New Delhi, Mar 9: Petrol and diesel prices will not be increased immediately despite global crude oil prices crossing USD 100 per barrel, government sources said on Monday, adding that India has adequate fuel stocks to meet any contingency.
As the conflict in West Asia entered its tenth day, global markets witnessed volatility, with Brent crude briefly surging close to USD 120 per barrel before easing. Officials said the government is closely monitoring international oil markets but there is no immediate plan to raise retail fuel prices.
Sources said oil marketing companies will absorb the current cost pressure for the time being. The country has sufficient stocks of crude oil and finished petroleum products to meet domestic demand for the next six to eight weeks.
To prevent hoarding and ensure equitable distribution of cooking gas, the government has increased the minimum waiting period for booking a domestic LPG refill from 21 days to 25 days. Officials noted that an average household consumes 7–8 cylinders annually and normally does not require a refill in less than six weeks.
Authorities said India’s fuel supply situation remains stable, with petrol pumps, CNG stations and piped natural gas services functioning normally across the country.
The ongoing tensions in the Middle East have disrupted energy flows through the Strait of Hormuz, a key route through which around 40–50 per cent of India’s crude oil imports and nearly 85–90 per cent of its LPG shipments pass.
Despite the global uncertainty, officials said the government continues to follow a calibrated policy aimed at shielding consumers from sudden fuel price hikes. (Agencies)
