Will Fuel Prices Rise In India Amid Middle East Crisis? Here's What Hardeep Puri Said
New Delhi: Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday allayed fears over any disruption in oil supplies to Indian consumers due to the Israel-Iran war and further escalation in geopolitical tensions in the Middle East because of the US bombing of Iran's nuclear sites.
"We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks. Under the leadership of Prime Minister Narendra Modi, we have diversified our supplies in the past few years, and a large volume of our supplies does not come through the Strait of Hormuz now," the minister said.
He pointed out that the country's oil marketing companies (Indian Oil, Bharat Petroleum and Hindustan Petroleum) have supplies for several weeks and continue to receive energy supplies from several routes. "We will take all necessary steps to ensure the stability of supplies of fuel to our citizens," the minister assured.
Iran is situated on the northern side of the Strait of Hormuz/Persian Gulf, through which 20 million barrels of oil per day flow from major exporting countries such as Saudi Arabia and the UAE. Iran had threatened to block this route if the US intervened in the conflict with Israel.
A wider Middle East conflict is expected to have an impact on oil supplies from Saudi Arabia, Iraq, Kuwait and the UAE, which would lead to a sharp spike in oil prices. Shipping could also get hit as Yemen's Houthi rebels have already warned that they would resume their attacks on ships if the US attacked Iran.
India imports around 85 per cent of its crude oil requirement, and a surge in oil prices leads to an increase in its oil import bill and pushes up the rate of inflation, which hurts economic growth. The larger outgo of foreign exchange also leads to a weakening of the rupee vis-a-vis the US dollar.
However, India has diversified its oil sources by increasing imports from Russia as well as the US and building resilience through strategic reserves. Highlighting the infrastructure milestones in the oil and gas sector, Puri had earlier said that the country now has 23 modern operational refineries with a total capacity of 257 million metric tonnes per annum to produce petroleum products.
The minister also highlighted the ministry's initiative in setting up storage facilities for strategic petroleum reserves, on which the country can fall back in times of emergency and which assume importance during times of geopolitical uncertainty. These reserves can also be dipped into at times when global prices skyrocket to provide a cushion to the national oil companies.
The minister mentioned that the storage capacity at Pudur is 2.25 million metric tonnes (MMT), the Visakhapatnam facility has the capacity to store 1.33 MMT of crude oil, while Mangalore has a storage capacity of 1.5 MMT. Besides, another strategic reserve facility is being built at Chandikhol, which is also on the coast.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
19 minutes ago
- Business Standard
Private sector business activity rises to 14-month high in June: PMI data
India's private sector output grew at its fastest pace in 14 months in June, helped by faster increases in total new business intakes and international sales, showed a private survey on Monday. HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61, up from a downward revised figure of 59.3 in May. The index, which measures monthly change in the combined output of manufacturing and services, has been above the 50-mark that separates growth from contraction for the 47th consecutive month. 'Manufacturers led the upturn in business activity, though growth also picked up pace in the service economy. Rates of increase were at two- and ten-month highs, respectively. According to panellists, output was boosted by favourable demand trends, efficiency gains and tech investment,' said the survey. The HSBC Flash India Manufacturing PMI rose to 58.4 in June from 57.6 in May. The latest figure – a weighted average of new orders, output, employment, suppliers' delivery times and stocks of purchases indices –signalled the best improvement in operating conditions since April 2024. 'New business placed with goods producers and service providers increased at the end of the first fiscal quarter, with the faster upturn among the former. At the composite level, the rate of expansion was the strongest seen since July 2024,' said the survey. Pranjul Bhandari, chief India economist at HSBC, said the flash PMI for May indicates strong growth in June as new export orders continued to fuel private sector business activity, especially in manufacturing. 'Meanwhile, the combination of robust global demand and rising backlogs prompted manufacturers to increase hiring. Employment growth is also healthy in the services sector despite slightly weakening on a sequential basis from May to June. Finally, input and output prices continued to rise for both manufacturing and services firms, but rates of increase showed signs of softening,' added Bhandari. Flash PMI records 75 per cent to 85 per cent of the 800 responses from services and manufacturing firms each month. The final manufacturing PMI figure for June will be released on July 1, while the services and composite PMI figures will be released on July 3. 'June data showed an intensification of capacity pressures among Indian companies. Outstanding business volumes rose at a modest pace that was faster than in May and a tick above its long-run average. Moreover, the current sequence of rising backlogs was extended to three-and-a-half years. Rates of accumulation were broadly similar among manufacturing firms and their services counterparts,' the survey read. On the employment front, the survey noted that the combination of demand strength and rising backlogs prompted Indian companies to recruit additional staff in June as anecdotal evidence indicated that both full- and part-time employees were hired for permanent and temporary positions. The employment growth reached a series peak in the manufacturing industry, while service providers signalled a slower upturn in job creation than in May.
Time of India
21 minutes ago
- Time of India
Are filmmakers being silenced by Arbitrary Censorship?
In a democratic nation where freedom of speech and artistic expression are considered fundamental rights, a string of recent incidents involving the Central Board of Film Certification (CBFC) has stirred fresh debate around censorship and creative liberty in Indian cinema. Tired of too many ads? go ad free now The two most prominent cases—Janaki V/S State of Kerala and Sitaare Zameen Par—highlight a concerning trend: creators are being forced to make politically and religiously motivated changes, often with little or no formal communication, just to get their films cleared for release. A Name That Sparked Controversy The Malayalam courtroom drama Janaki V/S State of Kerala starring and Union Minister was denied censor clearance at the last minute despite being scheduled for release on June 27. The issue? The protagonist's name—Janaki. According to the CBFC, the name, which is another widely accepted form of Goddess Sita, was deemed inappropriate for a female character portrayed as a victim of assault. This sudden decision, lacking any formal written notice or show-cause, drew immediate criticism. FEFKA (Film Employees Federation of Kerala) general secretary B Unnikrishnan during his conversation with The Times Of India asked . 'Many Hindu names are derived from deities—will they all face censorship?' Unnikrishnan, noting that his own telefilm with a character named Janaki had previously passed CBFC approval. This isn't the first time such censorship over character names has occurred. Director M B Padmakumar faced similar pushback over a character named Janaki in his film Token Number. In that case, the CBFC had suggested replacing the name with 'Jayanti' or 'Krishnan'—names that lacked the supposed divine association and only when the name was changed to Jayanti was the film approved for screening. Tired of too many ads? go ad free now CBFC's Micro-Management of Creative Choices If Janaki V/S State of Kerala presents a case of religious sensitivity gone awry, the CBFC's treatment of Sitaare Zameen Par, starring and , showcases an even broader issue—political influence creeping into creative decisions. Bollywood Hungama in its report stated that after being unhappy with the cuts suggested by CBFC's Examining Committee the film was eventually reviewed by the Revising Committee, headed by Vaman Kendre. Their suggestions involved the following changes Replace "Businesswoman" with the gender-neutral "Businessperson." Replace 'Michael Jackson' with the generic term 'Lovebirds.' Remove a visual element tied to the word 'Kamal' (interpreted as a reference to the lotus, the BJP party symbol). Most notably, include a quote by Prime Minister Narendra Modi after the opening disclaimer These demands raise an uncomfortable question: since when did CBFC's role extend to prescribing political messages in fictional narratives? Adding a quote from a sitting prime minister turns it into an ideological imposition. Despite these interventions, Sitaare Zameen Par was eventually granted a U/A 13+ certificate, and the film released on June 20. But at what cost to artistic autonomy? Are Certain Narratives Being Silenced? With growing examples of this kind of interference, one must ask: will upcoming films that delve into sensitive mythological or historical subjects also face similar scrutiny? A case in point is Nitesh Tiwari's Ramayana, starring as Lord Ram and Sai Pallavi as Goddess Sita. The story of Ramayana is inherently complex and filled with emotionally intense sequences—Sita's abduction by Ravana, her Agnipariksha (trial by fire), and her eventual abandonment by Ram despite being pregnant with Luv and Kush. These episodes are not only central to the plot but also deeply embedded in Indian cultural memory. Will the CBFC now raise objections to how Sita's trials are depicted? Will they argue that showing her as a victim undermines her divinity? If using a name like Janaki is already contentious, what of a film that retells her entire journey, including the injustices she faced? This isn't just hypothetical—it's a very real concern in today's political and social climate, where identity, religion, and ideology intersect more than ever before. In the words of the late Satyajit Ray, 'Cinema's job is not to provide answers, but to ask the right questions.' It's time the CBFC remembered that.
Hans India
23 minutes ago
- Hans India
Congress Condemns Trump's Iran Airstrikes, Criticizes Modi Government's Silence
The Indian National Congress has strongly criticized US President Donald Trump's decision to launch airstrikes against Iran's nuclear installations, describing the military action as contradictory to his previous diplomatic overtures toward Tehran. The opposition party has simultaneously condemned the Modi government for its perceived inaction regarding American bombardments and Israeli military operations in the region. Congress General Secretary for Communications Jairam Ramesh expressed his party's disapproval through social media, emphasizing the urgent need for diplomatic engagement with Iran rather than military confrontation. He characterized Trump's use of American air power against Iranian nuclear sites as undermining the President's own public statements advocating for continued negotiations with the Islamic Republic. The senior Congress leader reinforced his party's position calling for immediate diplomatic intervention and meaningful dialogue with Iran to address escalating regional tensions. He argued that military strikes represent a fundamental departure from peaceful conflict resolution mechanisms that should guide international relations in the volatile Middle East landscape. As persources, Ramesh directed sharp criticism toward the Indian government's response to the unfolding crisis, describing the administration's silence as deeply troubling. He accused the Modi government of failing to condemn or even criticize American bombing campaigns and Israeli military aggression, suggesting that India's foreign policy stance lacks moral clarity during this critical period. The Congress spokesperson extended his critique to encompass the broader humanitarian crisis affecting the region, particularly highlighting what he termed India's "deafening silence" regarding the situation in Gaza. He characterized the ongoing conflict as constituting genocide against Palestinian populations, arguing that the Indian government has failed to take a principled stand on this humanitarian catastrophe. These statements emerged following American military strikes targeting three significant Iranian nuclear facilities located at Fordow, Natanz, and Isfahan. The attacks effectively drew the United States directly into the escalating confrontation between Israel and Iran, raising concerns about broader regional destabilization and potential for expanded conflict. Despite the opposition's criticism, Prime Minister Narendra Modi engaged in diplomatic outreach by conducting a telephone conversation with Iranian President Masoud Pezeshkian on Sunday. During this discussion, the Prime Minister expressed India's profound concern regarding mounting tensions between Iran and Israel, while advocating for immediate de-escalation of hostilities through peaceful means. Modi emphasized the importance of resolving the crisis through diplomatic channels and constructive dialogue rather than military escalation. In his subsequent social media communication, the Prime Minister detailed their comprehensive discussion of current regional developments and reiterated India's commitment to promoting peace, security, and stability throughout the Middle East. The Prime Minister's diplomatic engagement represents India's attempt to maintain balanced relationships with all parties while advocating for peaceful resolution of conflicts. However, the Congress party's criticism suggests ongoing political disagreement regarding the appropriate level of Indian involvement and public positioning on these complex international issues. This controversy reflects broader debates within Indian politics about the country's foreign policy approach toward Middle Eastern conflicts and the balance between strategic interests and moral positioning on international humanitarian concerns.
