Imagine buying groceries at last month's peak prices… then being asked to sell them at today's discount.
That's exactly what India's oil companies are doing right now.
And the bill? A jaw-dropping ₹74,781 crore in losses. 💸
That's the number Petroleum Minister Hardeep Singh Puri dropped on Thursday.
Losses racked up by state-run oil giants for selling petrol, diesel and LPG below cost — all thanks to the West Asia crisis that sent crude flying above $110 a barrel.
Puri's answer was refreshingly honest.
Not yet.
Maybe in 2 to 3 months. Maybe.
His reasoning is beautifully simple 👇
🛢️ Oil companies buy crude 2 months in advance
📦 The fuel in your tank today was bought in April–May… at crisis prices
📉 Brent has now cooled to around $70/barrel
⏳ If prices stay low for a few more weeks, a cut becomes legitimate
Until then? Companies are quietly bleeding to recover what they absorbed for you.
During the crisis, petrol prices jumped:
🌍 ~20% in the developed world
🏘️ ~35% in India's neighbouring countries
🇮🇳 Just 5.58% in India
And not a single one of India's 1,07,000 retail outlets ran dry for four straight months.
That cushion wasn't free. Someone paid for it. The OMCs did.
On July 1, private retailer Nayara Energy made headlines:
👉 Petrol slashed by ₹5/litre
👉 Diesel slashed by ₹3/litre
The first big retail cut since crude started falling.
Sounds bold. Sounds consumer-friendly.
But Puri had a sharp comeback.
Nayara had raised prices by ₹5 during the crisis. They're just rolling that back. The OMCs never raised in the first place.
One rolled back a hike. The other never took one.
Very different stories. Same headline energy.
Petrol in Delhi is still parked at ₹102.12/litre.
Diesel at ₹95.20.
Untouched by the government since May's hikes.
The math is quietly working in your favour — if crude behaves.
But don't expect a dramatic Diwali-style price drop tomorrow.
Oil companies need to first recover what they lost keeping your commute affordable.
Only then does the discount travel from the crude market to your fuel pump.
Patience, in other words, is the price of stability. ⚡
That's all for now!
