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No Immediate Hike In Petrol, Diesel Prices; Adequate Stock To Meet Any Contingency: Sources
Petrol and diesel prices will not be increased for now despite international crude oil rates crossing USD 100 per barrel, government sources said on Monday, even as authorities stepped up efforts to maintain uninterrupted fuel supply lines across the country.
As the conflict in West Asia entered the tenth day, world markets plummeted, and Brent crude oil, the international standard, surged to nearly USD 120 a barrel, about 65 per cent higher than when the war started, before retreating.
Top government sources said the government is closely monitoring global oil markets, but there is no immediate plan to raise retail fuel prices. Oil marketing companies are expected to absorb the current cost pressure for the time being.
While the country has adequate stocks of both raw material (crude oil) and finished products (fuels) to meet requirements for the next 6-8 weeks, the government has tweaked the policy for ordering a cooking gas LPG refill.
The minimum gap for booking a domestic LPG refill has been increased to 25 days from the current 21 days, a move aimed at preventing hoarding and ensuring equitable distribution of cylinders.
Sources said the minimum waiting period for booking a domestic LPG cylinder refill increased from 21 days to 25 days to prevent hoarding.
Average households consume 7-8 LPG cylinders of 14.2 kg in a year and should normally not need a refill in less than 6 weeks, they said, adding the refill booking period has been increased to prevent hoarding and creation of artificial scarcity in the market.
No petrol or diesel price hike for now, government says; India’s fuel stocks are improving
Petrol and diesel prices will not increase, government sources say as India’s energy stocks improve and crude imports shift away from the Strait of Hormuz.
Talking about energy stock in the country, government sources have noted that the nation’s stock levels are on an upward trajectory despite the volatility in West Asia.
Summary :
Petrol and diesel prices will not increase, government confirms
India’s energy stock levels rise despite West Asia volatility
Crude oil imports from non-Hormuz sources increased to 70 percent
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Government sources have ruled out any immediate increase in the prices of transport fuels, stating that petrol and diesel prices will not rise, according to remarks shared with news agency.
Sources said the assurance was being reiterated to domestic consumers amid ongoing volatility in global energy markets.
“Petrol and diesel prices will not increase,” government sources said, adding that the administration was reaffirming its commitment on the issue.
Officials further reiterated the position, saying, “Today we again assure that prices of Petrol and Diesel will not increase.”