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Oil Prices Double to $116 Amid West Asia Crisis; India Says Supply Stable

Crude oil prices have surged from around $63 per barrel in January to an average of $116 in April amid the West Asia crisis. A senior Petroleum Ministry official confirmed that domestic fuel supply, including LPG and retail petrol, remains stable with no reported shortages. The government has doubled the availability of smaller 5-kg LPG cylinders, selling over 107,000 to benefit migrant populations. Enforcement has been heightened with thousands of surprise inspections to ensure supply chain integrity.

Key Points: Oil Prices Double, India Assures Stable Fuel Supply

  • Crude oil prices nearly doubled since January
  • Domestic LPG and fuel supply remains normal
  • Government expands 5-kg cylinder access for migrants
  • Over 2200 surprise inspections conducted to prevent disruptions
  • Refineries operating at optimum capacity with sufficient inventory
3 min read

Crude oil prices jump from $63 to $116 amid West Asia crisis; fuel supply remains stable: Petroleum Ministry

Crude oil prices surge from $63 to $116 per barrel due to West Asia crisis. Indian government official confirms stable domestic fuel and LPG supply.

"Our prices among our neighboring countries are one of the lowest. - Sujata Sharma"

New Delhi, April 21

Crude oil prices have nearly doubled amid the ongoing West Asia crisis, rising from around USD 63 per barrel in January to an average of USD 116 per barrel in April, even as domestic fuel supply remains stable, a senior government official said on Tuesday.

"If you see, in January, our Indian crude basket was around USD 63 per barrel. Which increased to USD 113 per barrel in March and in April, the average is around USD 116 per barrel," said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum and Natural Gas, during an inter-ministerial briefing.

Despite the sharp rise in global prices and volatility, Sharma said India continues to maintain relatively lower fuel prices compared to neighbouring countries. "Our prices among our neighboring countries are one of the lowest," she noted.

On supply, Sharma said domestic LPG availability remains unaffected. "The domestic LPG supply for the domestic kitchen is normal with respect to the bookings, and there is no dry-out reported on any LPG distributor," she said, adding that delivery efficiency currently stands at 93 per cent.

She acknowledged some fluctuations in demand, stating, "There has been some reduction in online booking. It is in the range of 45-46 lakh per day," while noting that commercial LPG supply has been largely restored.

Highlighting consumption trends, Sharma said that in April so far, "there has been a sale of 1,23,000 tonnes of commercial LPG... yesterday, there was a sale of 8,822 tonnes."

The government has also expanded access to smaller cylinders for migrant populations. "The Indian government has doubled the number of 5-kilo cylinders... since April 3, there have been 7,400 awareness camps," she said, adding that "more than 1,07,000 5-kilo cylinders have been sold so far."

On natural gas, Sharma said supply remains stable. "Domestic PNG supply and CNG transport have been maintained 100 per cent," she stated, adding that over "5,68,000 new consumers have been registered for PNG connections."

She also noted a shift among consumers, with "more than 39,400 PNG consumers... surrendering their LPG connections."

Reassuring on overall fuel availability, Sharma said, "Retail supply is also normal. No dry out of any product has been reported on any petrol pump," while adding that "our refineries are operating at optimum capacity and crude inventory is also sufficient."

The government has stepped up enforcement to prevent disruptions, with "more than 2200 surprise inspections and raids... carried out yesterday," she said, adding that action has been taken wherever irregularities were found.

The briefing comes as the government continues to monitor the impact of geopolitical tensions in West Asia on energy markets and domestic supply chains.

- ANI

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Reader Comments

S
Sarah B
Good to hear that LPG supply for kitchens is normal and there's no dry-out. That's a major relief for families, especially with summer coming. The focus on 5-kg cylinders for migrants is a very positive step 👏. Hope the stability continues.
A
Arjun K
From $63 to $116 is a massive jump! This will have a ripple effect on everything – transport, goods, inflation. The ministry says supply is stable now, but for how long if the West Asia crisis drags on? We need a long-term strategy, not just daily monitoring.
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Priya S
Interesting to see the shift from LPG to PNG connections. Over 39,000 surrendering LPG! People are clearly looking for more stable and possibly economical options. The 2200+ inspections are also crucial to prevent hoarding and black marketing during such times.
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Vikram M
The numbers are worrying. Global volatility hits us hard every time. While the officials present data well, the real test is at the petrol pump and the gas agency. Hope the "sufficient crude inventory" is true and not just for briefing. Jai Hind.
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Kavya N
Appreciate the transparency with the data – 93% delivery efficiency, 1,07,000 small cylinders sold. It shows some planning is in place. But ma'am, please also talk about what is being done to diversify our oil imports to reduce dependency on such volatile regions.

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