Union Minister Hardeep Singh Puri elaborated that the retail fuels presently being sold in pumps were derived from crude oil that was purchased months in advance.
| Photo Credit: ANI Prices of petrol and diesel will come down only after the crude oil, which is currently cheaper, reaches Indian shores and refiners, Union Petroleum Minister Hardeep Singh Puri told reporters on Thursday (July 2, 2026). Thus, indicating that an immediate downward revision may not be possible immediately. The Petroleum Minister also informed that India’s state-run oil-marketing companies incurred a loss of about ₹74,781 crore from the sale of LPG, petrol and diesel in the June-end quarter. Mr. Puri elaborated that the retail fuels presently being sold in pumps were derived from crude oil that was purchased months in advance when their prices alongside that of their freight and insurance were elevated because of the conflict in West Asia. As a routine practice, refiners usually seal their crude oil purchases approximately two months in advance before receiving their physical deliveries.
Published: July 2, 2026 6:02 pm
Source: The Hindu — Read original