Hardeep Singh

Hero MotoCorp is launching its first flex-fuel motorcycle in India on June 3, a significant move towards alternative fuel mobility. This ethanol-powered model, potentially based on the Splendor or HF Deluxe, will run on petrol and higher ethanol blends. The launch will be attended by Union Ministers Nitin Gadkari and Hardeep Singh Puri.

The government has issued a stern warning to industries diverting diesel purchases to retail outlets, causing artificial shortages. Despite ample supplies, bulk consumers are exploiting price differences, impacting ordinary citizens. States are urged to form special squads to crack down on such violations and hoarders, ensuring uninterrupted fuel availability for all.

India's energy self-sufficiency receives a significant boost. Oil India Limited has discovered a new gas-bearing sand in Jaisalmer, Rajasthan. This breakthrough marks a milestone in strengthening domestic energy production. The discovery is vital for the hydrocarbon sector in western Rajasthan. Enhanced domestic gas production supports cleaner fuel initiatives and India's energy security.

Public sector oil companies are facing daily losses of Rs 1,000 crore, potentially forcing fuel price hikes soon. Minister Hardeep Singh Puri highlighted significant under-recoveries, warning that companies cannot sustain these losses indefinitely. While elections are not the reason for the freeze, a drop in crude prices or reopening of the Strait of Hormuz could offer relief.

Fuel prices have seen a third hike in under 10 days as global crude oil prices surge due to the West Asia conflict and Strait of Hormuz disruptions. State-run oil companies are facing significant losses, prompting these revisions after a period of unchanged prices. India is taking steps to secure energy supplies and urges citizens to conserve fuel.

Recent fuel price hikes have ignited debate over oil marketing companies' (OMCs) profits amid the Middle East crisis. Despite a reported Rs 77,821 crore profit for FY26, a closer look reveals thin margins, past losses, and a lag in reflecting current crude price impacts. These profits are crucial for investments and national energy security.

India has requested the US to extend its waiver on Russian oil imports due to ongoing disruptions in the Strait of Hormuz. This waiver, crucial for stabilizing oil markets, is set to expire on May 16. Despite US pressure to reduce discounted Russian oil purchases, India prioritizes stable energy supplies, warning of economic consequences from market volatility.

Fuel prices have seen their second hike in less than a week, with petrol and diesel increasing by approximately 90 paise per litre. This follows a nearly four-year freeze by state-run oil companies, with prices now reaching their highest levels since May 2022. Opposition parties allege the freeze was timed to end after state elections.

Fuel prices have seen another surge, with petrol and diesel rates climbing by approximately 90 paise per litre on Tuesday. This marks the second increase in less than a week, pushing petrol prices in Delhi to Rs 98.64 and diesel to Rs 91.58.

India's economy has faced significant challenges from global oil price surges over the past fifty years. From the 1973 Arab embargo to the recent Hormuz disruption, these shocks have impacted inflation and foreign exchange reserves. Policymakers have continuously adapted strategies to manage these crises, balancing economic stability with consumer needs.

The two sides also signed a memorandum of understanding related to strategic petroleum reserves, along with an agreement concerning supplies of liquefied petroleum gas (LPG).

CNG prices have jumped by Rs 2 per kg across India, following recent hikes in petrol and diesel. This surge, attributed to the West Asia conflict impacting global energy supplies, sees Delhi's CNG now at Rs 79.09 per kg. Fuel rates have climbed significantly after a long period of stability, raising concerns about energy security.

Union Minister Hardeep Singh Puri assured stable fuel and cooking gas supplies, stating the country holds 69 days of crude oil and LNG reserves and 45 days of LPG. Daily LPG production has been significantly increased to 54,000 tonnes amid Middle East geopolitical tensions. Puri also echoed Prime Minister Modi's call for austerity to mitigate economic pressures.

India has kept its petrol and diesel prices unchanged for four years now - ever since the Russia-Ukraine conflict. But the rising global oil prices, past the $100 per barrel mark has made the math unsustainable for oil marketing companies.

The Indian government has rationalised royalty rates and methodologies for crude oil, natural gas, and casing head condensate to simplify regulations and boost the upstream energy sector. This move aims to bring greater clarity, consistency, and predictability to the oil and gas regime, encouraging fresh investments in exploration and production activities.