Cuban Missile Crisis (1962) – 13 days when nuclear war was just a button away. Black Saturday of the Cuban Missile Crisis

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  Cuban Missile Crisis (1962) – 13 days when nuclear war was just a button away. Black Saturday of the Cuban Missile Crisis: When the world held its breath. In this blog, we'll explore the Cuban Missile Crisis in detail and how it led to a confrontation between the world's two superpowers—the United States and the Soviet Union. The situation became so serious that the threat of nuclear war loomed, and the entire world was gripped by fears of a third world war. Let's explore the events that led to this crisis and how this conflict was averted. October 1962 is considered one of the most tense periods in world history. It was a time when two superpowers, the United States and the Soviet Union, faced off, and the world feared this confrontation could escalate into nuclear war. This event is known historically as the Cuban Missile Crisis. The Cuban Missile Crisis lasted for 13 days in October 1962, plunging the entire world into fear of nuclear war. Background of the Cold War Af...
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Are Indian oil companies really making losses ? The numbers tell a different story.

 

Are Indian oil companies really making losses? The numbers tell a different story.







The closure of the Strait of Hormuz, a war-like situation between the United States, Israel, and Iran, led to a surge in crude oil prices worldwide. This impact was also clearly visible in India, which imports most of its crude oil needs from abroad.



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Strait of Hormuz Trump rejects Iran's offer, oil prices rise







Meanwhile, Prime Minister Narendra Modi's appeal to conserve petrol and diesel caused concern among the public. However, a subsequent press note issued by the Department of Petroleum stated that India's import capacity had returned to normal, and India was now importing crude oil from more than 40 countries.

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But a recent statement by Petroleum Minister Hardeep Singh Puri that oil companies are operating at a loss is once again raising questions about crude oil prices and the prices of petrol and diesel. People are now wondering whether the companies are actually operating at a loss, or if there's some other reason behind it.


Petrol and diesel prices saw a rise after the Bengal elections. Prices remained relatively stable for a long time during the election period, but after the elections ended, prices gradually began to rise. Within a few days, both petrol and diesel prices increased several times, resulting in a total increase of approximately ₹7 to ₹8 per liter.

Whenever petrol, diesel, or CNG prices rise in India, it is often said that state-owned oil companies are incurring huge losses or that oil companies are forced to purchase crude oil at higher prices in the international market. This is why oil prices have been increased.

However, if we look closely at recent financial data, the picture is completely different.




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India's three largest oil companies — Indian Oil Corporation (IOCL), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) — have reported record profits in FY 2025-26.


The combined net profit of these three companies reached around ₹77,280 crore, which is about 130% higher than the previous financial year.




How much profit was made after all?


Indian Oil Corporation (IOCL) saw an increase of nearly 183% in annual profit. The total net profit is approximately ₹36,802 crore. The profit of approximately ₹11,377 crore in the January-March 2026 quarter alone shows that the country's largest state-owned oil company is still in a very strong position.


Hindustan Petroleum (HPCL) saw an increase of over 133% in its net profit. It earned a profit of approximately ₹4,901 crore in Q4 FY26.

Bharat Petroleum (BPCL) saw an increase of nearly 75% in its annual profit. Net profit increased to approximately ₹23,303 crore, compared to approximately ₹13,215 crore last year. Profit of approximately ₹3,191 crore in Q4 FY26



Then why is the public getting expensive petrol? That is the biggest question.




2014 vs. today's price comparison



Data as of May 26, 2014


Petrol (Delhi): ₹71.41 per litre

Diesel (Delhi): ₹56.71 per litre

CNG (Delhi): ₹38.15 per kg

Dollar Rate: ₹58.59 per dollar

Indian Crude Basket: Around $108 per barrel




Statistics for May 2026 -


Petrol (Delhi): ₹102.12 per litre

Diesel (Delhi): ₹95.20 per litre

CNG (Delhi): ₹83.09 per kg

Dollar: Around ₹95.60 per dollar

Global Crude: Around $98.59 per barrel



When it comes to international crude oil prices, it is important to understand two key things.


Indian Basket Crude Oil - It is the average price (benchmark) at which India imports crude oil. Just like you buy any item and the final bill is made by adding the delivery charge price to it - similarly the meaning of Indian Basket Crude Oil is that:

when crude oil comes out from any oil exporting country (like Gulf countries) and reaches India with shipping + insurance, then its final "landed cost" (price after reaching India) the average of that is called Indian Basket price

Brent crude - There is a reference price of crude oil in the international market, on the basis of which the prices of crude oil are decided in the global market. This oil is mainly extracted from the North Sea (sea area between UK and Norway).



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Strait of Hormuz Trump rejected Iran's proposal, oil prices rise


The most interesting thing: oil was extremely cheap in 2020 -


During the COVID-19 pandemic, Brent crude prices fell to around $20–$25 per barrel. India's crude basket also fell to around $30–$40 per barrel, meaning international oil prices were at their lowest levels in history. Despite this, India's petrol and diesel prices did not see as much relief as the public had hoped.


Are companies really at a loss?









If a company consistently generates profits in the thousands of crores, it wouldn't be entirely accurate to call it a "heavy loss-making" company. Recent financial data certainly suggests that Indian oil companies are not under as much pressure as is commonly reported.

Public concerns arise when crude oil is cheap, yet petrol and diesel remain expensive. Consequently, the debate surrounding oil company profits and fuel prices is growing.



The increased petrol and diesel prices have several direct impacts on the common man:


Daily inflation increases
Transportation becomes more expensive
Prices of commodities like vegetables, milk, and grains increase because of increased transportation costs

Travel costs increase
Bus, auto, and taxi fares increase
People spend more money on their daily commutes

Goods and services become more expensive
Production costs for factories and companies increase
This impacts the prices of everything (clothes, electronics, etc.)

Household budgets deteriorate
Monthly expenses for the average family increase
Savings decrease

The poor and middle class are more affected
Those with stable incomes find it difficult to manage inflation
Daily laborers and salaried workers are more affected
In simple terms: Petrol and diesel prices becoming more expensive means "everything becoming more expensive," because the entire economy depends on transportation. When crude oil prices rise, petrol and diesel become more expensive, but even when crude oil becomes cheaper, petrol and diesel do not become cheaper. Every time the price of petrol, diesel, or other essential commodities increases, the common people are most affected. Rising oil prices also increase transportation, raw material, and production costs, which impact companies. Companies recoup these increased costs by adding them to the price of their products, so the ultimate burden falls on the average consumer.












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