Latest news with #HardeepSinghPuri
New Indian Express
a day ago
- Business
- New Indian Express
Weekly Review: Rupee slips marginally, commodities trade volatile
CHENNAI: During the week of July 14 to 18, the Indian rupee saw a mild depreciation while commodity markets remained volatile, with silver continuing its strong upward trend and crude oil staying elevated due to global supply concerns. Rupee: The Indian rupee weakened slightly against the US dollar over the week. It started around 85.97 on July 14 and closed near 86.14 on July 18, reflecting a depreciation of about 10–15 paise. The currency remained in a narrow range of 85.98–86.15 throughout the week, with low volatility. Persistent foreign fund outflows and global dollar strength contributed to the rupee's subdued performance. Crude Oil: Crude oil prices stayed firm amid geopolitical concerns. Indian Oil Minister Hardeep Singh Puri warned that prices could spike to $130–140 per barrel if Russian supplies are disrupted. India has continued to diversify its oil import sources to mitigate price shocks. Though exact price movements varied daily, overall sentiment remained cautious due to potential supply constraints. Gold: Gold prices softened slightly over the week. On July 14, 24K gold was priced around ₹9,988 per gram, falling to ₹9,933 by July 17, and recovering marginally to ₹9,934–9,938 by July 18. On the Multi Commodity Exchange (MCX), gold futures for August hovered around ₹97,559 per 10 grams. Globally, gold prices held near $3,344 per ounce but ended the week around 0.5% lower due to stronger US economic data and a firm dollar.
Time of India
a day ago
- Business
- Time of India
Petroleum dealers must become active partners in India's energy transition: Hardeep Puri
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri , urged petroleum dealers across the country to transform into active partners in India's energy transition, while addressing the Plenary Session of the All India Petroleum Dealers Association ( AIPDA ) conclave. AIPDA is the largest national body representing petroleum retail outlet dealers. The Minister emphasised the importance of embracing green initiatives, enhancing digital readiness , and evolving business models in line with India's dynamic energy landscape. Recognising the pivotal role played by petroleum dealers in the energy ecosystem, Minister Puri acknowledged concerns related to dealer commissions, operational costs, and other issues. He assured the gathering that the Ministry believes in "consultation, not confrontation," and cited the revision of dealer margins in October 2024 and the implementation of intra-state freight rationalisation as concrete steps taken to address disparities. He further said that structured platforms for feedback and grievance redressal would continue to be strengthened. Reflecting on the challenges of the past five years--including the COVID-19 pandemic and global geopolitical conflicts--Minister Puri noted that India not only navigated these disruptions effectively but also emerged as a global leader in energy growth. Despite global volatility, India accounted for 16 per cent of global growth in crude oil consumption and is projected to contribute 25 per cent of such growth over the next three decades. The Government, he said, has ensured affordable and uninterrupted energy supply to citizens, even during times of global uncertainty. Highlighting India's achievements in the biofuels sector , the Minister noted that nearly 20 per cent ethanol blending has been achieved in 2025, a significant rise from 1.53 per cent in 2014. This accomplishment has resulted in Rs 1.4 lakh crore in foreign exchange savings, substitution of 238 lakh metric tonnes of crude oil, a reduction of 717 lakh metric tonnes in CO₂ emissions, and direct payments of Rs 1.21 lakh crore to farmers. He also cited the expansion of CNG stations from 738 in 2014 to over 8,100 today and the provision of 10.33 crore LPG connections under PMUY, empowering women and improving health outcomes. "These numbers are not just achievements; they are milestones on our journey towards a cleaner, self-reliant energy future," he said. Appreciating the dedication of petroleum dealers who serve over 67 million customers daily, Minister Puri stated, "You are the physical interface between the Indian citizen and the national energy system." He emphasized that as India reduces crude oil imports, diversifies energy sources, and boosts renewables, the role of dealers becomes crucial in ensuring accessibility, availability, and affordability--the three pillars of energy justice. He lauded the dealer network's reach from Ladakh to Lakshadweep, ensuring fuel availability even during emergencies, natural disasters, and elections. Minister Puri called for a transformation of retail outlets into centres of customer excellence, where digital payments, automated billing, clean toilets, strict safety protocols, and effective grievance redressal become the norm. He urged adoption of technologies that enable zero pilferage, zero tampering, and complete transparency. He also emphasized the growing relevance of non-fuel services at outlets, such as convenience stores, EV charging, utility bill payments, and fintech services, which can enhance customer experience and provide new revenue streams. The Minister laid out a roadmap for dealers to reposition themselves as energy entrepreneurs. He advised the community to upskill their workforce through structured training in customer service, digital tools, and safety standards. He encouraged collaboration with Oil Marketing Companies (OMCs) to implement EV charging points, rooftop solar installations, and energy-efficient infrastructure. Minister Puri also stressed the importance of adopting digital dispensing systems, automated monitoring, and transparent auditing to strengthen consumer trust. He highlighted the strategic importance of the dealer network in supporting national objectives like disaster response, public health drives, and voter awareness campaigns. Minister Puri particularly urged the petroleum dealer fraternity to leverage the prime locations of their retail outlets to generate Non-Fuel Revenue (NFR) by offering services such as communication hubs, battery swapping stations, water kiosks, and digital financial services. He reiterated that as India navigates the complexities of a rapidly changing energy landscape and works towards becoming a Viksit Bharat, petroleum dealers will continue to play a central and evolving role. Concluding his address, the Minister called upon dealers to look beyond retail margins and redefine their role in line with the vision of energy self-reliance . "Let this conclave be not just a gathering of peers, but the starting point of a new journey--a journey that takes you beyond retail, beyond margins, and into the very heart of India's energy transformation," he said. Minister Puri appreciated the enthusiastic participation of AIPDA members from across the country and assured the government's continued support for the collective benefit of citizens, dealers, and Oil Marketing Companies.
Times of Oman
2 days ago
- Business
- Times of Oman
Petroleum dealers must become active partners in India's energy transition: Hardeep Puri
New Delhi: Indian Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, urged petroleum dealers across the country to transform into active partners in India's energy transition, while addressing the Plenary Session of the All India Petroleum Dealers Association (AIPDA) conclave. AIPDA is the largest national body representing petroleum retail outlet dealers. The Minister emphasised the importance of embracing green initiatives, enhancing digital readiness, and evolving business models in line with India's dynamic energy landscape. Recognising the pivotal role played by petroleum dealers in the energy ecosystem, Minister Puri acknowledged concerns related to dealer commissions, operational costs, and other issues. He assured the gathering that the Ministry believes in "consultation, not confrontation," and cited the revision of dealer margins in October 2024 and the implementation of intra-state freight rationalisation as concrete steps taken to address disparities. He further said that structured platforms for feedback and grievance redressal would continue to be strengthened. Reflecting on the challenges of the past five years--including the COVID-19 pandemic and global geopolitical conflicts--Minister Puri noted that India not only navigated these disruptions effectively but also emerged as a global leader in energy growth. Despite global volatility, India accounted for 16 per cent of global growth in crude oil consumption and is projected to contribute 25 per cent of such growth over the next three decades. The Government, he said, has ensured affordable and uninterrupted energy supply to citizens, even during times of global uncertainty. Highlighting India's achievements in the biofuels sector, the Minister noted that nearly 20 per cent ethanol blending has been achieved in 2025, a significant rise from 1.53 per cent in 2014. This accomplishment has resulted in Rs 1.4 lakh crore in foreign exchange savings, substitution of 238 lakh metric tonnes of crude oil, a reduction of 717 lakh metric tonnes in CO₂ emissions, and direct payments of Rs 1.21 lakh crore to farmers. He also cited the expansion of CNG stations from 738 in 2014 to over 8,100 today and the provision of 10.33 crore LPG connections under PMUY, empowering women and improving health outcomes. "These numbers are not just achievements; they are milestones on our journey towards a cleaner, self-reliant energy future," he said. Appreciating the dedication of petroleum dealers who serve over 67 million customers daily, Minister Puri stated, "You are the physical interface between the Indian citizen and the national energy system." He emphasized that as India reduces crude oil imports, diversifies energy sources, and boosts renewables, the role of dealers becomes crucial in ensuring accessibility, availability, and affordability--the three pillars of energy justice. He lauded the dealer network's reach from Ladakh to Lakshadweep, ensuring fuel availability even during emergencies, natural disasters, and elections. Minister Puri called for a transformation of retail outlets into centres of customer excellence, where digital payments, automated billing, clean toilets, strict safety protocols, and effective grievance redressal become the norm. He urged adoption of technologies that enable zero pilferage, zero tampering, and complete transparency. He also emphasized the growing relevance of non-fuel services at outlets, such as convenience stores, EV charging, utility bill payments, and fintech services, which can enhance customer experience and provide new revenue streams. The Minister laid out a roadmap for dealers to reposition themselves as energy entrepreneurs. He advised the community to upskill their workforce through structured training in customer service, digital tools, and safety standards. He encouraged collaboration with Oil Marketing Companies (OMCs) to implement EV charging points, rooftop solar installations, and energy-efficient infrastructure. Minister Puri also stressed the importance of adopting digital dispensing systems, automated monitoring, and transparent auditing to strengthen consumer trust. He highlighted the strategic importance of the dealer network in supporting national objectives like disaster response, public health drives, and voter awareness campaigns. Minister Puri particularly urged the petroleum dealer fraternity to leverage the prime locations of their retail outlets to generate Non-Fuel Revenue (NFR) by offering services such as communication hubs, battery swapping stations, water kiosks, and digital financial services. He reiterated that as India navigates the complexities of a rapidly changing energy landscape and works towards becoming a Viksit Bharat, petroleum dealers will continue to play a central and evolving role. Concluding his address, the Minister called upon dealers to look beyond retail margins and redefine their role in line with the vision of energy self-reliance. "Let this conclave be not just a gathering of peers, but the starting point of a new journey--a journey that takes you beyond retail, beyond margins, and into the very heart of India's energy transformation," he said. Minister Puri appreciated the enthusiastic participation of AIPDA members from across the country and assured the government's continued support for the collective benefit of citizens, dealers, and Oil Marketing Companies.
Hans India
2 days ago
- Business
- Hans India
India poised to account for 25 pc of global growth in crude oil demand: Hardeep Puri
New Delhi: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that despite global volatility, India accounted for 16 per cent of global growth in crude oil consumption and is projected to contribute 25 per cent of such growth over the next three decades. In his address at the plenary session of the All India Petroleum Dealers Association (AIPDA) conclave, the minister said that the Government has ensured affordable and uninterrupted energy supply to citizens, even during times of global uncertainty. Highlighting India's achievements in the biofuels sector, the Minister noted that nearly 20 per cent ethanol blending has been achieved in 2025, a significant rise from 1.53 per cent in 2014. This accomplishment has resulted in Rs 1.4 lakh crore in foreign exchange savings, substitution of 238 lakh metric tonnes of crude oil, a reduction of 717 lakh metric tonnes in CO2 emissions, and direct payments of Rs 1.21 lakh crore to farmers. He also cited the expansion of CNG stations from 738 in 2014 to over 8,100 today and the provision of 10.33 crore LPG connections under PMUY, empowering women and improving health outcomes. 'These numbers are not just achievements; they are milestones on our journey towards a cleaner, self-reliant energy future,' he said. Recognising the pivotal role played by petroleum dealers in the energy ecosystem, Puri acknowledged concerns related to dealer commissions, operational costs, and other issues. He assured the gathering of petroleum retail outlet dealers that the Ministry believes in 'consultation, not confrontation,' and cited the revision of dealer margins in October 2024 and the implementation of intra-state freight rationalisation as concrete steps taken to address disparities. Puri further said that structured platforms for feedback and grievance redressal would continue to be strengthened. Reflecting on the challenges of the past five years—including the COVID-19 pandemic and global geopolitical conflicts—Puri noted that India not only navigated these disruptions effectively but also emerged as a global leader in energy growth. The minister called for a transformation of retail outlets into centres of customer excellence, where digital payments, automated billing, clean toilets, strict safety protocols, and effective grievance redressal become the norm. Puri urged the adoption of technologies that enable zero pilferage, zero tampering, and complete transparency. He also emphasised the growing relevance of non-fuel services at outlets, such as convenience stores, EV charging, utility bill payments, and fintech services, which can enhance customer experience and provide new revenue streams. The Minister laid out a roadmap for dealers to reposition themselves as energy entrepreneurs. He advised the community to upskill their workforce through structured training in customer service, digital tools, and safety standards. He encouraged collaboration with Oil Marketing Companies (OMCs) to implement EV charging points, rooftop solar installations, and energy-efficient infrastructure. Puri also stressed the importance of adopting digital dispensing systems, automated monitoring, and transparent auditing to strengthen consumer trust. He highlighted the strategic importance of the dealer network in supporting national objectives like disaster response, public health drives, and voter awareness campaigns. Puri particularly urged the petroleum dealer fraternity to leverage the prime locations of their retail outlets to generate Non-Fuel Revenue (NFR) by offering services such as communication hubs, battery swapping stations, water kiosks, and digital financial services.
United News of India
2 days ago
- Business
- United News of India
Petroleum dealers are critical in India's energy sector: Hardeep Singh Puri
New Delhi, July 18 (UNI) Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stressed the active participation of petroleum dealers in India's energy transition growth. The Minister was speaking at the plenary session of All India Petroleum Dealers Association (AIPDA) conclave. AIPDA is a national body responsible for representing petroleum retail outlet dealers. Emphasizing the critical role of petroleum dealers in the energy sector, the Minister pointed out some concerns, including dealer commissions, operation costs, and other issues. The minister also stressed on 'consultation, not confrontation' and praised the steps of intra-state freight rationalisation. Minister Puri also highlighted the challenges faced over the past five years, including COVID-19 and the geopolitical shifts that disrupted India's energy sector. The Minister presented the future roadmap for dealers to become energy entrepreneurs by encouraging collaboration with OMCs (Oil Marketing Companies) to smoothly implement the EV (Electric Vehicles) charging points, rooftop solar installations, and energy-efficient infrastructure. Minister Puri stressed the adoption of a digital dispensing system, automated monitoring, and transparent auditing to build trust and authority among customers. Concluding his addresses, the minister advised retailers to look beyond retail margins and strengthen their role in India's energy sector. UNI SAS RN
