Oil prices jump as U.S.-Iran ceasefire uncertainty fuels supply fears
NewsBytes | May 12, 2026 11:39 AM CST
India oil companies losing 1,000 cr
India buys almost 90% of its oil from other countries, so pricier crude is a big deal here.
Fuel prices at the pump haven't changed, but oil companies are losing about ₹1,000 crore every day: quarterly losses could hit ₹1 lakh crore, according to Petroleum Minister Hardeep Singh Puri.
On the bright side, officials say India has enough reserves to last 60 days for crude and natural gas, and 45 days for LPG.
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