Petrol and diesel prices in India are unlikely to increase despite tensions in the Middle East, government sources said on Monday, adding that the country has sufficient fuel reserves and supply arrangements in place.
According to government sources cited by news agency ANI, the current crude oil situation is not expected to immediately affect domestic fuel prices.
“Petrol and Diesel prices are unlikely to increase as we have enough stock. Unless crude oil prices breach USD 130, petrol-diesel prices are unlikely to increase. We expect crude oil prices to be around $100 per barrel.”
Officials also said there is no shortage of fuel across the country and that supply at petrol pumps remains stable.
“No problem of shortage of petrol and diesel at any pump in the country.”
Sources added that India has stepped up efforts to diversify crude imports to reduce dependence on routes passing through the Strait of Hormuz, a key shipping route in the Gulf region.
“We have accelerated crude sourcing from routes outside the Strait of Hormuz.”
The government also assured that there is adequate availability of aviation fuel, ruling out concerns over supply disruptions in the aviation sector.
“India has enough stock of Aviation Turbine Fuel (ATF).”
Officials noted that India is also a producer and exporter of aviation fuel.
“India is a producer and exporter of ATF (Aviation Turbine Fuel), no need to panic about ATF.”
Sources further said that India remains in a stronger position compared with several other countries in managing energy supplies during the ongoing geopolitical tensions.
“India is better placed than other countries. Many countries have approached India for taking stock.”
On liquefied petroleum gas (LPG), the government said steps have been taken to prevent hoarding and ensure stable supply to domestic consumers.
“In order to stop hoarding and black marketing, LPG booking period has been increased from 21 to 25 days.”
Officials said some consumers had begun booking cylinders more frequently than usual, prompting the move.
“There were instances where people who were earlier booking LPG cylinders in 55 Days has started booking LPG cylinders in 15 days.”
The government has also directed refineries to increase production of LPG to meet rising demand.
“Govt has ordered refineries to boost LPG output.”
Authorities have further instructed that domestic LPG supply should be prioritised over commercial connections.
“Ordered to give priority to domestic LPG over commercial connections.”
Officials stressed that household consumers will remain the government’s primary focus.
“Domestic consumers will always be a priority.”
Sources added that India is exploring additional supply partnerships to strengthen LPG availability.
“Scouting for more LPG Partners.”
They said several countries have approached India offering to supply LPG, including Algeria, Australia, Canada and Norway.
(With inputs from ANI)
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less