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.

The alleged attempt to destabilise the Vijay-led TVK government has triggered a major political confrontation in Tamil Nadu, with the ruling alliance and the opposition accusing each other of engaging in horse-trading and attempts to influence legislators.

The controversy intensified after Chennai Police arrested three people on Wednesday following a complaint by a TVK MLA, who alleged that he was offered ₹35 crore by representatives of a consultancy firm in exchange for supporting a move against the Assembly Speaker. According to the allegations, one of those arrested is reportedly associated with DMK MLA Senthil Balaji and his brother, Ashok.

An FIR has also been registered against Ashok, the brother of Senthil Balaji, over allegations that he attempted to bribe TVK MLA N. Elaiyaraja.

TVK accuses DMK of targeting its MLAs

TVK alleged that the DMK has been attempting to lure its legislators for several weeks in an effort to destabilise the government.

Tamil Nadu minister and senior TVK leader CTR Nirmal Kumar claimed that several TVK MLAs, along with legislators from alliance partners, had been approached over the past 40 days. He alleged that the party had now been “caught red-handed” after the police action and accused the DMK of trying to purchase the support of a TVK MLA for ₹35 crore.

Nirmal Kumar also alleged that a close associate of Senthil Balaji had threatened a TVK legislator and further claimed that former chief minister MK Stalin and Leader of Opposition Udhayanidhi were attempting to create a political crisis. He rejected allegations that the TVK itself was involved in horse-trading, asserting that the ruling alliance remained secure with the support of its partners.

According to the allegations cited by agencies, the purported plan involved securing the simultaneous resignation of 15 TVK MLAs to bring down the Vijay-led government.

Opposition rejects allegations

The DMK dismissed the accusations, alleging that the Vijay-led government was trying to divert attention from its own shortcomings.

DMK leader TKS Elangovan said the government had failed to fulfil its promises and claimed that the TVK alliance itself was engaged in horse-trading. He questioned the allegation that the DMK would seek to engineer political instability under the present circumstances.

The AIADMK also criticised the ruling party, accusing it of attracting legislators from rival parties while questioning its commitment to public welfare. AIADMK chief Edappadi K. Palaniswami said that political manoeuvring and shifting alliances had overshadowed governance.

Alliance partners support TVK government

The TVK’s alliance partners backed the government during the controversy.

Congress MP Praveen Chakravarty questioned why the DMK was allegedly seeking to bring down the government instead of remaining in the opposition, asking why it was in such a hurry to return to power.

VCK leader SS Balaji also reiterated his party’s support for the TVK government for its full five-year term. While stating that he was not aware of the specific allegations regarding attempts to poach legislators, he said that encouraging MLAs to resign was not a healthy democratic practice and reaffirmed the alliance’s commitment to the government.

The Madhya Pradesh Congress has found itself dealing with internal differences after senior party leaders made contrasting statements over allegations related to the allotment of government land in Ujjain. What began as an attack on the BJP-led Mohan Yadav government soon developed into a political controversy within the opposition party.

The issue centres on allegations that government land in Ujjain, reportedly valued at nearly Rs. 500 crore, was allotted to Veer Bharat Nyas for a nominal amount of Re 1.

Earlier, Madhya Pradesh Congress president Jitu Patwari and the party’s media department chairman Pawan Khera alleged that the land had been allotted at a token price to the trust. Patwari questioned the decision, pointing out that one of the trustees, Shriram Tiwari, serves as the Chief Minister’s cultural adviser.

Digvijaya Singh disputes key allegation

Former Chief Minister Digvijaya Singh later presented a different interpretation during a press interaction in Ujjain. Referring to documents in his possession, Singh said the trust was not a private organisation but a government trust headed by the Chief Minister in an ex officio capacity.

He maintained that the land had not been transferred to a private trust and said he does not comment on public issues without thoroughly examining the available documents.

Singh also remarked that there was no shortage of “dalals” who make false allegations for personal gain. Although he later clarified that the remark was not directed at Jitu Patwari or any Congress leader, the statement fuelled speculation about differences within the state unit.

Internal debate intensifies during party meeting

The issue reportedly featured prominently during the Congress Political Affairs Committee meeting in Bhopal, where several leaders discussed the differing public positions taken by Singh and Patwari.

MLA Arif Masood acknowledged that the differing statements were discussed, saying internal discussions were aimed at strengthening the party.

Former minister Sajjan Singh Verma said those responsible for creating confusion had been identified and appropriate action would follow. Former MLA Praveen Pathak reportedly questioned how party workers should respond to the public when senior leaders were presenting different versions of the issue.

Former Leader of Opposition Dr Govind Singh dismissed suggestions of “sleeper cells” within the Congress, saying that a large democratic organisation naturally allows members to express differing views.

Congress leaders and BJP trade barbs

The controversy escalated further after Madhya Pradesh Congress general secretary Nidhi Satyavrat Chaturvedi criticised Digvijaya Singh in a social media post. She accused the veteran leader of undermining party discipline and alleged that his actions were influenced by his desire to see his son, Jaivardhan Singh, become the state Congress president.

The BJP quickly targeted the Congress over the episode. State Sports Minister Vishvas Sarang claimed the developments reinforced the BJP’s long-standing allegation that the Congress levels accusations without sufficient evidence. He also said the party’s internal divisions had become visible in public.

Former Union minister Arun Yadav appealed to Congress leader Rahul Gandhi and the party’s central leadership to intervene and strengthen organisational unity in Madhya Pradesh. In a post on X, he stressed the importance of combining the experience of senior leaders with the energy of younger workers to effectively challenge the BJP.

Congress projects unity after controversy

Amid the growing debate, Leader of Opposition Umang Singhar met Digvijaya Singh at his residence. The meeting came as discussions over the controversy continued within the party and on social media.

Later, Digvijaya Singh and Jitu Patwari jointly addressed the media, asserting that the Congress remained united in its campaign against the alleged corruption of the Mohan Yadav government. They said complaints related to land transactions involving the Chief Minister and his family were being examined by the party and that the opposition would continue its campaign collectively.

Singh also clarified that his earlier “dalal” remark had been misunderstood. He said Patwari was like a son to him and reiterated that he would never use such language for any Congress leader, including the state party president.