinet Minister Khajan Das said certain slogans were raised during Kharge’s rally at the Ramlila Ground that, according to him, hurt the sentiments of the Sanatan community.

Das said the Ramlila Ground has religious significance and claimed that people were angered by the chanting of slogans associated with another religion at the venue.

The BJP also rejected the Congress’s claim that the purification ceremony was linked to Kharge’s caste. Das, in turn, accused the Congress of disrespecting Dalit leaders, naming former Congress president Sitaram Kesri, Babu Jagjivan Ram and Dr Bhimrao Ambedkar.

The controversy has since led to a political exchange between the two parties, with the Congress questioning the motive behind the ceremony and the BJP maintaining that the ritual was not connected to Kharge’s caste.

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5.5 magnitude earthquake jolts Leh in Ladakh early morning

A 5.5-magnitude earthquake struck Leh in Ladakh at 6:05 AM on Thursday at a depth of 10 kilometres. No immediate casualties or major structural damage were reported.

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Earthquake

A 5.5-magnitude earthquake struck Leh in Ladakh early Thursday morning, according to the National Centre for Seismology (NCS).

The earthquake was recorded at 6:05:15 AM IST on August 13, 2026, with the epicentre located at 36.881°N latitude and 74.402°E longitude. The NCS said the earthquake occurred at a depth of 10 kilometres.

There were no immediate reports of casualties or major structural damage following the tremor.

Earthquake recorded at shallow depth

The NCS reported the earthquake as a shallow event, with its depth recorded at 10 kilometres.

Earthquakes are classified according to how deep their focus is beneath the Earth’s surface. According to US Geological Survey (USGS) data cited in the source, earthquakes can occur from the Earth’s surface to about 700 kilometres below it, with the range divided into shallow, intermediate and deep earthquakes.

Shallow earthquakes can produce stronger shaking at the surface because seismic waves have less distance to travel before reaching the ground. This can increase the potential for structural damage and casualties, depending on factors including the earthquake’s magnitude and local conditions.

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