Global Oil Prices

April 2, 2026 7:11 PM

OMCs Bear Losses as Global Oil Prices Cross $100 Per Barrel

Oil Marketing Companies (OMCs) in India are incurring substantial losses on fuel sales as global crude oil prices continue to rise amid the ongoing West Asia conflict, even as domestic retail prices remain unchanged. Addressing reporters during an inter-ministerial briefing on Thursday, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said OMCs are currently facing under-recoveries of approximately Rs 24 per litre on petrol and Rs 104 per litre on diesel. She said t...

July 17, 2025 3:51 PM

Global oil prices likely to decline, India ready for any sanctions fallout: Hardeep Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday expressed confidence that global oil prices could see a decline in the coming months. He also played down concerns about possible US sanctions over India’s continued purchase of oil from Russia. “The price of oil will come down as more sources of supplies are coming. We have enough oil around,” Puri said, underlining India’s strategy of tapping into a wider pool of suppliers to ensure energy security. In response t...

June 13, 2025 3:22 PM

Shadow of War Falls Over Strait of Hormuz After Israel Strikes Iran

Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran, which has denied such intentions, has in the past threatened to close the Strait of Hormuz for traffic in retaliation to Western pressure. Experts have said that any closure of the strait could restrict trade and impact global oil prices. Below are de...