The raw-material paradox: Why cheaper crude oil has not meant cheaper petrol A decade of asymmetric taxation, a pandemic windfall captured by the state, and a diluted product sold at full price have combined to leave the Indian motorist paying record amounts for something that should, by any rational reckoning, cost far less Chuppala Nagesh Bhushan T here is a puzzle at the heart of Indian fuel pricing that deserves more scrutiny than it typically receives. In 2014, crude oil — the raw material from which petrol is refined — traded at $105 per barrel. Indian motorists in Delhi paid ₹72 per litre at the pump. Today, the same crude costs roughly $96 per barrel, a decline of nearly 9%. Yet the same Delhi motorist now pays ₹102 per litre, and the Mumbaikar pays ₹111. The raw material became cheaper. The final product became dramatically more expensive. This is the Indian fuel paradox, and its explanation lies not in the global oil market, but in the domestic architecture of taxation....
The sound of silence Quiet luxury's rise reflects a deeper renegotiation of what wealth signals — and to whom it speaks Chuppala Nagesh Bhushan Jun 2nd 2026 | Hyderabad F or most of the past three decades, conspicuous consumption was not merely tolerated in polite company — it was practically compulsory. Logos sprawled across handbags, sports cars announced themselves with theatrical exhaust notes, and the private jet became the ultimate status selfie. Wealth, in short, demanded to be seen. That compact, it appears, is unravelling. A quieter sensibility has been steadily asserting itself, particularly among those whose fortunes were not freshly minted. "Quiet luxury" — a phrase that would have struck the old-money set as tautological — has entered the mainstream lexicon with surprising force. What it describes is hardly new: understated tailoring, heritage craftsmanship, materials chosen for longevity rather than legibility. What is new is...