India’s fuel stocks are rising steadily despite turmoil in the Middle East, and there are currently no plans to increase retail prices of petrol and diesel, news agency Reuters reported citing government sources.
The reassurances come as the conflict in West Asia has disrupted oil supply and shipping routes. According to sources, India’s petroleum reserves are increasing “day by day”, helping cushion the country from potential supply shocks linked to the crisis.
India could consider buying liquefied natural gas from Russia if such supplies are offered, as New Delhi looks to secure additional energy options during the volatile period. The United States has already granted India a temporary 30-day waiver allowing refiners to buy certain Russian crude cargoes already stranded at sea.
At the same time, state-run refiner Indian Oil Corporation has booked several crude oil cargoes from Yanbu, a major oil export hub in Saudi Arabia, according to the sources.
The government, however, has no immediate plans to raise retail fuel prices despite the uncertainty in international markets.
Meanwhile, domestic cooking gas prices increased by Rs 60 per cylinder on Saturday, while commercial cylinders became costlier by about Rs 115, citing higher energy costs linked to the ongoing conflict in West Asia.
Following the revision, the price of a 14.2 kg non-subsidised LPG cylinder — used by most households apart from beneficiaries of the Ujjwala scheme — has risen to 913 in Delhi, according to data on the website of Indian Oil Corporation. The revised rate came into effect on March 7.
GLOBAL ENERGY MARKETS UNDER PRESSURE
The conflict with Iran has begun to shake global energy markets, raising fears of prolonged disruption to oil and gas supplies. Analysts warn that even if the fighting ends quickly, damaged infrastructure, disrupted shipping and higher security risks could keep fuel prices elevated for weeks or months.
The crisis has already disrupted major supply routes, particularly around the Strait of Hormuz. Attacks on ships and energy facilities have affected a significant share of global oil and gas flows, pushing international oil prices above $90 per barrel and triggering sharp weekly gains.
The disruption is already rippling across global markets. Countries dependent on Middle East oil supplies, especially in Asia, are facing rising costs and supply uncertainty. Some refineries have cut operations, while several governments and companies are scrambling to secure alternative fuel supplies as the conflict continues to unsettle energy markets.
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